Last updated: Jun. 24, 2013
Our sincere sympathy goes out to the victims of flooding across Calgary and area. We’re all very saddened by the loss of life and enormous damage caused by the recent floods. With our head office in Calgary the flood has also affected many of our staff. FBC Members are encouraged to contact … Read more
Last updated: Jun. 12, 2013
You have your business up and running, perhaps as a sole proprietorship or a partnership and are now seeing some growth and profit. You may be wondering if you should now incorporate your business. Advantages and Disadvantages of Various
Business Structures The following is a list of possible advantages and … Read more
Last updated: Jun. 5, 2013
More and more businesses are facing a CRA audit these days. Canada Revenue Agency (CRA) has especially ramped up audits of small- to medium-sized enterprises. Knowing how CRA selects taxpayers for audit, as well as what to expect during an audit, could make you better prepared if you’re singled out. Audits are … Read more
Last updated: May. 30, 2013
Making Life Less Taxing for 60 Years and Counting It all started 60 years ago. It was the early 1950s and for the first time in Canadian history farmers were subject to income tax. Luckily for farmers a man named Sam Ibbotson had created a solution for farmers in need of … Read more
Last updated: May. 27, 2013
Tax returns that contain errors or omissions, accidental or intentional, are not uncommon. If you catch such an error on your tax return, it might be tempting to ignore it, especially if it’s in your favour. Don’t! Simply hoping that the Canada Revenue Agency (CRA) doesn’t find out is not a … Read more
Last updated: May. 23, 2013
As the controversy surrounding certain senators’ expenses swirls in Ottawa, what better to time than now to post a reminder of the rules regarding claiming travel expenses as a tax deduction. For those operating sole proprietorships or partnerships, you can deduct travel expenses you incur to earn business income. Travel expenses … Read more
Last updated: May. 22, 2013
Apple is renowned worldwide for its creativity. Think iPad. Think iPhone. Think iMac. The list goes on. In fact, Think Different was the company ad slogan in the 90s. Today, however, a different sort of creativity has put Apple in the headlines. Let’s call it creative tax accounting. At the crux … Read more
Last updated: May. 15, 2013
In part two of a two-part series, we offer tips on how to get started with your company’s bookkeeping. Previously, in part one, we outlined reasons why bookkeeping is important for your business. So, let’s get going. What do you need to know to get up and running with your company bookkeeping? … Read more
Last updated: May. 13, 2013
In an earlier blog post we wrote about the importance of getting started early with your tax planning. One of the key aspects of early tax planning you’ll need to consider is your company’s bookkeeping, or record keeping. Bookkeeping refers to the organization and storage of accounting and financial documents such … Read more