Frequently Asked Questions

Frequently Asked Questions

How much do you charge for your services?

 

All of my services are billed out at hourly rates. No two businesses are the same and everything is custom tailored based to your business tax and accounting needs.

What kind of clients do you work with?

 

As of now I am working with small to medium sized business owners who either have a sole proprietorship or are incorporated. My small business advisor experience has benefited entrepreneurs in all walks of life and across all industry sectors, including:

 

  • Healthcare professionals

  • Lawyers

  • Consulting companies

  • Realtors

  • Retailers

  • Beauty salons

  • Independent contractors

  • Software developers

  • IT professionals

  • and many more

 

Will you help me minimize my company’s taxes?

 

This is a question many businesses ask their accountants. As a Calgary small business tax accountant, I stay updated on Canada’s evolving Tax Act and know the deductions you and your company can claim. Where write offs are possible and business expenses can be deducted, I ensure you take advantage of those opportunities. There are many fair and lawful ways to minimize your taxes owing – I will never engage in questionable methods to reduce your taxes. Such behaviour is unethical for accountants and opens you as a company up to disciplinary action.

 

Cloud based bookkeeping versus traditional bookkeeping?

 

Cloud bookkeeping allows you to access real-time financial data from anywhere on any device. All records are stored digitally in the cloud to create a paperless environment and you can collaborate with your bookkeeper and accountant online. It is ideal for the modern-day business.

 

Why is hiring an accountant advisable?

 

An accountant can play a very evident role in helping businesses thrive at various stages. Accountants analyze the data and use it to generate reports and prepare financial reporting records, including income tax returns as well ensure the accuracy of the numbers and reports while also confirming all current and relevant legislations are being followed. At each stage of your business, accountants can analyze and explain where all the cash was spent, how much equity you are building in the business, review your company’s financial results, plan for the future and perform budget analysis.

How to pay CRA: GST, PST, Payroll remittances and Income taxes?

 

a. Online banking:
Most financial institutions in Canada allow you to make payments online, similar to paying a credit car or utility bill.

b. Debit Card-Interac Online:
CRA “My Payment” is a service found on the CRA’s website. It is an electronic payment service that uses Interac Online. Depending on the type of bank, businesses and individuals can make payments directly to the CRA from an online personal or business banking account. Click here to access the link.

c. In person at your financial institution:
You can make a payment in person at your financial institution along with the original remittance voucher to have your payment processed.

 

d. Mail: 
A cheque can be mailed to CRA and it should be payable to “Receiver General”. Add the business number (or SIN#) in the memo line of the cheque as well as the period the payment is covering.

What is a responsibility of a Chartered Professional Accountant (CPA)?

Chartered Professional Accountant’s (CPA’s) have a duty to serve the public interest and uphold the public trust in the profession. CPA’s go through rigorous licensing process, have their knowledge updated annually via various professional development programs as a licensing requirement, are insured in case someone suffers a loss, and are under the oversight of CPA Canada. CPA Canada sets standards for conduct and work by Chartered Professional Accountants through a number of standards boards and oversight councils. When you hire a CPA, you can rest assured that you are getting the highest quality of services by a competent and ethical service provider.

Starting your own Business?

If you are starting your own business, Canada Revenue Agency provides a Checklist for Small Businesses to help you understand each stage of your business cycle.

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