Online Accounting Taxation Inc.
#201 9527 120th Street V4C 6S3 Delta, BC, Canada

8 ways to pay less tax in Canada Running a business is a lot of work, and naturally, you want to keep as much of what you make as possible. So here are some tax tips to help you do just that. 1. Keep complete records... 2. File your taxes on time 3. Hire a family member 4. Separate personal expenses 5. Invest in RRSPs and TFSAs 6. Write off losses 7. Deduct home office expenses 8. Claim moving costs See more

10 Tips for Better Small Business Bookkeeping 1. Separate business and personal finances. 2. Automate whatever you can. 3. Ask a pro.... 4. Perform regular financial checkups. 5. Do a quarterly review. 6. Keep records of business expenses. 7. Monitor your employees’ hours with time tracking software. 8. Keep a close eye on accounts receivable. 9. Stay on top of tax deadlines. 10. Get help from SCORE. See more

Whatever your financial goals - starting a family, planning for retirement, or looking to grow your business - we can get you there. Make sense of your financial plan, or start creating one, using our integrated planning process designed to meet your individual and business needs. We have an unbiased approach, unlike the banks, and offer a full range of investment, insurance, and retirement income products tailored to help you achieve your goals.

Top 10 Financial Planning Tips for Business Owners The life of a business owner is a long and crowded road. Required activities, such as developing customer relationships, handling employee issues and managing cash flow, are time-consuming tasks, but necessary to keep the operation running smoothly. 1. Managing Cash and Debt Levels... 2. Paying Yourself 3. Personal Goals 4. Planning for Retirement 5. Saving for Retirement 6. Diversifying Your Assets 7. Managing Risk 8. Planning for Succession 9. Arranging Your Estate 10. Choosing a Financial Advisor or Financial Planner See more

Creating a business without debtors Theres literally hundreds of blog posts giving you the 7-10 steps to reduce debtors and improve cashflow. Yet the debtors problem still exists to some extent in the majority of small and medium size enterprises (SMEs) globally. Read More http://www.oatax.ca/u/2018-10-creating-a-business-without-d

How to run a carbon neutral business Your small business can make a big carbon-cutting impact! The 6 steps to running a carbon neutral business and why its the must-make business move of 2019 all explained here http://www.oatax.ca/u/2019-8-how-to-run-a-carbon-neutral-bu

7 actionable ways to turn stress into success 1. Breathe 2. Sleep More 3. Schedule Relaxation Time... 4. One Task at a Time 5. Dont Get Too Lazy 6. Switch Up the Scenery 7. Talk to Each Other Read More at http://www.oatax.ca/u/2019-9-7-actionable-ways-to-turn-stre

Boost your potential with these accounting certifications Having a certification would not only give you an edge in the accounting labour market, but it would also increase your earning capacity. Read More http://www.oatax.ca/u/2019-8-boost-your-potential-with-thes

GST and BAS tips for running a successful business Successful businesses spend that little bit of extra time on record keeping and getting their tax right, including preparing and lodging business activity statements (BAS). Once set up and organised, youll save time in the long run. Read More http://www.oatax.ca/u/2018-11-gst-and-bas-tips-for-running-

UNCLAIMED BANK DEPOSITS OR PROPERTY- Are you the rightful owner? At the end of 2018 approximately 2 million unclaimed balances, valued at $816 million, were held by the bank, with $11 million being paid out in the year. Of interest, the oldest balance dates back to 1900.. Read More http://www.oatax.ca/u/2019q4-unclaimed-bank-deposits-or-pro

Website Security: How to keep your website safe One of the most important topics to discuss when the online realm is concerned is definitely online security. While an average online consumer probably doesnt sweat too much about this issue, online business owners and website owners are definitely the ones that should. As a business owner, your top priority should be cratering a safe environment for your consumers and visitors. Read More http://www.oatax.ca/u/2019-9-website-security-how-to-keep-y

