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On September 11, 2014 Federal Finance Minister Joe Oliver announced the creation of the Small Business Job Credit. This credit will apply to Employment Insurance (EI) premiums paid by small businesses in 2015 and 2016 and will result in a 15% net reduction in EI over those years. The credit is effective for two years,
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Telling your boss that you will be taking a year off for maternity leave can be a stressful discussion. How soon do you tell them? Will they be supportive? Will they like my replacement more? I have had to have this conversation twice with my HSS bosses, the most recent one being only five months
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An income statement is one of the many financial tools that Canadian entrepreneurs can use to measure profitability. Learn how to use an income statement to evaluate your business’ sustainability. What is an income statement? A calculation of a company’s revenue and sales less its expenses over a designated period of time. What profitability measurements
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If you’ve received a notice of reassessment from the CRA, you are not alone; millions of Canadians are hit with reassessments each year. Most of these reassessments aren’t aimed at uncovering fraud or malfeasance; instead, they’re triggered by the CRA’s matching program, a system designed to look at every return and match it to the
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Every business owner has heard the saying that, “cash is king”. However, too often, businesses find themselves short on liquidity at the times they need it most. Monitoring and understanding an enterprises’ cashflow provides cushion in times of hardship and ensures that your employees are paid the right amount on time. Read on to learn
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I studied at Brock University for 4 years in the Bachelor of Accounting program, but it wasn’t until I worked at HSS that I learned about what actually goes on in an accounting firm. In school, we were obsessed with audits. We glazed over the terms “review engagement” and “compilations”, but we had 3 courses
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Financial bootstrapping is a term used to describe all the different ways companies can generate the cash they need for growth and expansion without turning to outside investors. While the amount of cash available for your use may be limited compared to funds you could obtain through, say, issuance of stock or taking on an
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Every business needs some type of capital to grow and thrive, and for business owners who are just starting out, that capital may come in the form of personal savings, personal lines of credit or loans. Those sources may be fine for starters, but as your business grows, you need to understand capital structure at
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Understand the differences between Traditional Volume-Based & Activity-Based overhead-cost allocation systems to enhance your business operations and create more accurate balance sheets. You need a strategic way to calculate how much profit your products and services are generating in relation to overhead costs. Each cost-allocation system has its benefits and shortfalls. Therefore, it is always
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As an entrepreneur, you are used to handling a lot of different roles to ensure your business runs as smoothly as possible. And while you may be adept at handling many of the duties that come your way, handling your own accounting and bookkeeping instead of hiring an experienced accounting firm is a risky endeavor
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Income tax time can cause businesses a lot of stress and hassle. However, income tax deductions can also be essential in creating a buffer for your bottom line. From minor expenses such as entertainment to employee salaries, business owners can greatly reduce their cash outflow by accurately filing their taxes. Read below to learn about
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Establishing internal audit compliance demonstrates to stakeholders how effectively the company is aligning with financial and governmental processes. An internal audit looks at the financial health of your company with consideration of operational and financial management. The auditor aims to uncover whether or not financial controls are promoting the sustainability of your enterprise. What is
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