Call now toll free at 1-844-8VHACCT (1-844-884-2228)|info@vhaccounting.ca
TwitterLinkedInEmailSkype
Loading...

Understanding Capital Assets Vs Expenses

Small business owners in Canada face a lot of challenges, and taking care of finances is among the top priorities. Understanding the difference between capital assets vs expenses is important for both tax purposes and for making decisions about your business. Why? You ask. Well, let's start with what capital assets are. What is a Capital Asset Capital assets (also often called Property, plant and equipment in Canada) are long-term assets that are critical for business operations. These assets are typically expensive (over $500) and have a useful life of more than one year. Examples of capital assets include buildings, equipment, [...]

By |2023-06-30T14:18:35+00:00September 21st, 2023|Uncategorized|0 Comments
Read More

Working in a CPA Firm – A Blog by a Co-op Student at Virtual Heights Accounting

Working as a Co-Op student in a CPA Firm by a Co-op Student I am a second-year student at Selkirk College, following the program post-graduate diploma in accounting. I have a BSc in applied accounting degree with 6+ years of experience in finance and accounting. During my working career, I have worked in auditing, managerial accounting, bookkeeping, and financial accounting. I started to work as a Co-op student on 9th January 2023 with Virtual Heights Accounting. The Co-op position has provided me with the platform to build my accounting career in Canada. I was able to gain knowledge and develop my [...]

By |2023-09-07T02:27:04+00:00September 7th, 2023|Accounting|Comments Off on Working in a CPA Firm – A Blog by a Co-op Student at Virtual Heights Accounting
Read More

Dividends or Salary

Small business owners need to understand how paying themselves with dividends and salary can impact their earning potential. In Canada, these are common payment methods with different tax implications. This post explores the differences, including taxation rates and personal retirement accounts (RRSP and CPP program), to help you make an informed decision. Gain a clear understanding of dividends vs salary and make a plan that maximizes your earnings. Overview of Dividends and Salaries Dividends and salaries are two important components of compensation for owners of a small business corporation in Canada. Dividends are payments made to shareholders as a share of [...]

By |2023-04-24T22:21:43+00:00August 24th, 2023|Business, Taxes|Comments Off on Dividends or Salary
Read More

Top Features of Xero Accounting Software

As an accounting firm that believes in the future of tech, we have decided to showcase a few of our favorite software and of course, Xero Accounting Software is top of our list. Here are the top features of Xero but first a basic explanation. What is Xero? Xero is an accounting software that a business can use to put together the financials together. Competitors include QuickBooks Online, Wave, FreshBooks and Sage. Which are all great software in their own right. We have seen many clients benefit from using Xero for their businesses. Top 10 Features of Xero User-friendly interface: Xero [...]

By |2023-04-24T19:08:07+00:00July 27th, 2023|Xero|Comments Off on Top Features of Xero Accounting Software
Read More

POS systems for small business

Point of Sale (POS) systems is the system used when your customer makes a purchase. As a business owner, choosing the right point of sale (POS) system is essential for running your day-to-day operations efficiently. A POS system can help you keep track of your sales, inventory, and customer data, and streamline your payment processing. Off-the-shelf POS systems for small business are plentiful on the market and choosing one can be a difficult task. One consideration to make when you are making that decision is whether your POS integrates with your accounting system of choice. For example, if you are using [...]

By |2023-03-20T19:11:19+00:00July 13th, 2023|Technology|Comments Off on POS systems for small business
Read More

Why we recommend Xero Accounting Software

As a business owner in Canada, keeping track of your financial records is essential. It can be a daunting task, but with the help of accounting software, you can streamline your financial processes and focus on growing your business. We recommend Xero accounting software for small businesses. What is Xero? Xero is cloud-based accounting software that helps you manage your finances on the go. It offers a range of features that make it easy for you to keep track of your cash flow, expenses, invoices, and bills. Xero offers integrations with a wide range of business applications, making it easy to [...]

By |2023-03-01T23:23:55+00:00June 29th, 2023|Accounting, Xero|Comments Off on Why we recommend Xero Accounting Software
Read More

The best payment processing solution (for your small business)

As a business owner, it's crucial to offer your customers a seamless and secure payment experience. With so many payment processing solutions available in the market, it can be overwhelming to choose the right one for your business needs. We'll guide you through the process of selecting the best payment processing solution that aligns with your business requirements. We'll cover essential factors to consider, such as fees, security, and ease of use. By the end of this article, you'll have a better understanding of the payment processing landscape and be able to make an informed decision for your business. Stripe, Square, [...]

By |2023-03-01T00:53:24+00:00June 15th, 2023|Accounting, Business, Technology|Comments Off on The best payment processing solution (for your small business)
Read More

Maximize Your Tax Savings: Understanding Immediate Expensing for Canadian Businesses 

Immediate Expensing for Canadian Businesses Are you a Canadian business owner looking to save on taxes? You might have heard of immediate expensing, a tax deduction method that allows businesses to deduct the full cost of eligible assets in the year of purchase, rather than depreciating them over several years. This tax deduction method can provide a significant tax benefit for businesses, especially since it allows for a 100% deduction in the year of purchase. In this blog post, we'll provide an overview of immediate expensing in Canada, the eligible and excluded assets, and the gradual phase-out of this tax deduction.  [...]

By |2023-05-10T05:10:49+00:00May 18th, 2023|Taxes|Comments Off on Maximize Your Tax Savings: Understanding Immediate Expensing for Canadian Businesses 
Read More

Share Options for Canadian Contractors

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 [...]

By |2023-05-10T05:14:08+00:00May 8th, 2023|Accounting, Taxes|Comments Off on Share Options for Canadian Contractors
Read More

Considerations when Incorporating a Small Business

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 [...]

By |2023-02-13T16:13:40+00:00May 4th, 2023|Taxes|Comments Off on Considerations when Incorporating a Small Business
Read More
Go to Top