Cloud Software – Only Getting Better With Time

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

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Why a Real General Ledger is the First Line of Defense During a CRA Tax Audit

Many mature businesses have endured this at least once during their life time – a CRA tax audit.  Most businesses survive an audit with no issue.  This happens when the business has an adequate set of financial records that is easy for the CRA auditor to examine.  So what makes up an adequate set of financial records. First of all,

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Vancouver Sale of Rental Property and the Principal Residence Exemption

While at dinner recently, a friend of mine, Carla, informed me that she sold her rental property and was curious about the amount of tax that she would owe on the gain. Upon further questioning, I uncovered that, in the past, my friend had lived in this rental property (a condo) for many years. She purchased a second condo a

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