You aren’t a bookkeeper. You don’t want to be a bookkeeper. You never thought you’d be spending your evenings or weekends trying to figure out if an item is HST exempt or looking for lost receipts. But here you are. It’s November 2021 and you...
AZ Accounting Firm provides the bookkeeping services required of lawyers and their obligations regarding their General Accounts and Trust Accounts. The general account is the firm’s operating account, and include the following: Deposit payments from clients that have been billed for completed legal services Pay the...
Small business owners often begin their business enterprises using their own funds and personal bank accounts. The important thing to remember is not to let this go on for too long. A business expense reduces the amount of income that you will pay tax on. It...
Those who did not make sufficient instalment payments for 2020 are probably still recovering from a lump sum payment due when filing their tax return earlier this year. So, how do you know if you have to make tax instalments for 2021? Under the Income Tax...
PRO: Once you incorporate, your brokerage will pay your commissions to your corporation and not to you personally as a Sole Proprietor. Your business profits are taxed at a corporate rate of 12.2% rather than a higher personal tax rate. PRO: A PREC will allow you...