Differences and Benefits of a Salary or Dividends
The decision to take a salary or dividends in a business can have significant financial and tax implications, and it often depends on various factors, including the business’s legal structure, the individual financial situation of the owner(s), and the business’s profitability. Here’s an overview of the key differences and benefits of taking a salary or […]
Why Would you Hire a Bookkeeper for your Business?
Benefits of Outsourcing Bookkeeping Running a successful business involves juggling multiple responsibilities, from managing operations to ensuring profitability. One crucial aspect that often gets overlooked is bookkeeping. It is essential for all sizes and types of businesses, whether in their first year of business or established for many years, incorporated or not. A.M.I. CPA Professional […]
Tax-Saving Strategies: A Comprehensive Guide for Individuals and Businesses in Canada
Tax-Saving Strategies When it comes to managing finances in Canada, one crucial aspect that often leaves individuals and businesses scratching their heads is taxes. While taxes are a necessary part of funding public services, there are numerous legitimate ways to minimize your tax burden, personally and for your business. In this blog, we’ll explore some […]
Business Process Review with A.M.I. CPA Professional Corporation
Business Process Review A Business Process Review in accounting is a comprehensive analysis and evaluation of a company’s financial and operational processes to ensure these are optimum, comply with regulatory requirements, and are long-term sustainable. It is typically carried out by experienced accounting professionals or consultants with expertise in financial management and process improvement. It […]
Tax Saving Strategy – Pension Income Splitting
An income tax saving strategy that is not often discernable either from the annual income tax guide or tax return form. It is called pension income splitting. Many taxpayers who could benefit aren’t familiar with pension splitting if they are not getting professional tax planning or tax return preparation advice. Pension Income Splitting is a […]
Reasons to Outsource your Bookkeeping
Outsourcing Your Bookkeeping Deciding to outsource your bookkeeping is a significant step for an organization. Using a third-party service can help in many ways that may not immediately be obvious. Here are a few benefits to help you understand the benefits of outsourcing your bookkeeping: An Outsourcing Bookkeeping provider can offer visibility on your KPIs […]
Canadian Accountants and Tax Season
Accountants are prepared for long hours during tax season. At the peak of the season, it is not unusual to work 60 or 70 hours a week. This can be from January right through to April, and understandably high-stress levels can have an effect both emotionally and physically for all accountants, whether seasoned or new […]
How to Reduce Capital Gains Tax in Canada
Capital gains are the increases in the value of assets that you own, such as stocks and property. In Canada, taxpayers are liable for paying income taxes on 50% of the value of their realized capital gains in a given year. There are several legal methods, such as sheltering, deferring capital gains, and donating to […]
