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

By |2023-09-07T02:27:04+00:00September 7th, 2023|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 [...]

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Why we recommend Xero Accounting Software

By |2023-03-01T23:23:55+00:00June 29th, 2023|Accounting, Xero|

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 [...]

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The best payment processing solution (for your small business)

By |2023-03-01T00:53:24+00:00June 15th, 2023|Accounting, Business, Technology|

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, [...]

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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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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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Setting Business Financial Goals for the New Year

By |2023-01-09T02:50:42+00:00January 9th, 2023|Accounting, Business|

The new year is a great time to set some financial goals for your small business. Whether you're looking to save money, boost revenue, or improve your bottom line, setting specific and achievable business financial goals is a crucial first step. But where do you start? And how can you make sure your goals are realistic and attainable? In this blog post, we'll share some tips and resources to help you set strong financial goals for your small business in 2023. Read on to learn more! 1. Define what you want to achieve. When it comes to goal setting, it's imperative [...]

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How to Analyze Your Business Financial Statements

By |2022-12-15T15:04:07+00:00December 7th, 2022|Accounting, Business|

Have you ever wanted to analyze your business? Every business owner needs to have an understanding of their financial statements. This is especially true at the end of an accounting cycle, such as year end. Learning to read financial statements is essential for making informed decisions about the future of your business. This also helps you stay on top of expenses. Understanding the importance of your financial statements is the first step to gaining comprehensive insights into where your business is and where it's headed. Analyzing Your Financial Statements  When analyzing your financial statements, start by looking at your total income [...]

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Understanding the Difference Between Spend Money and Bills in Xero

By |2022-11-30T23:14:57+00:00November 30th, 2022|Accounting, Xero|

As a small business owner, it’s important to keep track of your expenses and pay all your bills on time. One of the most popular accounting apps for small businesses is Xero. This app offers two features—Spend Money and Bills—to help you manage your finances. But what is the difference between these two features? Let’s break them down so you can make sure you are using them correctly.  Spend Money  The Spend Money feature allows you to enter individual transactions into your Xero account. This feature lets you quickly enter expenses that do not need a bill or invoice. For example, [...]

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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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Should I Charge GST/HST on My Remote Work?

By |2022-11-17T04:41:56+00:00November 17th, 2022|Accounting, Taxes|

We work with a lot of consultants, and we find this question coming up a lot: “Do I need to charge GST/HST on the services I perform for clients in another country?” Usually, they are referring to clients in the US. The simple answer is no! Place of Supply In Canada, the Canada Revenue Agency (CRA) deems the place of supply for services to be the location where your client is based. This holds true even if you perform the work remotely from your office in Canada. However, there are some exemptions to the place of supply rules. Whether the exceptions [...]

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