Frequently Asked Questions

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What services do you offer?
We provide a range of services including bookkeeping, tax preparation, financial planning, auditing, and consulting.

How do you charge for your services?
Our fees are based on the complexity and scope of the work. We offer hourly rates, fixed fees, and retainer options.

What industries do you specialize in?
We have experience in various industries such as healthcare, retail, manufacturing, and non-profits.

How can you help me with tax planning?
We analyze your financial situation to identify potential tax deductions and credits, helping you minimize your tax liability legally.

What documents do I need to provide for tax preparation?
Typically, you’ll need to provide income statements, expense receipts, previous tax returns, and any relevant financial documents.

How do I notify the CRA of my address change?
You can notify the Canada Revenue Agency (CRA) of your address change by updating your information through the CRA’s My Account service, by mail, or by phone. Make sure to provide your full name, old and new addresses, and your Social Insurance Number (SIN).

Can I file an amended tax return electronically?
Yes, you can file an amended return electronically using the CRA’s ReFILE service, available through certified tax software.

Income and Deductions

Is money received from the sale of inherited property considered taxable income?
Yes, the sale of inherited property is considered taxable income. The capital gain or loss is calculated based on the fair market value at the date of inheritance.

Are moving expenses tax-deductible?
Moving expenses are tax-deductible if you moved to start a new job or business, or to attend a post-secondary institution. You can claim expenses such as transportation, storage, and temporary living costs

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Is there an age limit on claiming my child as a dependent?
Generally, your child must be under 18 at the end of the year to be claimed as a dependent. However, there are exceptions for children with disabilities.

What is the Canada Child Benefit (CCB)?
The CCB is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18. The amount depends on your family’s income and the number of children.

Are withdrawals from my RRSP taxable?
Yes, withdrawals from a Registered Retirement Savings Plan (RRSP) are generally taxable as income in the year you make the withdrawal.

How are capital gains taxed?
Capital gains are taxed at 50% of the gain. This means that only half of the capital gain is included in your taxable income.

Business and Self-Employment

What expenses can I deduct as a self-employed individual?
Self-employed individuals can deduct various business expenses, including home office expenses, supplies, travel, and advertising costs.

How do I report income from a side gig?
Income from a side gig must be reported on Form T2125, Statement of Business or Professional Activities. You may also need to pay Canada Pension Plan (CPP) contributions.

What should I do if I receive an incorrect T4 slip?
Contact your employer to request a corrected T4 slip. If your employer does not provide a corrected form, you can report the incorrect T4 information on your tax return and explain the discrepancy.

How can I check the status of my tax refund?
You can check the status of your tax refund using the CRA’s My Account service or by calling the CRA’s automated Tax Information Phone Service (TIPS).

What is bookkeeping?

Bookkeeping is the systematic recording and organizing of a company’s financial transactions. It forms the basis for accurate financial statements and business decision-making.

Why is bookkeeping important?

Proper bookkeeping ensures financial transparency, regulatory compliance, and provides a clear picture of your business’s financial health.

What are the different types of bookkeeping systems?

There are two main types: single-entry and double-entry bookkeeping. Single-entry is simpler and suitable for small businesses, while double entry provides a more comprehensive and accurate financial picture.

How often should I update my books?

It’s best to update your books regularly, ideally daily or weekly, to ensure accuracy and stay on top of your financial situation.

What documents do I need to keep for bookkeeping?

You should keep receipts, invoices, bank statements, payroll records, and any other documents that reflect your business transactions.

Can I do my own bookkeeping, or should I hire a professional?

While small business owners can manage their own bookkeeping with the right tools and knowledge, hiring a professional can save time and ensure accuracy.

What is the difference between bookkeeping and accounting?Bookkeeping involves recording daily transactions, while accounting involves interpreting, classifying, analyzing, reporting, and summarizing financial data.

How should I structure my business?
We can advise on the best business structure (e.g., sole proprietorship, LLC, corporation) based on your specific needs and goals.