TAX ON SPLIT INCOME: The 20 Hours Test One of the exceptions from TOSI occurs when the income recipient is actively engaged in the business and works an average of 20 hours per week. Where the 20-hour test is not met, the ongoing nature and labour requirements of the business must be considered. Read More http://www.oatax.ca/u/2020q1-tax-on-split-income-the-20-hou

Make Small Business Accounting Fun Owning a small business is exciting. You get to do what you love, day in, day out. But traditionally, small business accounting isnt exciting. So how can we change this stereotype and make accounting fun and easy? Read More http://www.oatax.ca/u/2018-11-make-small-business-accountin

Need a hand with accounting? Let us make things easy. More than 20 years of accounting expertise and in bookkeeping management. Accounting Services... 1. Investment review management. 2. Advisory Services business consulting. 3. Tax preparation and CRA representation. 4. Payroll service sales tax preparation. 5. Tax planning and preparation. Online Accounting Taxation, Inc. offers an extensive range of services, from basic #bookkeeping to #taxation and management consulting. Please call (+1 877-207-9738) for more information.

U.S. EXPATRIATES New Relief Procedures On September 6, 2019, the IRS announced Relief Procedures for Certain Former Citizens, a new process to facilitate eligible individuals in becoming compliant with their U.S. tax obligations, in conjunction with renouncing their U.S. citizenship (IR-2019-151) Read More http://www.oatax.ca/u/2020q1-u-s-expatriates-new-relief-pro

MOTOR VEHICLE EXPENSES Deductible? In a September 17, 2019 Tax Court of Canada case, at issue was the deductibility of vehicle expenses, and in particular, the portion of total vehicle use that was for employment purposes. While initially challenged by CRA, the Court eventually accepted the credit card statements as support for the amounts expended. The taxpayer held and produced a T2200 which indicated that motor vehicle expenditures were requirements of employment. Read More http://www.oatax.ca/u/2020q1-motor-vehicle-expenses-kilomet

Workplace vs. New Generations When trying to find ways to engage new generation workers, consider these two thoughts; first, are millennials, and the older generation needs different? Read More http://www.oatax.ca/u/2019-9-workplace-vs-new-generations

Perhaps your companys branding strategy is you. You can become famous through luck. But becoming known and a trusted a personal brand requires consistent work over many months, and perhaps even years. Read More http://www.oatax.ca/u/2019-9-perhaps-your-company-s-brandin

Building a Business: Be your own customer. Most entrepreneurs start by basically trying to meet every consumers needs. This is very useful, but as your business grows, you tend to lose sight of why you even started the company in the first place; your customers. Read More: http://www.oatax.ca/u/2019-9-building-a-business-be-your-ow

TRACKING OF OWNERSHIP INFORMATION CHANGES: Canada Business Corporations Act Recent changes to the Canada Business Corporations Act , which came into force on June 13, 2019, incorporated these discussions. The legislation sets out a criterion for identifying individuals who have significant control over a corporation and also requires certain corporations to keep a register of these individuals. Read more http://www.oatax.ca/u/tracking-of-ownership-information-cha

Hi our business has facilites for people to send tax files through email, fax, website file upload to cloud, phone to send files, or direct delivery/courier. Online Accounting Taxation, Inc. offers an extensive range of services, from basic #bookkeeping to #taxation and management consulting. Please call (+1 877-207-9738) for more information.

TAX TICKLERS some quick points to consider JAN 2020 Recent changes include rise in tax free Basic personal income to $13,229, 100% immediate write-off for zero-emission vehicle used in a business etc. http://www.oatax.ca/u/2020q1-tax-ticklers-some-quick-points

How firms of any size can innovate We live in a climate of constant business innovation. The exponential rise of technology creates an environment where there is a premium on finding new and better ways of doing things. Even age-old conventional wisdom about our profession is being put to the test. When you can find articles speculating that blockchain-based technologies have the ability to replace double-entry accounting, a system in place since the Renaissance, nothing is off limits.

