Frequently Asked Accounting Questions (FAQs)
Why do we need to reconcile our books on a regular basis?
Frequent bank reconciliations will highlight discrepancies between transactions recorded in the general ledger and those clearing the bank. This allows the business owner to follow up and swiftly resolve issues, particularly when it involves fraudulent activities.
A regular reconciliation of the books fosters a culture of fiscal responsibility, providing the business owner the basis to monitor performance and timely reporting to government bodies, reducing exposure to business risk factors and late filing penalties.
How much do you charge?
Our services are competitive and the cost will vary from business to business. Our rates will vary based on the level of expertise and the volume and nature of transactions. We allocate resources to give clients the best average rate.
What are the common returns I need to file?
If incorporated, businesses will have to file a corporate income tax return within six months from the year end date; however, corporate taxes are due within either sixty days or ninety days from the year end date, depending on the nature of the income.
Other returns include:
- GST/HST for registered businesses with monthly, quarterly or annual filing deadlines
- Payroll remittances will vary based on volume, but typically for SMEs, the frequency will be monthly. The business must issue T4 slips based on calendar year by the end of February of the following year.
- Workers Compensation Board premiums, typically due monthly. There is also an annual reconciliation.
- Employer Health Tax premiums due for businesses with payroll in excess of $450,000.