Taxes are an unavoidable part of life, and for many people, it can be a stressful time of year when they are unable to pay their taxes in full. While it can be tempting to ignore the problem and hope it will go away, this is not a viable solution. In this blog post, we…
Owning your own business is a dream that many people have. It can be incredibly rewarding to build something from the ground up and see it grow and succeed. However, owning a business is not for the faint of heart. It takes a lot of hard work, dedication, and a certain set of skills to…
Bookkeeping is an essential aspect of running a successful business. It involves recording financial transactions, keeping track of expenses, and ensuring that taxes are filed accurately and on time. As a business owner, you have the option of doing your own bookkeeping or hiring someone to do it for you. In this blog post, we…
As a small business owner in Canada, it is important to understand the tax laws and regulations that apply to your business. This includes knowing what expenses are deductible, how to keep accurate records, and when to file your taxes. In this blog post, we will outline some key things that you need to know…
In today’s digital age, small businesses face tough competition to stay ahead in the market. The rapid advancement of technology has made it necessary for businesses to keep up with the trends to remain relevant. One of the latest innovations that can help small businesses is the use of ChatGPT. ChatGPT is an artificial intelligence…
As a small business owner, it’s important to stay organized and on top of your financial responsibilities, especially as the year comes to a close. Here are some year-end activities you should consider to prepare for your company: Review your financial statements: Take some time to review your financial statements, including your balance sheet and…
Well, it’s that time of year again – the end of the year! I hope this year was fruitful for you and your business, despite the many obstacle you may of been faced with during these crazy Covid-times we live in. If you are reading this post, you are likely a business-owner, and wanting to…
The world has changed since COVID-19; maybe for good. People have changed the way they do things. Some people prefer to engage in contactless, over-the-web, services not just because of health concerns; some live in remote areas and may not be able to visit a service provider or business closeby. When it comes to accounting…
Yes, the end is near. After April 30/2021, the only paper around here will be in the bathroom! Unfortunately, we will not be accepting your paperwork anymore. There are many 21st century ways to digitize all those bills, receipts, invoices, and bank/credit card statements. Here are 3 simple ways you can still get us what…
Apply now for the BC Recovery Benefit, a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals. You have until June 30, 2021 to apply. As of writing this post, the website was very slow. Stay calm, and keep trying. You’ll eventually get through…
The Canada Emergency Business Account (CEBA) was launched earlier in 2020 to help businesses get through COVID-19 tough times. Originally the program allowed business owners borrow $40,000.00 interest free if paid back by Dec 31, 2022. If you did, the government forgave you $10,000.00 of the loan! As of today, the CEBA program has been…
If you are like me, you’re probably pretty tired of listening to the media every day reporting depressing news about COVID-19. In all of the negative, there are a few positives to report. This is one of them… The Government of Canada announced a $40,000.00 loan to small business back in the Spring of 2020…
I recently came across a number of receipts from a client who took transit, Uber, and taxi cabs from his home to his office and back. Can these expenses be considered a travel deduction to the company? Answer: Yes but… The “but” part pertains to something called a taxable benefit to the employee or director…
The CERB has been extended again through to the end of September 2020. Those of you who are eligible can collect for another 4 weeks totalling 28 weeks. The Canada Emergency Response Benefit (CERB) is a taxable payment for those employed and self-employed Canadians that are directly affected by COVID-19. You need to re-apply for…
Does anyone send faxes anymore? I still do! In fact, CRA still requires faxes when I need to submit documents to support a client claim. I came across this “free” fax service for iOS that allows you to send a fax from your iPhone, without having to have a dedicated fax machine or phone line.…
Today Prime Minister Justin Trudeau’s government announced that the Canada Emergency Response Benefit will be extended to Canadians for an additional 8 weeks. This benefit was made available back in April 2020 for those who lost their jobs or had their hours drastically cut due to COVID-19 pandemic. Good news if you are still facing…
Have you been collecting CERB payments during COVID-19? If so, you should know that those payments (up to a maximum of $8,000.00) are taxable and will count as income during the 2020 tax year. This means the $2,000.00 you receive isn’t really $2,000.00 in your pocket. So if this is the case, how do you…
I’ve had a number of clients wondering about when they have to file their 2019 taxes and more importantly when they have to pay CRA. I want to make this post as simple as possible for those of you that are wondering. Before we get into it, please note that this post does not cover…
Welcome to Cloud-Nine Accounting & Tax Ltd, a company created with a new look and feel. Catering to both personal and businesses, Cloud-Nine provides the same complete services you have been able to depend upon year after year since 2010. We have now expanded our services to all of Canada (over-the-cloud), while keeping the option…