May 2021

Standardized Financial Statements: What this Means for You
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Standardized Financial Statements: What this Means for You

Accounting

Standardized Financial Statements: What this Means for You

By Virtual Heights|2021-10-24T09:52:59+00:00May 29th, 2021|Accounting|

How we prepare your financial statements is changing soon. The Chartered Professional Accountants Organization of Canada is implementing standardized financial statements for year ends ending on or after December 14, 2021. Currently, financial statements are prepared as what’s called a Notice to Reader (NTR). This is sort of like a buyer beware in sales terms. Starting this December, accountants across Canada are required to prepare a compilation engagement when preparing financial statements. The change is CPA Canada’s way of standardizing financial statements while making sure they are accurate and not misleading. Here’s what you need to know. What are Standardized Financial [...]

2021 Federal Budget Implications for Corporate Tax

By Virtual Heights|2021-10-24T09:52:59+00:00May 22nd, 2021|Business, Taxes|

The Canadian government introduced the 2021 Federal Budget in April. This year’s focus is on ending the fight against COVID-19 and ensuring economic recovery by creating jobs and growth in Canada. Business related budget themes include job creation, small businesses, and growth. What does this mean for you as a business owner? Here are some budget highlights worth considering as they relate to you and your business. Immediate Expensing of Certain Property Canadian-Controlled Private Corporations can now expense certain eligible capital property. In the past, capital property was expensed over the useful life of the asset, allowing only a portion of [...]

All You Need to Know About the GST Quick Method

By Virtual Heights|2021-05-12T23:18:12+00:00May 12th, 2021|Accounting, Business, Taxes|

Have you heard of the GST Quick Method? It’s a faster way to calculate the amount of GST or HST you owe the Canada Revenue Agency (CRA). Of course, it comes with a catch—a few, actually. You can only use this method to calculate your GST owing if you meet the CRA’s criteria. Read on to learn more about the GST Quick Method and if it’s right for you and your business. What is the GST Quick Method? The CRA implemented the quick method of accounting for GST/HST to help small businesses reduce paperwork. Rather than having to report every dollar [...]