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Not-for-Profit Accounting Standards Overview The Accounting Standards Board (AcSB) of the Canadian Institute of Chartered Accountants (CICA) published Accounting Standards for NPO in the private sector. These new standards are incorporated into Part III of the CICA Handbook and will be effective for fiscal years beginning or after January 1, 2012. NPOs also have the
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It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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On January 1, 2013, the Workplace Safety and Insurance Board (WSIB) extended compulsory coverage. It’s now extended to independent operators, sole proprietors, partners and executive officers in the construction industry (with certain exceptions) under the Workplace Safety and Insurance Act, 1997 (WSIA). Who is exempt from WSIB extended compulsory coverage? Home Renovation Workers If workers
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Canadian Pension Plan Rules for Self-Employed and Small Business Owners If you’re a business owner or self-employed, you may wonder, “Do I have to pay CPP? “ That answer is yes. If your business’ net income is more than $3,500, you will have to start paying CPP at double the rate you would if you
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You’ve entered negotiations for a new lease and the landlord has offered you incentives or lease inducements to entice you to sign the agreement. The lease is signed and includes a tenant allowance to assist the lessee with the construction or improvement of the premises. You might wonder:1. How should the lease inducement be treated
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It’s the plight of nearly everyone who uses their car for business: What to do tax accounting time. Toronto is full of people who commute from out of the city and rack up a lot of KMs along the way. Many wonder if they can use a flat rate for business mileage, or if they
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In TBT Personnel Services Inc. vs. Canada, the Federal Court of Appeal revisited how the law distinguishes between an employee and an independent contractor. The impact of an employee determination The employer is required to pay employer portion of Canada Pension Plan and Employment Insurance Premiums and must remit source deductions on a regular basis.
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The Contract Payment Reporting System (CPRS) requires construction companies to record their payments for construction services and to report these payments to the Canada Revenue Agency. If the subcontractor is a resident of Canada, payment information is provided on a Contract Payment Information Return, which consists of a T5018 Information Slip, Statement of Contract Payments
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Approximately 85% of personal tax returns are filed electronically. Canada Revenue Agency processes these returns fairly quickly and many people have received their refunds. However, the process doesn’t end there. Canada Revenue Agency may revisit your return in July and request further information. Since a majority of the personal tax returns are filed electronically, no
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Is accounting software the panacea it’s supposed to be? Good question. Having spent a career spanning some forty years as a “bean counter,” I still frequently get asked to explain and demystify double-entry bookkeeping— even in this current age of highly sophisticated software and technology. There are “those” who would have us believe that modern
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Leaving Canada to live or work abroad? Here is some important information about the reporting requirements for income tax when emigrating from Canada. Determining Your Residency For Tax Purposes Residency status is the primary issue that needs to be established before determining your tax liability to Canada. It’s often very difficult or complex to determine
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Coming up in June another International speaker is traveling to Toronto to discuss the role of innovation in any business. Join Nick Niemann on June 5th as he reviews the essential components of any business model. His session will speak about how developing a clear understanding of the difference between your strategic plan and your
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