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Bookkeeping

Different Methods of Reporting Farm Income

Farm Business Tax Tips: Methods of Reporting Farm Income

Last updated: Nov. 28, 2018 
Most farm operators probably put bookkeeping, preparing, and filing taxes near the bottom of their to-do list. If you make money from farming though, you need to report that income to the Canada Revenue Agency; failing to do so could result in stiff penalties. If your tax return gets reassessed, you’re … Read more

Small Business Accounting Trends in 2018

Small Business Accounting Trends That Will Transforms Your Business

Last updated: Jun. 20, 2018 
A lot of small business owners think accounting is, without question, one of the most boring jobs in the world. But, recent developments and new technology have been reshaping the accounting industry. Small businesses that want to simplify their accounting and bookkeeping work need to embrace and adapt to new accounting … Read more

Tax Saving Tips for Canadian Small Business Owners

Top Tax Saving Tips for Small Business Owners in Canada

Last updated: Jun. 13, 2018 
If you’re a small business owner in Canada, there are a large number of tax deductions you can claim against your small business spending. This helps minimize your tax burden and maximize your business income. Take Advantages of Tax Deductions This is the most obvious option. Tax deductions help reduce your … Read more

How to Maintain Good Farm Business Records

Top Reasons Why Good Business Records Benefit Your Farm

Last updated: May. 16, 2018 
Canada’s agricultural industry has evolved over the last 50 years, and not just when it comes to farming implements. The way farm operators maintain their business and financial records has changed dramatically too. Where some farmers used to keep handwritten records and just hand their tax professional a box of receipts, … Read more

Factors that Determine Cost of Small Business IT Systems

Factors that Determine the Cost of Small Business IT Systems

Last updated: May. 9, 2018 
Budgeting for information technology (IT) services can be a challenge for small businesses. While many people may imagine an IT department as a team of nerds answering computer questions, what IT system looks like differs from business to business. In general, IT systems can include: Employee technical support for devices (desktop … Read more

Cash Accounting for Farmers

Cash Accounting for Farmers

Last updated: May. 2, 2018 
Farm businesses have special status under certain provisions of the Canadian Income Tax Act (ITA). Along with fishing operations, farmers can use the cash method of accounting (or cash accounting) for reporting income for income tax purposes. If you have a valid farming business under the ITA, you are eligible to … Read more

Importance of Keeping Good Records for Agricultural Business

Farm Business Tax Agricultural Business

Last updated: May. 17, 2017 
The Evolving Nature of Farm Accounting Many people might associate farming with getting back to the land. But the fact is that farming has changed; the long lonely days without electricity, running water, a radio, and central heating is long gone. Today’s agricultural operations are much more modern and business-oriented. To … Read more