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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 [...]

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Using Xero’s Cash Coding Feature to Save Time on Your Bookkeeping

By | January 18th, 2020|Accounting, Xero|

Innovations in cloud accounting have made bookkeeping a breeze. At Virtual Heights Accounting, our favourite accounting app is Xero. You can do everything from invoicing to producing professional financial reports. It’s also easy to keep your records current.   Not only can you link your business bank account to Xero, but you can also do a number of additional things in Xero that further speed up the bookkeeping process. One of those tweaks is using cash coding.  What is Xero’s cash coding? The cash coding feature in Xero allows you to process bookkeeping transactions in bulk. The screen is more compressed than [...]

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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 [...]

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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 [...]

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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 [...]

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Quick Tips: Starting Up and Starting Strong

By | March 28th, 2019|Accounting|

Start lean. Spend smart and be flexible. If you don’t spend much at the start you won’t have to make a bundle to get out of the red. This makes it much easier to start a successful business. Start with Xero Accounting Software. Okay, we are biased here as Xero experts.  But with discounts for new sign ups and reasonable monthly fees, there is no excuse for tracking your finances on a spreadsheet. Let Xero do the heavy lifting!  You can take pictures of receipts on the go and match them to your credit card transactions. You can also invoice and [...]

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Do I charge GST / HST on my remote services?

By | March 8th, 2019|Accounting|

We work with a lot of consultants and the question often comes up “Do I need to charge GST / HST on my consulting services that I perform for clients in another country (usually the USA)?” The simple answer is no! In Canada, the Canada Revenue Agency deems the place of supply for services to be the location that your client is based even if you perform the work remotely (in Canada). However, there are some exemptions and it does depend on the type of service you are providing. On the Canada Revenue Agency website, they clearly indicate that most goods and services [...]

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Five Reasons Your Start-Up Needs a Part-time Virtual CFO

By | July 19th, 2018|Accounting, Business Coaching|

I work with a variety of clients, who may have great bookkeepers, but their operations grow beyond that of basic bookkeeping. If you have a fast-growing business or have large aspirations, there are five main reasons you should consider having a part-time CFO. Keep fixed costs low - cash flow is always an issue for every start-up or small business. Hiring a part-time CFO allows you to keep your costs low and scale your services as you scale your business. Not only will you save on the salary (including source deductions and benefits) of a full time CFO but you also save [...]

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When do non-resident businesses have to file tax returns in Canada?

By | May 14th, 2018|Accounting|

We get a lot of calls from non-resident businesses that sell in Canada and are wondering what their tax considerations are. If you sell products / services in Canada and are over certain thresholds you will be required to charge sales tax (GST/HST which is the federal tax and there are also provincial sales taxes in certain provinces).  If you are looking for more information on sales tax and the thresholds check out this previous post: Canada Sales Tax Sheet. The next question is what about tax on the income? The question is actually harder to answer than you may imagine. [...]

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How to set up your FBA Amazon Tax Settings for Canada – Video

By | February 28th, 2018|Accounting|

Happy Pink Shirt Day! You will see I am sporting a pink shirt and my fav CPA toque! We have to keep warm here in Canada. https://youtu.be/tYWAmlboIUs Virtual Heights Accounting is a CPA and Business Coaching firm located in Rossland, BC. We are a virtual firm focused on using cloud based technologies to reduce the administrative burden of business owners. Focusing on bookkeeping, accounting, business coaching and development with a tech focus. www.vhaccounting.ca.  This blog is intended for general use and understanding on sales tax set up in Amazon. Direct professional advice is always recommended to ensure you are getting [...]

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