More small businesses are now on cloud account software. Many business owners are performing the bookkeeping functions on their own and just as many business owners hire a bookkeeping firm who specializes in cloud software to do the bookkeeping. Now, AI is getting involved to limit human coding errors that still exist with cloud software. As for me, the external accountant, I have noticed considerable improvement with both, the software and the users maximizing the software full ... Read More
Guidance for Vancouver Small Businesses Using QBO
Using QBO - QuickBooks Online More small-business owners are migrating from desktop accounting software to a cloud-based system. Cloud-based accounting software, such as QBO, allows the user access anywhere in the world. This ease of access, combined with the ability to download transactions from banks, vendors, credit card companies, etc., makes bookkeeping so straightforward now, pundits claim, that small businesses using cloud software no longer need bookkeepers. Unfortunately, as great as ... Read More
Which Canadian Personal Income Tax Deductions are Worth The Fuss?
Which Canadian Personal Income Tax Deductions are Worth the Hassle? As spring draws near, Canadians can look forward to cherry blossoms and spring skiing. Another event is the filing of their personal income tax returns. With all the tax deductions and credits rules in the Income Tax Act, compiling all the information for your tax accountant to complete your personal tax return accurately, timely, and economically can be a challenge. Accounting professionals want the same things for our ... Read More
Choose Quickbooks For Your Vancouver-based Small Business
Selecting the right accounting software for your small business seems like a daunting task but it really isn't. This is because there is one software that is far superior even to the second best-in-its-class competitor. Also, 99 percent of all Vancouver professional accountants servicing small businesses use and recommend this software - Quickbooks (“QB”) or Cloud-based Quickbooks (“QBO”).
Why is Quickbooks so great? The list can go on and on but here are the top ten reasons:
1) ... Read MoreB.C. Business Income vs. Capital Gains – It’s All About Intention
Mew & Company Chartered Accountants in Vancouver provides businesses with tax advice: One of the most commonly disputed tax issues is whether a gain from a transaction is considered as business income or as a capital gain. The reason for this dispute is due to the tax implications of each type of gain we're talking about. If a gain is considered business income, the entire gain is taxable. If a gain is considered a capital gain, only half of the amount is taxable. Therefore for any gain, ... Read More
Vancouver Tax Considerations for Buying a Business in British Columbia
If you are in the initial stage of negotiating the purchase of an incorporated business in British Columbia (B.C.), this is a good time to consider the method you choose to go about the acquisition. There are two methods to acquire a business: you either buy the desired assets of the company, or you buy the shares of the company. Each method has different business tax consequences for the seller and the purchaser, so knowledge of the different tax treatments can provide the purchaser with room ... Read More
Traits of Successful Vancouver Business Owners
As a tax advisor to small businesses in the Greater Vancouver area, I have worked with many different personalities over the past 15 years. However, a handful of my clients, over the last 10 years, have grown so rapidly that I am in awe when we meet for the year end work. This is because their successes are not necessarily due to the unique industry in which their business operates. This blog post outlines my observations of the decisions these businesses have made consistently over the year in ... Read More
Canadian Corporate Tax Planning: On Investing Retained Earnings
What should I do with my Corporate Retained Earnings? As a Vancouver tax advisor to small, privately held Canadian corporations, many of my new clients are often unaware of all the investment options and tax benefits of investing their hard-earned corporate retained earnings. The small business corporate tax rate is only 13.5% on the first $500,000 of profits. That is incredibly low. A successful and diligent business can accumulate retained earnings quickly within this tax ... Read More
