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About Alissa Bryden

CPA, CA, CEO of Virtual CPA Firm
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Share Options for Canadian Contractors

By |2023-05-10T05:14:08+00:00May 8th, 2023|Accounting, Taxes|

Welcome to our accounting firm’s blog, where we will be discussing the tax implications of issuing share options for Canadian contractors. What Are Share Options Share options, also known as stock options, are a form of compensation that allows employees or contractors to purchase shares in the company at a predetermined price at some point in the future. While these options can be an attractive form of compensation for employees and contractors, there are very important differences to the tax treatment and implications if you are a contractor and not an employee of the corporation. If you are considering accepting share [...]

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Considerations when Incorporating a Small Business

By |2023-02-13T16:13:40+00:00May 4th, 2023|Taxes|

As a business owner, incorporating a small business is an important step in growing your business. Incorporating your business provides several benefits, including limited liability protection, tax advantages, and the ability to raise capital more easily. The decision to incorporate is a tough one and you can read more about the decision to incorporate here. Here is another article where we reviewed the business types (sole proprietor, partnership, and corporation). Once you have made the decision to incorporate there are many other considerations you will have to make. In this blog, we’ll discuss what you need to consider when incorporating your [...]

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Does my not-for-profit have to file a Corporate Tax Return?

By |2023-06-06T18:15:52+00:00April 20th, 2023|Not for profit, Taxes|

As an accounting firm, we often encounter not-for-profit organizations that are unsure if they need to file a corporate tax return in Canada. As a result, we thought it was important to provide some information on this topic to help clear up any confusion. Are you an incorporated not-for-profit in Canada? Firstly, if you're a Canadian incorporated not-for-profit, you're classified as a corporation. Canadian tax law views you this way. Hence, you must file a corporate tax return or T2. This is true regardless of income generation. Maintaining tax-exempt status requires filing a return, even with no taxable income. The general [...]

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How can I save money on taxes as a small business owner?

By |2023-02-13T15:26:50+00:00April 6th, 2023|Taxes|

As a small business owner in Canada, tax planning is an essential part of your financial strategy. By taking the time to plan ahead, and understand the available tax savings, you can help ensure that you are maximizing your profits and keeping more of your hard-earned money. Here are a few important tips to keep in mind when planning in order to save money on taxes. The Small Business Deduction As a small business owner of an incorporated Canadian Privately Held Corporation, you may be eligible for the small business deduction. This allows you to pay a lower corporate tax rate [...]

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Are you getting all your tax credits as a brewery in BC?

By |2023-04-03T13:56:16+00:00March 23rd, 2023|Taxes|

Our firm serves a variety of industries. However, one of our concentrations of clients is in craft breweries. In helping craft breweries with their tax and accounting needs we were speaking with some tax specialists these past few weeks. We became aware that many craft breweries may be missing a tax credit that they are entitled to. We wanted to write a blog to ensure we spread the word about this missing tax credit which relates to the markup they pay to the BC  Liquor Distribution Branch (BCLDB). This example is specific to craft breweries in British Columbia. However, if you [...]

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Five Apps to Streamline Operations in your Small Business

By |2023-02-05T17:39:22+00:00March 9th, 2023|Technology|

As a cloud accounting firm, we are always looking for ways to help our clients increase productivity and streamline operations. There are now countless apps available to help businesses achieve these goals. It can be a little overwhelming to look at them all. In this blog, we will be showcasing just five tech apps that we believe will make you more productive in your Canadian small business. Slack Slack is a popular communication app that allows teams to chat, share files, and collaborate on projects in real time. This app is especially useful for businesses with remote employees as it makes [...]

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Managing cash flow in your small business

By |2023-02-05T16:54:05+00:00February 16th, 2023|Uncategorized|

Cash flow is critical to the success of any business, big or small. As a small business owner, tracking cash flow is essential to ensure that you have enough money to pay bills, invest in growth, and prepare for unexpected expenses. Here are some tips to help you track your cash flow and why it’s important. 1. Monitor your income and expenses regularly Keeping a close eye on your income and expenses is key to understanding your cash flow. This means tracking all the money coming in and going out of your business on a regular basis. You can use tools [...]

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How Chat GPT can be used in your small business

By |2023-02-10T22:36:50+00:00February 9th, 2023|Technology|

As a cloud accounting firm, we have seen firsthand the impact that technology can have on small businesses. With the rise of artificial intelligence (AI), small business owners now have the opportunity to streamline their administrative tasks, freeing up more time and energy to focus on growing their business. Now there is a new technology on the scene that is set to transform the way we all work. That technology is Chat GPT. Chat GPT, or Generative Pre-trained Transformer is an AI-powered chatbot that can automate repetitive administrative tasks. By leveraging natural language processing (NLP) and machine learning algorithms, Chat GPT [...]

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Where did all the Volunteers go?

By |2022-11-23T18:51:23+00:00November 23rd, 2022|Not for profit|

“I hope we get some new faces at the Annual General Meeting to fill some of these open positions.” Have you ever heard that or said it? It is unfortunately common with not-for-profit and community organizations of all types. This is true whether you’re a larger economic not-for-profit organization or a regional softball association. Where did all the volunteers go? (And how can we bring them back) I have heard numerous explanations and they all make logical sense. The basic answer from various articles and research I have done: In the past, there was more volunteer time in the home. This [...]

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Alberta’s Interactive Digital Media Tax Credit

By |2022-10-27T19:03:38+00:00October 27th, 2022|Taxes, Technology|

The Alberta Interactive Digital Media Tax Credit (IDMTC) is for eligible registered IDM corporations that develop interactive digital media credit products in Alberta after April 1, 2018. The credit is calculated at 25% of eligible salary and wages incurred in the tax year and is FULLY refundable. That means you are required to first apply it to income taxes payable but if you clear that balance you will still get the amount of the credit as a refund! Eligible corporations that hire under-represented populations may qualify for an additional 5% through the Diversity and Inclusion program component. Here is an example, [...]

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