The requirements of IAS 12: Income Taxes specify the accounting treatment of income taxes. This standard requires entities to account for the tax consequences of transactions and other events. An entity must also account for deferred tax liabilities. However, many businesses fail to do so. As a result, they may […]
What is GST in Canada?
GST (Goods and Services Tax) is a tax that applies to supplies of goods and services in Canada. The rate varies depending on where the supply occurs. It applies to both intangible personal property and tangible goods. The general concept behind the GST is that it is a combined sales […]
What Is Bookkeeping and Why Is It Important?
Bookkeeping is a process of recording financial transactions for a business. As a part of the accounting process, it involves preparing source documents for all business operations, events, and transactions. This is an important step in the preparation of business taxes. Fortunately, bookkeeping is a relatively easy process to learn. […]
What is Accounting?
If you are wondering what is Accounting, you are not alone. The field of Accountancy, also known as accountancy, is used to measure and communicate economic information. Throughout history, people have used accounting methods to keep track of their finances and communicate this information. Today, the use of accounting in […]
How to Get Notice of Assessment in Canada
When you file your tax returns, the Canada Revenue Agency (CRA) sends you a Notice of Assessment. This document details the results of your assessment and tells you what taxes you owe for the current year. You can also get this document via email. Once you receive your notice, you […]
Small Business Tax Benefits in Canada
If you’re thinking of starting a small business in Canada, you might be wondering if you can benefit from the many small business tax benefits available in Canada. You can deduct the cost of certain expenses as well as capital assets. These benefits are available to small business owners who […]
The Canadian Farm Tax
The Canadian Farm Tax is an annual voluntary program that provides financial assistance to farmers and ranchers. It also supports family farming, which encourages sustainable growth and environmental stewardship. These farmers also contribute to the social fabric of rural Canada. That is why the CFA supports Private Bill C-208, which […]
What is Bookkeeping?
Bookkeeping is the process of recording financial transactions for a business. Bookkeeping involves preparing source documents for all business transactions, events, and operations. It is important for the financial health of any business. Moreover, it is a great way to monitor business performance. Learn more about bookkeeping in this article. […]