DEMAND FOR CLIENT INFORMATION: CRAs Abilities CRA uses third parties to get information about other taxpayers to ensure they are complying with their tax responsibilities. This could include obtaining information from a business about its employees, customers or suppliers, without needing to list their specific names. CRA has recently announced that they intend to continue and increase the use of these information gathering methods. In order to obtain such information without providing specific names, CRA must first obtain the authorization of a judge. Read full article http://www.oatax.ca/u/demand-for-client-information-cra-abi

Top 7 Tips for Finding the Right Business Software You almost certainly started your business for one of two reasons: you can do something better than anyone else, or you have a burning passion so deep you cannot focus on anything else. Read More http://www.oatax.ca/u/2018-07-top-7-tips-for-finding-the-ri

TRACKING OF OWNERSHIP INFORMATION CHANGES: Canada Business Corporations Act Over the past few years there has been much discussion at both the federal and provincial levels in respect of increased disclosure and tracking requirements of beneficial owners (those who may be considered owners even if not on title) of various types of property. Read More http://www.oatax.ca/u/tracking-of-ownership-information-cha

Small Business making big financial decisions- heres how! The purpose of going into business is to earn a profit- and make some cool cash. But then, the irony remains that to get money; you need money. In other words, in business, you spend money to make money. Read More http://www.oatax.ca/u/2019-9-small-business-making-big-fina

PROTECTING YOUR TAX INFORMATION: CRA guidelines CRA released a Tax Tip (Protecting your personal information) on August 6, 2019 which provided various suggestions to safeguard tax information, including the following: Read More http://www.oatax.ca/u/2019q4-protecting-your-tax-informatio

B2B Retailers versus B2C Retailers: Whats the Difference? You may have come across two terms which are often confused Business-to-Business (B2B) retail and Business-to-Consumer (B2C) retail. In this article, we outline the key features of each model so that you know the differences between the two. Read More http://www.oatax.ca/u/2018-07-b2b-retailers-versus-b2c-reta

Customer-centric banking innovation in Asia Over 100 accounting/bookkeeping, marketplace and banking partners across Asia joined us in Brisbane this year to attend Xerocon, the most innovative conference for cloud leaders in Asia, Australia and New Zealand. Read More http://www.oatax.ca/u/2018-10-customer-centric-banking-inno

PARKING PASS taxable benefit? In a June 10, 2019 Federal Court of Appeal case, the Court upheld the previous Tax Court decision which classified an employer-provided parking pass as a taxable benefit to an employee of an airline. However, in doing so, the Court provided differing reasons which may affect employees in all sectors. Read More http://www.oatax.ca/u/2019q4-parking-pass-taxable-benefit

ANXIETY DEPRESSION AND PHOBIAS Disability Tax Credit A taxpayer may be eligible for the Disability tax credit (DTC) if the impairment(s) represents a marked restriction in the ability to perform a basic activity of daily living Read More http://www.oatax.ca/u/anxiety-depression-and-phobias-disabi

Happy Thanksgivings, May all the good things in life be yours.

Building a Business: Be your own customer. The best way to stay in tune with your customers is to understand your customer; a way to do that is by being your own customer. Read More http://www.oatax.ca/u/2019-9-building-a-business-be-your-ow

REIMBURSEMENT FOR WORK CLOTHING: Taxable Clothing reimbursements - consider including distinctive visual markings such that it would be considered a uniform and therefore not subject to tax for the employee. Read More http://www.oatax.ca/u/reimbursement-for-work-clothing-taxab

Creating an accounting newsletter that works Email has been around since the 70s but its still our favourite form of online communication. Because of that, email newsletters are a great marketing tool and offer some of the best returns on investment in the industry. So how do you do it well? http://www.oatax.ca/u/2019-8-creating-an-accounting-newslet