Cain & Associates Ltd.

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The part-time bookkeeping position has been filled. Thank you to everyone that showed interest in this position by sending me their resume and meeting with me, I truly appreciate your time and effort! Cain & Associates has a new team member, Congratulations Rhonda! ... Thanks again, Cynthia

Rob and I were thrilled and honoured to be invited to celebrate with members of the Vietnamese community in celebration of the Vietnamese Lunar New Year A wonderful evening of great food and friends! Thank you Anh and Tuy Dinh- we had a great time! Happy New Year!

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Cynthia from Cain & Associates Ltd. visited the office today and shared her accounting wisdom! Accounting is not Bizolver's forte and I am already feeling relieved after the first of many more visits to come!

Tax-Free Savings Account (TFSA) A friend of mine asked me about TFSA last week so I thought I would post a little FYI - For the years 2009 to 2012 inclusive, every Canadian resident individual 18 years of age or older has been able to contribute $5,000 a year to a TFSA. For 2013 and 2014, the contribution limit was increased to $5,500 a year, and for 2015 and later years, the limit has been further increased to $10,000 a year. ... Unlike RRSPs, you will not obtain a tax deduction for contributions to a TFSA. As well, you will not include in your income for tax purposes any income, losses or gains from investments held within a TFSA, or amounts withdrawn from it.

Five basic bookkeeping tips: 1. Always keep your business finances separate from your personal finances. Don't give the tax auditor a reason to audit both. Learn to pay yourself first and run your business on the remaining cash. 2. File all your tax compliance reports on time to avoid penalties, even if you can't pay the amount owing. However, if you begin the habit of putting money aside in a separate account to pay your taxes, you will never have this problem. 3. Keep org...anized by developing a method for handling all your paperwork; entering your bookkeeping data in batches; actively managing your cash flow, and reviewing your bank statement and financial reports monthly. 4. Audit-proof your records. Keep all your receipts, no matter how small the amount and make sure they are legible; Deposit all your business cash flowing into the business ... so you can prove what was income (taxable) and what was contributions or loan proceeds (not taxable). 5. Whenever possible, don't go into debt to run your business. Run your business on your existing cash flow. Not enough cash flow to cover expenses? Figure out where to cut your expenses and consider not offering credit to your customers because you are not a bank..... See more

Being chronically disorganized is like having a slow leak that can cost hundreds of dollars every year. Late fees, tax penalties, misplaced checks,and lost cash are just some of the ways being disorganized erodes your budget. And let's not forget to mention that the cost of illness from the stress of being disorganized, can compound any financial loss! Being disorganized is the worst way to start your day! Call today for a quote - we can help!!