Blog by Williamson Accounting
  • Busted! Don’t Believe These Accounting Myths!

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    When you think of an accountant, you probably picture someone who wears glasses, has a living room filled with uninteresting and voluminous books, crunches numbers relentlessly, and gets up early or works till late (which means no fun parties!). While some of this is true, a lot of it is just a bunch of misconstrued notions. 

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  • What Makes Williamson Accounting Stand Out

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Thanks for stopping by our blog. If you’re looking for more information about Williamson Accounting, you’ve come to the right place.

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  • Meet The Face Behind Williamson Accounting

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    I’m Michael Williamson, the proud owner of Williamson Accounting.

    I look forward to sharing my story. I hope that you will enjoy getting to know me better.

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  • Announcing The New Website

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    We are delighted to announce the launch of our new website!

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  • The Benefits of Being the Small Guy??

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    So you are excited; you have always dreamed of operating your own business and are sold on incorporating. But wait; is this the way to go? Many new and small business owners think about incorporation, and this is a good option. Incorporation depicts a strong business presence, essentially, a separation from your personal affairs. But is it really worth it? It may be, but you may need to consider many factors. However, for someone just starting out in a business of their own, or in a partnership, the likelihood of incurring higher expenses and the possibility of a loss for the…

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  • 6 Home Based Business Tax Deductions You Don’t Want to Miss

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    An advantage of having a home-based business or home office is that there are additional income tax deductions that can be claimed. Here is a list of some common home-based business tax deductions that you can consider when filing your next tax return. Automobile Expenses – In addition to the normal deductions such as gas and oil, licensing, insurance, maintenance, and repairs, you can also deduct interest on any amounts borrowed to buy an automobile or passenger vehicle to be used to earn income. Keep in mind, these deductions will be based on the amount traveled to earn business income. Insurance –…

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  • Is Your Business Idea Viable?

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    1. Is there a market for it? Many people want to start a business. They may choose to sell products or provide services just because they always wanted to do that. But one of the main rules in starting a business is that people must want to buy the product or service involved. Otherwise, you may find yourself trying to sell ice cream cones on a cold day – there is no point in going any farther with that business plan. 2. What’s the profit potential of this business? In other words, is there any money in it - at least enough money…

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  • Five reasons why you can't afford to have bad Bookkeeping

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    There are many reasons why a business should be maintaining their books on a regular basis. It's not only used as a tax-saving strategy but can help you maintain your sanity in the event you get dragged into a legal dispute from the commingling of funds. Here is a list of reasons why you should maintain a set of books for each business you own. Distinct Corporate Entity You’ll save yourself a lot of hassle and headaches if you avoid combining your personal and business finances. Every business should have its own checking account from which expenses are drawn and into which…

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  • 2020 Federal Tax and RRSP Changes

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Budget 2019 contained some important tax and RRSP changes that will probably affect you. The changes are a bit complicated, but we’re here to break them down for you. The good news is, the changes will probably save you money; that is if you earn under $214,368 a year! Let’s jump into the changes. Basic Personal Amount Adjustment To understand this change, it’s important to understand a bit about how tax brackets work. The lowest tax bracket right now is $48,535, at 15%. That means that the federal government takes 15% off of the first $48,535 you earn. The next bracket up…

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  • Attaining New Business Goals

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The New Year is just around the corner. This time of season, it’s natural to reflect back on all the things we accomplished in the year and all the things we’re looking forward to in the next. You see people talking about New Year's resolutions all the time in their personal lives, but what about New Year’s business resolutions? You might decide you want to push your business to new heights in 2020 by setting and attaining new goals. There’s a lot to be said about the kinds of goals you set, the intention behind them, setting yourself up for…

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  • How Accounting Firms Can Help With WSIB Reporting

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Handling WSIB reporting can be a daunting task. There isn’t just the matter of reporting workplace injuries to the Board; you also have to ensure that your finances are in order to ensure you are paying the right premiums; underreporting can lead to serious consequences especially if the Board determines that it was fraud. Our firm can help you with proper WSIB reporting. We can act as a resource for understanding exactly what premiums need to be paid by helping you understand what employees you’re responsible for and the earnings that they make that need to be insured. We can also…

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  • The Benefits of Online Bookkeeping

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Bookkeeping is an absolutely essential, often underappreciated element of running a business. Small business owners should be diligent about bookkeeping to avoid common tax mistakes; freelancers should care about bookkeeping too, and that’s becoming more relevant as more people gain employment in the gig economy. Keeping track of your income and expenditures might seem tedious, but it’s well worth it; what’s more, software is making it easier than ever to track your finances. Those who aren’t using cloud bookkeeping software should start using it right away - software like QuickBooks Online can really improve your businesses’ efficiency. Here’s why. Access Your Files…

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  • Capital or Business Gain/Loss?

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    We have been approached by Entrepreneurs who have wanted to learn more about the tax implications of the sale of their investment properties. Is it a capital gain/loss or business gain/loss? Generally, the sale of real estate investment may trigger a capital gain/loss or business gain/loss. This must be reported on your tax return in the year of the sale. Note: Investors with a gain prefer to report this as a capital gain, while investors with a loss prefer to report this as a business loss. The tax treatment of the transaction should not influence how you report the sale. A gain or…

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  • Tax Arrears Cleanup and Filing

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    By now, as a Small Business Owner you are way into your spring cleanup plans from filing and paper work to updating computer system to changing office furniture. But while you are doing that, have you giving some thought to outstanding tax filing of prior years? This will need cleanup also. Why not put the breaks on and attend to those more critical issues first? Outstanding taxes filing could cause you and your company much headache in the form of interest and penalty. Interest and Penalties: Interest: If there is a balance owing for 2018 tax return and it was not paid by…

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  • Managing Debts and Your Bottom Line

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The good thing is, you actually have a surprising amount of control over how and when your company's debts are paid and that provides several advantages.

    First, you want to adopt good internal controls for the payment of your bills, so you need to reconcile both:

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  • Tax Filing Mistakes To Avoid

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The tax-filing deadline is almost here, but there is still time to save money on your 2018 return. Don't pay the government any more than your fair share.

    Here is the list of the top 5 mistakes tax filers make -- which you should avoid

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  • Looking To Write Off Meals And Entertainment Costs???

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Many business owners believe that just because there is a line item on the tax return for meals and entertainment, every meal and theatre or sporting event tickets with clients, potential clients, or employees, qualifies as a valid deduction. But CRA puts limitations on what can be deducted and how much. Deducting meals and entertainment is not as easy or straightforward as it looks.

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  • Inheritance And Taxes

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Lately, I have been posed with this question: do I have to pay taxes on the property that I inherit from my relative? Let’s take a look at this important question.

    Is there an Inheritance Tax in Canada?

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  • Will You Be Able To Afford Your Home In Retirement?

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    People looking ahead to life after work often have little idea how much money they spend now, let alone 5 or 10 years into the future.

    Expenses never really go away. After all, you have to live somewhere. With the rate of home ownership in Canada hovering near 70 per cent, and with household debt near a record high, most people’s financial health is closely tied to the value of their principal residence.

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  • 5 Ways To Reduce Your Tax Burden

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    We can tell by the drop in temperature that the end of year is near; it’s a perfect time to consider ways to improve your tax position for the current year.  Of course you will ensure you claim every tax credit available, such as your basic personal, spousal amount, child amount, tuition and textbooks; donations, etc. In addition, there is no better time than now to take the final steps to reduce your taxes even further for 2015 and set yourself up for success in 2016.

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