Tax Shock! Starting Your Own Business/Preparing For Retirement! Written by Bryan Petersen, Chief Virtual Accountant The move from employment income to business income, or the move from employment income to retirement income, is a major hit for a lot of people because they don’t take into account the amount of taxes that have not been […]
Vehicle Expenses for Sole Proprietors or Partnerships Written by Bryan Petersen, Chief Virtual Accountant Every year without fail, we have new clients that have vehicle expenses but only provide for us the total amount of kilometers they drove for business purposes in the year. They think that is enough information for us to put something
Exciting News for First-Time Home Buyers Written by Bryan Petersen, Chief Virtual Accountant Part of the new budget includes some exciting news for first-time home buyers. They are going to be upping the first-time home buyer tax credit to $1,500. Currently, it’s $750. It’s essentially $5,000 multiplied by 15%. So the new credit will be
Understanding Profitability and Pricing Written by Bryan Petersen, Chief Virtual Accountant The other day I had a client at my office and the conversation was about their profitability and their pricing. Probably the most important thing that any business needs to have is proper pricing. You are in business to make money. Sometimes, like in
The Problem with Investment Income Statements Written by Bryan Petersen, Chief Virtual Accountant Yesterday I posted a blog about cryptocurrency and I voiced a couple of my concerns with industry standards. Today, I’d like to discuss another pet peeve of mine, which is investment income statements, more specifically T3’s. These are the ones that are
Understanding Cryptocurrency Taxation Written by Bryan Petersen, Chief Virtual Accountant Today I’d like to talk about a topic that I’ve been sort of avoiding for the last few weeks, but I can’t avoid it anymore – cryptocurrency. I’ll admit I am a crypto hater. I think it’s flawed, but maybe I don’t understand it as
When Are You Considered a Business? Written by Bryan Petersen, Chief Virtual Accountant There have been many times where I’ve sat down with a client that has a little bit of change in their income for that year, and the question always comes up, “At what point am I considered a business?” The answer to
Not Receiving Your Tax Slips? Get Them Online! Written by Bryan Petersen, Chief Virtual Accountant There have been reports recently of some seniors not receiving all of their government issued tax slips. These are for things like OAS, CPP, and for that one-time $500 benefit payment that was received in 2021 due to COVID-19. I
What Is A Breakeven Analysis? Written by Bryan Petersen, Chief Virtual Accountant When’s the last time you did a breakeven analysis on your company? What is a breakeven analysis? It’s not just for manufacturing companies, it can be used in all industries with slight changes to the variables used to compute it. Breakeven analysis is
Why Personal Service Businesses Aren’t a Good Thing Written by Bryan Petersen, Chief Virtual Accountant Personal service businesses are a scary idea. Personal service business, or PSB, is essentially when the only thing separating your corporation from your contractor is the fact that you’re incorporated. In other words, if you were providing services for somebody