Do I need a separate business bank account?
Yes, having a separate business bank account helps keep your personal and business finances organized and simplifies tax filing

What accounting software do you recommend for small businesses?
We recommend software like QuickBooks, Xero, or FreshBooks, depending on your business size and specific needs.

How can I improve my cash flow management?
We can help you with strategies such as better invoicing practices, expense tracking, and financial forecasting to improve your cash flow.

What are the tax implications of hiring employees vs. contractors?
Hiring employees involves payroll taxes and benefits, while contractors are typically responsible for their own taxes. We can help you understand the pros and cons of each option.

How can I prepare for an audit?
We assist in organizing your financial records, ensuring compliance with regulations, and providing support throughout the audit process.

What financial statements should my business prepare regularly?
Key financial statements include the balance sheet, income statement, and cash flow statement. These provide a comprehensive view of your business’s financial health.

How can I reduce my business taxes?
We can identify tax deductions and credits, advise on tax-efficient business practices, and help with strategic planning to minimize your tax liability.

What is the best way to handle business expenses?
Keeping detailed records, using business credit cards, and categorizing expenses properly can help manage and track business expenses effectively.

How do I value my business?
Business valuation can be complex, involving methods like market comparison, income approach, and asset-based valuation. We can guide you through this process to determine an accurate value.

What is financial planning?

Financial planning involves creating a strategy to manage your finances to meet your life goals. This includes budgeting, saving, investing, and planning for retirement.

Why is financial planning important for businesses?

Financial planning helps businesses set goals, manage cash flow, make informed decisions, and prepare for future growth and challenges.

How can I create a financial plan for my business?

Start by setting clear financial goals, analyzing your current financial situation, forecasting future income and expenses, and creating a budget. Regularly review and adjust your plan as needed.

What are the key components of a financial plan?

A comprehensive financial plan includes budgeting, cash flow management, investment planning, risk management, and retirement planning.

How can I improve my business’s cash flow?

Improve cash flow by managing receivables and payables efficiently, reducing unnecessary expenses, and planning for seasonal fluctuations.

What tools can help with financial planning?

Tools like budgeting software, financial planning apps, and accounting software can help manage and streamline your financial planning process.

How often should I review my financial plan?

It’s advisable to review your financial plan at least annually, or more frequently if there are significant changes in your business or personal circumstances.

How do you ensure the confidentiality of my financial information?

We adhere to strict confidentiality policies and use secure systems to protect your financial data.

What qualifications do your accountants have?
Our accountants are certified professionals with qualifications such as CPA (Certified Public Accountant) and other relevant certifications. They also undergo continuous professional development to stay updated with the latest industry standards.

How do you stay updated with changes in tax laws and accounting standards?
We subscribe to industry publications, attend professional development courses, and participate in relevant seminars and webinars. This ensures we are always informed about the latest changes and can provide accurate advice.

Can you help with financial issues related to starting a new business?
Yes, we can assist with business planning, financial forecasting, setting up accounting systems, and ensuring compliance with all financial regulations.

What is the process for onboarding new clients?
Our onboarding process includes an initial consultation to understand your needs, setting up your account, transferring existing financial data, and establishing a communication plan to keep you informed.

Do you offer virtual consultations?
Yes, we offer virtual consultations via video conferencing to accommodate your schedule and location preferences.

How do you handle conflicts of interest?
We maintain transparency and adhere to ethical guidelines to avoid conflicts of interest. If a potential conflict arises, we disclose it immediately and take appropriate steps to resolve it.

What is your approach to customer service?
We prioritize clear communication, timely responses, and personalized service. Our goal is to build long-term relationships based on trust and satisfaction.

Can you provide references from current clients?
Yes, we can provide references upon request. We have many satisfied clients who can attest to the quality of our services. And you can always check our google reviews.

What sets your firm apart from others?
Our firm stands out due to our personalized approach, extensive industry experience, and commitment to continuous improvement. We tailor our services to meet the unique needs of each client and strive to exceed expectations.