Check out these great value-add blogs for contractors and entrepreneurs.
The Living out Allowance (LOA), also referred to as subsistence, is common among oilfield contractors in Northern Alberta, but it’s often misunderstood. This article explains what it is and how it can reduce your taxes.
Credits & deductions, what's the difference? Deductions and credits are both ways to reduce your taxes, but they work differently.
Depreciation is basically a reduction in the value of an asset over time, but what does this means for your business?
Although picking a cool name is a great start, there's more to setting up a corporation properly. Here's a few steps to get you started in the right direction.
Fixed assets refer to assets that a company owns and uses in its business operations for a long period of time. Fixed assets can take many forms and are typically purchased with the intention of using them for several years.
As the owner of a small company, you need to decide how you want to pay yourself. Dividends or salary?
Taxes can get confusing, but that's what your accountant is for! As long as you get them the information and documents they need to accurately file your taxes, you shouldn't have anything to worry about.
A business expense is a cost you have for the sole purpose of earning your business income and if an expense does not contribute to the process of earning your business income, you likely can't claim it.
What is a Personal Service Business (PSB)? It's not what it sounds like. If you have a corporation, this may apply to you.
You might hear your bookkeeper or accountant use the term "shareholder loan" and wonder what it means. Let us simplify it for you!
Taxes! There’s no avoiding them but, there are ways to reduce the amount you have to pay. Reducing the amount of tax you have to pay is down to good habits, good records and forward thinking. It literally pays to be organized.
If you’ve been considering making the move to a cloud-based accounting system, you’re not alone. Cloud technology has impacted many business functions, including making managing financial aspects of your business easier and more efficient.
Bookkeeping might be many business owners’ least enjoyable task, but it’s an important one. If you find yourself putting off bookkeeping or dreading doing it, it’s a good idea to look into hiring someone to do it for you.
Employing a professional bookkeeper can allow business owners to focus on their business, not crunching numbers. Invest in effective bookkeeping and you’ll build a solid foundation for a resilient, forward-moving business.
Accounting problems can have serious consequences for your business and are definitely worth avoiding. Keeping on top of your records and reconciling accounts often are simple ways to avoid accounting complications.
A good accountant will do all they can to help minimize the amount of tax you have to pay, they will pinpoint any opportunities and if your business gets into trouble, they’ll be the one to guide you.
The Internet doesn’t know if you’re in an office on your laptop or at a worksite on your phone. Cloud accounting frees you and your business away from a physical location.
If you don’t like bookkeeping or don’t have the time or knowledge to do it well, a bookkeeper could be a valuable resource and a great investment for your business.
Oilfield workers in BC and Alberta are often given the option of being an employee or contractor. This choice may not impact fieldwork, but it can make a big difference from a tax & responsibility perspective.