Category: Accounting and Finance

Accounting and finance play an essential role in the management of any business. if you don’t control that money, you don’t control your business. 

 

Good accounting practices have a practical advantage: They keep your company in compliance with the law. Without good accounting you could violate any number of laws, such as not paying the right amount of taxes. The sloppiness of poor accounting can also cause you to overlook many minor details that collectively keep a business on the level, like carrying out facility improvements to comply with safety laws.

Additionally, if you ever find yourself under legal scrutiny – and many businesses eventually do – having poor financial records can create a lot of unnecessary trouble.

DONATING CAPITAL PROPERTY?

When you are donating capital property, there is a disposition for tax purposes, which may result in a capital gain.  The fair market value (FMV) of the property donated is used as the proceeds of disposition, and as the amount of the donation.  In some circumstances it may be helpful to designate the proceeds amount […]

TAXATION OF BITCOIN AND OTHER CRYPTOCURRENCIES

Calgary Corporate Tax accounting crypto

The meteoric rise, and subsequent tailspin, in the price of bitcoin has incited rampant investment in cryptocurrencies. Over 1,400 coins or tokens are now in “circulation”. Often lost in the resplendence and chicness of buying and selling cryptocurrencies are paving way for taxation of cryptocurrencies . TAXATION OF CRYPTOCURRENCIES At a basic level, cryptocurrencies (or […]

Starting a new Business? Here is what you need to know

Starting a new Business? Here is what you need to know. The Canada Revenue Agency provides a Checklist for Small Businesses to help you understand each stage of your business cycle. Find out more here. Feel free to contact us and book a free consultation today.