 Scott Park, CPA, CA
As the year comes to an end, many business owners may find themselves behind in their bookkeeping or perhaps they haven’t even started at all. This blog is meant to communicate the importance of bookkeeping throughout the year, not just at the end of the year. What is Bookkeeping? Bookkeeping refers to the process of recording the day-to-day transactions within a business. These transactions include purchases, sales, receipts, and payments. A bookkeeper fulfills the role of ensuring that all transactions are properly recorded, which is typically done by using computer programs like QuickBooks Online. They are also vital in supporting the business owner to help them make better decisions on a weekly or monthly basis. Top Reasons So why is bookkeeping so important, anyway? Here are 7 reasons why bookkeeping is important to your business.  Scott Park, CPA, CA
On December 13, 2017, the Department of Finance released additional guidance on the split income rules for adults that will take effect January 1, 2018. This guidance provides some clarification on the far-reaching tax change proposals initially introduced back on July 18, 2017. The proposal will expand the tax on split income rules that are currently in place related to amounts received by a family member under the age of 18. In this context, "split income" will generally include dividends or interest, but not salary, paid by a private corporation to an individual from a related business. What You Need to Know If a member of a business owner’s family falls under any of these “exclusion categories” noted below, the CRA will automatically decide not to tax them at the highest marginal tax rate. |
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