Blog by Williamson Accounting
  • Hire A Family Member And Save Money

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    As a small business saving taxes and making sure things work smoothly in your business should be at the top of your list. But after maximizing business expenses what else is there? Have you given it any thought in hiring a family member to save money?

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  • What You Need To know About GST/HST

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The GST/HST is a value added tax introduced in Canada in 1991.  If your business has an annual worldwide sale of more than $30,000, you must register for GST/HST. The requirement applies to all businesses, including sole proprietorships and partnerships.  Registration is not mandatory until you reach the $30,000 threshold for you or your business, but it may be a good idea to sign up voluntarily. 

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  • Tax Implications Of Owning A Cottage or Second Home

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Cottage ownership is enjoyed by many. Having a place away from home, where you can experience the great outdoors with family and friends is golden. Other people prefer a change in scenery and would rather have the flexibility of going to different places rather than be compelled to one given location. I guess different strokes for different folks.

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  • Clearing The Air On Cra's Taxpayer Relief Program

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    There is quite a lot of information circulating regarding the Taxpayer relief program (previously termed “fairness provisions”). After 10 years of communicating with CRA on behalf of clients I hope to clear the air and highlight some of the common myths surrounding the program.

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  • 7 Tips To Outstanding Bookkeeping

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Record keeping (also known as bookkeeping) is no one’s favourite task. However, the reality is if you own a small business, good record keeping is vital. Many start-ups, as well as existing business owners tend to neglect this aspect of their business until the end of financial year (EOFY) is upon them. By law, every business is required to maintain accurate and timely records.

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  • Hire Your Kids For Summer And Profit

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The summer school break will start soon, and it could be to your advantage to hire your kids. It’s a win-win... They get life and work experience -- as well as a salary -- and you get tax and other financial benefits.

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  • How Is A Company Valued?

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    I am frequently asked how a company is valued. Simply put, the value of a company is the value in today’s dollars of all the future benefits of ownership of the company.

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  • What The Small Business And Self-employed Can Do To Prepare For Tax Filing

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Taxation for Self-Employed Individuals and Small Businesses

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  • Business Owner- What Are You Worth?

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Many times you might ask “What is my business worth?” But have you ever asked yourself: “What am I worth?”

    Think about it. What is your bottom line value? What are your skills, talents and abilities truly worth to the business?

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  • 5 Steps To Properly Starting Your Business

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Anyone can start a business, but only few are successful- you probably heard this many times before, but well worth mentioning again and again. In this turbulent business world, there are many factors to consider, and many steps that need to be taken in order to ensure your success. Below is the breakdown of the 5 main steps you need to follow to properly set up a successful business.

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  • How To Save For Your Child's Education

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The benefits of setting up an RESP:

    •  Tax Deferred Growth - contributions can be made until the child turns 21, for a lifetime total of $ 50,000, per child. Any capital gains, dividends, or interest earned remain untaxed as they compound over the life of the RESP

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  • Losing The Canadian Penny

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Here we go again, more about the penny. Earlier this year, the government of Canada announced that they will stop producing the penny- apparently it’s more expensive to make than it’s worth. It costs 1.6 ¢ to create a 1¢ penny. In 2010, the Royal Canadian Mint spent $11 million to distribute $6.9 million worth of pennies. Now comes the question, how does this affect businesses, small and large?

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  • Invoicing Tips To Get Paid Sooner

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    All businesses go through the process of submitting invoices to customers, and collecting payments. Businesses also have the problem of not having their invoices paid on time or not being paid at all. We know that invoicing and keeping track of payments coming and going out of the company can be difficult to manage, but it must be done to stay afloat in this hectic world of business.

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  • When And How to Successfully Borrow Money

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Most businesses, at some point, need to approach lenders for financing. This can be a tough ride for many people as lenders are hard to please and persuade. They have expectations, and requirements, that make it difficult to obtain the financing needed to start, grow or expand a business.

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  • Year End Tips To Benefit You In 2012

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    It’s the end of 2011 and we are in the season for giving and being merry; but while everyone is planning their outings and trips, it can get costly. Going forward, many will experience high credit card bills, followed by tax season where we never know if we owe money to the CRA or can expect money back. We want to help you this Christmas season by giving you some tips to help you manage your spending, save a little for the future, and cut down on potential income taxes for the year while you still have a chance to do so.
    Set a budget

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  • HST Benefits For Small Businesses-Revisited

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The harmonized sales tax (HST) that was implemented in Ontario last summer was designed to combine both GST and PST, making it a value added tax. This means that the value is only added by the business providing the goods or services to consumers. It attempts to avoid a situation where products are taxed repeatedly throughout the production process, as done with PST. This results in lower costs at the final stage of production.

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  • 8 Simple Strategies to Reduce Taxes For The Owner-Manager

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Now is the time to start thinking about the 2011 tax year. To help reduce income taxes for the current year, we are providing a list of 8 simple strategies to implement before year end.

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  • What You Should Know About Tax Free Savings Accounts (TFSA)

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The rules set up by CRA for Tax Free Savings Accounts (TFSAs’) can be confusing, and for that reason, many people tend to over contribute to their TFSA and when they get charged, they don’t understand why. We want to help simplify these rules for you so you can get the most out of your TFSA without having to pay any penalties.

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  • Mastering Your Company's Finances- Part 2

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    In part 1 of these series, we mentioned some simple things you can do to help manage your money and make bookkeeping simpler. Some of these included handling paper once, and reporting monthly profit and loss. Here, in part 2, we will continue with some more tips that will help you get bookkeeping right the first time.

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  • Mastering Your Company's Finances-Part 1

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    In any startup or growing company, you are extremely busy. With everything that is going on, it is easy to lose sight of how and where you are spending money. Here we will give you some tips on some simple bookkeeping techniques that will make you the master of your financial domain and help you manage your money.

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