What Do I Need to Open a Business Bank Account?

by Roberto Belingueres | Apr 4, 2021 | Accounting, Articles & Publications, Bookkeeping

What Do I Need to Open a Business Bank Account? Business bank accounts help your business appear more professional to the CRA and your customers. Here’s a closer look at why you may want a business bank account and how to choose the best one. Each stage of...

The importance of Financial Reporting

by Roberto Belingueres | Mar 21, 2021 | Accounting, Articles & Publications

The Importance of Financial Reporting Beyond the record creation process, accountants use the information gathered for analysis and interpretation. Accountants are usually concerned with understanding the meaning of the amounts they obtain, and they look for the...

CRA Emergency Payments: 2 Massive Changes Coming

by Roberto Belingueres | Mar 17, 2021 | Articles & Publications, Covid

The Canada Revenue Agency (CRA) launched the Canada Emergency Response Benefit (CERB) as the flagship COVID-19 program by the Canadian government in 2020. CERB became a lifeline for Canadians who lost income due to the pandemic. The program ended on September 27,...

10 red flags that could lead to a CRA audit

by Roberto Belingueres | Mar 16, 2021 | Accounting, Articles & Publications, Audit, Taxes

10 red flags that could lead to a CRA audit Audits can stem from things you do — or don’t do — when filing your tax return. Typically, the tax agency will send out about 30,000 letters a year letting Canadians know they’re being audited. While that’s just a...

CRA locking 800K Canadian taxpayers out of accounts

by Roberto Belingueres | Mar 12, 2021 | Articles & Publications

The Canada Revenue Agency has recently locked out 800,000 users from their online accounts, out of fear that people’s usernames and passwords have been hacked. Citing the cybersecurity risk of having this information in the hands of potentially bad actors, obtained...

Financial Statements: The Horizontal Method

by Roberto Belingueres | Mar 12, 2021 | Accounting, Articles & Publications

Analyzing Financial Statements: The Horizontal Method The second method to analyze financial statements is the horizontal method. The horizontal method is used to analyze financial information in two fiscal years. This method consists of comparing various financial...