Establishing a business, even a small one, involves several requirements like registering the company, opening new bank accounts and credit cards, managing payroll and contractors, etc. In addition to this, you need to set up operational and administrative systems for success, separate your personal funds from business money, and obtain CRA-WCB-PST requirements. 

Original Article Source Credits: Yahoo! Finance, https://ca.finance.yahoo.com/

Article Written By: Aditya Raghunath

Original Article Posted on: 4th December 2020

Link to Original Article: https://ca.finance.yahoo.com/news/canada-revenue-agency-reduce-tax-183018817.html

Original Article Source Credits: Advisor's Edge, https://www.advisor.ca/

Article Written By: Mark Burgess

Original Article Posted on: 8th December 2020

Link to Original Article: https://www.advisor.ca/tax/tax-news/tax-options-for-pandemic-spending/

Original Article Source Credits:   Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By:  Christopher Liew

Original Article Posted on:  October 26, 2020

Link to Original Article:  https://ca.finance.yahoo.com/news/canada-revenue-agency-2-crucial-124522648.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Curtis Davis

Original Article Posted on:  October 30, 2020

Link to Original Article:  https://www.advisor.ca/tax/tax-news/tax-planning-in-a-unique-year/

Starting a new business is a big achievement and an exciting experience for many individuals. But the real challenges begin only after they start operating. Some of the obstacles small businesses and startups face when they begin aren’t necessarily with their craft. They are often with the operations that adhere to CRA requirements with payroll, Goods and Services Tax (GST), Provincial Sales Tax (PST), and Workers Compensation Board (WCB). Similarly, staying on top of their monthly numbers to make sound business decisions may also be a hassle for them.

Original Article Source Credits:   Canada.ca , https://www.canada.ca/

Article Written By:  NA

Original Article Posted on:  2020-09-24

Link to Original Article:  https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/checklist-small-businesses.html

Original Article Source Credits:    Intuit and QuickBooks  , https://quickbooks.intuit.com/

Article Written By:  QuickBooks Canada Team

Original Article Posted on:  NA

Link to Original Article:  https://quickbooks.intuit.com/ca/resources/bookkeeping/reasons-bookkeepers-are-money-savers/

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta

Original Article Posted on:  September 16, 2020

Link to Original Article:  https://www.advisor.ca/tax/tax-news/cra-says-u-s-covid-19-payments-not-taxable-in-canada/

Original Article Source Credits:    Intuit and QuickBooks , https://quickbooks.intuit.com/

Article Written By:  QuickBooks Canada Team

Original Article Posted on:  NA

Link to Original Article:  https://quickbooks.intuit.com/ca/resources/apps/best-accounting-software/

If you’re looking to hire a bookkeeping and accounting company in Richmond, BC, whether it’s for expense management, managing your company accounts or payroll, it is important to pick a reliable agency with high standards. After all, the end product will be a direct reflection of your business! Therefore, it’s essential to choose a bookkeeping and accounting company that you can trust to handle your business accounts with accuracy and in a way that benefits your company. 

Original Article Source Credits:   The Balance Small Business  , https://www.thebalancesmb.com/

Article Written By:   SUSAN WARD

Original Article Posted on:  September 15, 2020

Link to Original Article:  https://www.thebalancesmb.com/what-are-the-penalties-for-filing-a-late-gst-hst-return-2948160

Original Article Source Credits:   Intuit and QuickBooks  , https://quickbooks.intuit.com/

Article Written By:   QuickBooks Canada Team

Original Article Posted on:  NA

Link to Original Article:  https://quickbooks.intuit.com/ca/resources/bookkeeping/ways-improve-small-business-bookkeeping/

For most business owners, maintaining financial records and preparing accounts and taxes is one of the top priorities. However, with no grounding in accounting and bookkeeping, many of them find it difficult to efficiently manage their accounts. This prompts them to overlook the little things and commit mistakes that can have a huge impact on their business. 

While building a business from scratch can be exciting and rewarding, there are several challenges and complexities involved in the process of starting a new business. Careful planning and exceptional execution are imperative to avoid these problems and ensure the growth of your business. 

People usually receive direct phone calls and emails from the Canada Revenue Agency (CRA) when there are issues with their tax declaration or incase the CRA finds discrepancies in their income and tax statements. This tends to entail punitive action, which often causes fear and stress.

Balancing the books and taking care of the accounting needs of a business is not everyone’s cup of tea. Moreover, with the ever-changing guidelines and regulations, it can be difficult for a layperson to stay on top of the rules of accounting and manage the financial aspect of their business in an optimal manner. Therefore, it’s best to hire a professional bookkeeper and accountant to look after the finances of your business.

As a firm offering top of the line bookkeeping and accounting services in Richmond, BC, at Real Balance Accounting Services Ltd., we’re running a special discount on our services to help existing and new clients save a few dollars. 

Accounting and bookkeeping are integral parts of a successful business as they are linked to every financial aspect of your business. For this reason, how your books are prepared and maintained can significantly impact your business operations and your taxes. If you have an experienced accountant on your side, you can conveniently draw up your financial figures to meet the guidelines of the government. At the same time, your accountant will help you manage your funds and adequately structure your financial moves for higher chances of success.

Thanks for stopping by our blog. If you’re looking for more information about Real Balance Accounting Services Ltd., you’ve come to the right place.