2020 has been a difficult year for most of us. The closure of international borders and social distancing to curb the spread of COVID-19 has had a devastating effect on the world’s economies. Many Canadians have lost their jobs or have seen their businesses contract due to the pandemic.

How often do you leave a meeting with your accountant feeling more confused than before you started? This reminds me of the joke What is the definition of “accountant”? Someone who solves a problem you didn’t know you had in a way you don’t understand. In all seriousness, as a business owner it is helpful to know the basic accounting terminology to understand your annual financial statements.

Starting October 1, 2020 all B.C. private corporations should have a transparency register. The register should be kept at the company’s records office for inspection, which is normally your lawyer’s office, but not all corporations have a lawyer on retainer. This registry is a document that is not required to be filed with the government but should be accessible upon request.

In case you missed it, the Federal government has announced significant changes to its Canada Emergency Wage Subsidy (CEWS). The changes were so significant that many refer to the latest version of the program as CEWS 2.0.

As bookkeeping goes more into the cloud, we have found that one of the most reliable and popular software is QuickBooks Online (“QBO”) which many of our clients use.

The prospect of going through a Net Worth Audit (“NWA”) by the Canada Revenue Agency (“CRA”) is enough to frighten anyone.

Help! I haven’t filed a personal tax return in a few years and don’t know where to start!