COVID-19 and Taxes: Important Updates

By | March 23rd, 2020|Business, Not for profit, Taxes|

It’s crazy times right now among this COVID-19 outbreak. We want to remind you that we are here for you at Virtual Heights Accounting. The government announced some significant economic measures to support Canadians during this COVID-19 crisis over the past few weeks. The full economic plan is covered here in detail: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html  Here is a brief summary of measures that may be relevant to you.  Personal Tax Extension of payment deadlines for personal incomes taxes to September 1, 2020; Extension of filing deadlines for personal income tax (T1) returns to June 1, 2020 (we should still file if you have [...]

Comments Off on COVID-19 and Taxes: Important Updates

I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?

By | March 15th, 2020|Accounting, Business, Not for profit, Taxes|

Sometimes life gets in the way. It prevents you from meeting your responsibilities as a business owner or the director of a charitable organisation. It happens, and if you find yourself behind on your taxes (or maybe you’ve never filed a tax return), it’s always best to get caught up then try your best to stay on top of things.  The Canada Revenue Agency (CRA) has a number of programs available to help make getting caught up a little easier.  Voluntary Disclosure The CRA Voluntary Disclosure Program provides an opportunity for taxpayers to correct a misfiled return or file a return [...]

Comments Off on I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?

Not-For-Profit – Challenge #3 – Budgets and Cash Management

By | May 13th, 2019|Accounting, Not for profit|

How to make your Not-For-Profit make more IMPACT with less administration – Budgets and Cash Management In our last two blogs, we discussed two challenges facing not for profits recruitment and compliance, and now we will tackle budgets and cash management.  We want to show you some technologies that can help you overcome the troubles around budget and cash management in your not for profit. Let's face it, people are busy. You want to ensure you are setting your management and directors up for success. Some may say, well it’s a not for profit and we can’t spend the money on software. To [...]

Comments Off on Not-For-Profit – Challenge #3 – Budgets and Cash Management

Not for profit – Challenge #2 – Financial and Regulatory Compliance

By | May 6th, 2019|Accounting, Not for profit|

How to make your Not-For-Profit make more IMPACT with less administration – Financial and Regulatory Compliance In our last blog, we acknowledged how tough running a not for profit can be. We identified three main obstacles which are: Recruitment of both Staff and Directors; Financial and regulatory compliance; and Budgeting and cash management. In this article we are going to explain how current technology can help you tackle the second challenge of financial and regulatory compliance. Meeting your obligations - Financial and Regulatory compliance for your not for profit The regulations and rules of compliance can be complex for not for [...]

Comments Off on Not for profit – Challenge #2 – Financial and Regulatory Compliance

Not-For-Profit – Challenge #1 – How to recruit

By | April 29th, 2019|Accounting, Not for profit|

Major Challenges Faced by All Not For Profits in Canada Running a not for profit today can be a tough go. There are a lot of amazing not for profits out there that are all making this word a much better place. But running these not for profits (including society’s and charities) can be very difficult. Many face a lot of challenges in their operations. The main challenges are generally: Recruitment of both Staff and Directors; Financial and regulatory compliance; and Budgeting and cash management. In this article we are going to explain how current technology can help you solve the [...]

Comments Off on Not-For-Profit – Challenge #1 – How to recruit