Pi Business News
Home Office Expense
One of the deductions we find missing on may tax returns prepared by other accountants is the home office expense. You can deduct expenses for the business use of a work space in your home, as long as you meet one of the following conditions: it is your principal place …
Working Hard? Why You Need to Relax
Whether you admit it to yourself or not, how happy you are overall in your life does directly affect how productive you are at work. And how do you achieve this work-life balance? Below are a few tips on doing just that. Know your boundaries. What is your definition of success in your professional and personal […]
How to pay a subcontractor
Some jobs are too big to handle on your own and you may need to bring on a subcontractor either for a certain period or project. Determining whether someone is an employee or an independent contractor is a larger topic for another day but once you have determined that your …
Where did my corporation go?
If you have an Alberta Corporation, you are required to file an Annual Return each year to update the address, shareholders, and directors. This is similar to paying yearly for your vehicle registration. This return is separate from your provincial and federal tax returns and must be filed every year …
Employment Standards in Alberta
Navigating the government’s rules and regulations that come along with having employees can be a lot of work for any business owner. Research is required to ensure that both sides of the employer-employee relationship are respected and protected, and the documents available on the topic contain a lot of information …
Two Tier Tax System?
Guy Caron, a Member of Parliament for Rimouski, Quebec has recently written a scathing condemnation of CRA and how they treat affluent people vs how they treat average taxpayers. He gives examples of double standards in assessing penalties, protecting anonymity, and a culture of secrecy that keeps even parliamentarians from …
Top 8 Things Students Need to Know
It’s the beginning of a new school year and your tax deadline isn’t until after exams next semester, there are still some things you need to think about in terms of your taxes. CRA has put out a list of the Top 8 things students need to know at tax …
Get a Receipt
We told you earlier about how to claim meals and entertainment as a business expense. It’s always important to get a receipt in order to claim the deduction on your taxes but CRA has launched a new campaign that gives another good reason to ask for a receipt when you …
Jokes Only Accountants Find Funny
1. A fine is a tax for doing wrong. A tax is a fine for doing well. 2. Where do homeless accountants live? In a tax shelter. 3. Welcome to the accounting department, where everybody counts. 4. What do you call an accountant with an opinion? An auditor. 5. An …
Picking up the Cheque
One of the most misunderstood business deductions is the “meals and entertainment” claim. Either people forget to save their receipts and don’t claim it at all, or they treat their whole party because it’s a business write-off. The basic rule is that if you are paying for meals or entertainment …
What’s a Business Owner to do about Minimum Wage Increases?
In our October newsletter, we showed how the real cost of the minimum wage increases is higher than is commonly discussed and that it is the business owner who shoulders those costs. This leaves a hard decision for the employer. A basic concept of accounting is that Revenue – Costs …
Tax Fraud – Not Worth It
Tax fraud is rampant and there seems to be no shortage of accountants willing to look the other way. If your accountant is writing off expenses that are overstated, not only are you breaking the law, you will be facing some major fines putting your personal life and business on the …
The Importance of Accounting
Why is accounting a vital part in running a successful business? It’s all about creating the freedom you want for yourself and for the ones you love. The structure of any business is that money comes in and that the money goes out. Accounting looks at this closely by recording …
Small Business Week Expo
75% of all new jobs created in Canada are from the small business sector. Generally, small business is defined as fewer than 100 employees. Canada’s economic growth greatly depends on entrepreneurship. Entrepreneurs and small business proudly build their livelihoods on doing what they love. Often they possess the passion for …
Home Office Expense
One of the deductions we find missing on may tax returns prepared by other accountants is the home office expense. You can deduct expenses for the business use of a work space in your home, as long as you meet one of the following conditions: it is your principal place …
Working Hard? Why You Need to Relax
Whether you admit it to yourself or not, how happy you are overall in your life does directly affect how productive you are at work. And how do you achieve this work-life balance? Below are a few tips on doing just that. Know your boundaries. What is your definition of success in your professional and personal […]
How to pay a subcontractor
Some jobs are too big to handle on your own and you may need to bring on a subcontractor either for a certain period or project. Determining whether someone is an employee or an independent contractor is a larger topic for another day but once you have determined that your …
Where did my corporation go?
If you have an Alberta Corporation, you are required to file an Annual Return each year to update the address, shareholders, and directors. This is similar to paying yearly for your vehicle registration. This return is separate from your provincial and federal tax returns and must be filed every year …
Employment Standards in Alberta
Navigating the government’s rules and regulations that come along with having employees can be a lot of work for any business owner. Research is required to ensure that both sides of the employer-employee relationship are respected and protected, and the documents available on the topic contain a lot of information …
Two Tier Tax System?
Guy Caron, a Member of Parliament for Rimouski, Quebec has recently written a scathing condemnation of CRA and how they treat affluent people vs how they treat average taxpayers. He gives examples of double standards in assessing penalties, protecting anonymity, and a culture of secrecy that keeps even parliamentarians from …