While financial literacy has been on the rise, many still find the numerous guidelines and policies cumbersome to deal with. Since a lot depends on the finer details, we have created an encompassing set of questions that aims to deal with your different questions on the matter. From handling personal finances to doubts on payroll management and deductions, you might find the information below helpful.
What kind of clients do you work with?
Our client base is diverse – basically, we help anyone who needs accounting services. We do, however, assist many young adults new to the taxpaying life and also strongly support small, independent businesses.
What services do you provide?
Do I need an accountant? Can’t I just do accounting on my own?
We get it. Professional accounting isn’t always cheap. If you have a basic understanding of taxes, access to helpful software, a fairly low income, and a relatively simple tax situation with common deductions, you may not need an accountant.
People often turn to hiring a personal accountant when their tax situation gets more complex, or when their income is very large (and thus more susceptible to an audit). Large transactions, such as real estate investment, may also require a professional accountant’s support.
If you’re self-employed, a professional accountant is strongly recommended. The bottom line: remember that hiring the expertise of an accountant can save you more money than if you didn’t, and your risk of getting into trouble with the CRA can be decreased by professional help.
What does the CRA actually do? What happens if I don’t pay my taxes?
How do I find my CRA profile and account balances?
The CRA sent me a Process Review letter – what does this mean?
How much can I contribute to my RRSP? What happens if I over-contribute?
As a consumer, what are my responsibilities?
What is the difference between a corporation and a proprietorship?
An incorporated business is its own legal entity separate from its shareholders. This means that as a shareholder, you are not personally liable for it.
A proprietorship means you are the sole owner of the business and personally liable for it. There are other types of business structures, and more explanations can be found in this government guide.
Is my “contractor” actually an “employee” in the eyes of the CRA?
How are payroll remittances calculated?
What is the difference between accounting and bookkeeping?
The key difference is that a bookkeeper records transactions, while an accountant interprets, analyzes, and formulates reports based on financial data.
What deductions are there for rental properties?