Frequently Asked Questions
Answers to help you feel informed and confident.
Common Questions, Clear Answers
We’ve addressed some of the questions we’re commonly asked about our services, processes, and compliance requirements. If you don’t see your question here, feel free to contact us.
Cloud Bookkeeping & Accounting
What is cloud bookkeeping and why does it matter?
Cloud bookkeeping keeps your financial records up to date in real time, giving you clear visibility into your income, expenses, and overall financial position, so you can make informed decisions throughout the year—not just at tax time.
Why should I use bookkeeping services instead of doing it myself?
Professional bookkeeping helps reduce errors, save business owners time, and ensure records are accurate and organized, allowing you to focus on running your business instead of spending time on administrative tasks that pull you away from higher-value work.
Do I need bookkeeping if my business is small or simple?
Short answer is Yes. Even small or early-stage businesses benefit from accurate bookkeeping, as it supports tax compliance, cash flow management, and a better understanding of business performance.
How often is bookkeeping done?
Periodic bookkeeping can be performed monthly, quarterly, half-yearly depending on transaction volume and reporting needs.
What do I receive as part of ongoing bookkeeping?
As part of ongoing bookkeeping, we prepare periodic profit and loss statements, balance sheets and supporting reports (if necessary) to provide clear visibility into your business performance.
Do you provide insights or advice based on the numbers?
Yes. we can provide general observations based on your financial data—such as ratio trends, cost behavior, and changes in profitability—to support better business decisions.
What software do you use for bookkeeping?
We use QuickBooks Online, a widely used cloud-based accounting platform that supports timely reporting, bank integrations, and secure access to your financial information.
Can you clean up or correct my existing QuickBooks records?
Yes. We can review and correct existing QuickBooks files to ensure records are accurate and up to date before ongoing bookkeeping begins.
Will I have access to my QuickBooks Online account and is it secure?
Yes. You retain full access and ownership of your QuickBooks Online account at all times. In terms of security, QuickBooks Online uses industry-standard security measures. We also follow secure document-handling and access practices.
Personal and Corporate Tax
Do you prepare both personal and corporate tax returns?
Yes. We prepare personal income tax returns (T1) for individuals and corporate tax returns (T2) for incorporated small businesses. Our services are tailored to your specific filing requirements and compliance obligations.
What expenses can I deduct?
Deductible expenses depend on your employment status, business structure, and specific circumstances. For small businesses and self-employed individuals, certain business-related expenses may be deductible. For employees, deductibility is more limited and depends on eligibility and documentation requirements. We review each client’s situation to ensure expenses are claimed appropriately and in compliance with CRA guidelines.
Do you help identify tax credits and deductions?
Yes. As part of the tax preparation process, we review your situation to ensure applicable tax credits and deductions are properly considered and reported. Eligibility varies based on income, employment type, and personal circumstances, so we focus on accuracy and compliance rather than assumptions.
I’m an employee with a T4 — can I deduct employment expenses?
In some cases, employees may be eligible to deduct certain employment expenses. Eligibility depends on factors such as the nature of your role and whether required documentation (such as employer authorization) is in place. We can help assess your situation and ensure any eligible expenses are reported correctly.
Do you help with GST/HST registration and filing?
Yes. We assist small businesses with GST/HST registration, return preparation, and filing. We also help determine filing frequency, reconcile amounts collected and paid, and ensure reporting aligns with your bookkeeping records.
What information do I need to provide for tax preparation?
Required documents vary, but typically include income slips, expense records, financial statements, and any CRA correspondence relevant to the tax year.
Do you review prior-year returns?
Yes. When relevant, we review prior-year filings to ensure consistency and identify issues that may affect the current return.
Can you help with late or missed tax filings?
Yes. We assist clients with late-filed returns and help bring tax filings up to date, subject to CRA requirements.
Do you assist with CRA notices or reassessments?
Yes. We can review CRA notices, explain the implications, and assist with responses or adjustments where appropriate.
Will you explain my tax results once the return is filed?
Yes. We provide a clear explanation of your tax position, including amounts payable or refundable and any ongoing obligations.
Do you provide owner-manager compensation guidance?
Yes. We provide general guidance on salary vs. dividend compensation based on your business structure, income levels, and tax considerations, to help support informed and compliant decisions.
Do you provide RRSP planning support?
Yes. We provide RRSP planning guidance, including how contributions interact with your income level, tax position, and long-term planning objectives. We help review available contribution room and discuss timing considerations to support effective tax planning.
How does RRSP planning fit with owner-manager compensation?
RRSP contribution room is affected by earned income, so compensation decisions can influence future RRSP limits and overall tax efficiency.
General
What types of clients do you work with?
We work primarily with small businesses, owner-managed companies, and self-employed individuals, as well as employees with T4 income. Our clients include professionals, service providers, and individuals who want clear and reliable accounting and tax support.
Can you help if I’m self-employed or just starting a business?
Absolutely. We work with self-employed individuals and small business owners at various stages, including those just starting out. We help ensure bookkeeping, tax filings, and compliance requirements are set up correctly from the beginning.
Do you work with clients remotely?
Yes. We work with clients remotely and can securely receive documents electronically. This allows us to support clients efficiently regardless of location.
How do I get started?
You can contact us through our website or by email to discuss your needs. We’ll review your situation and outline the next steps in a clear and straightforward manner.
Ready to simplify your accounting and tax?
Contact us today to discuss your needs and see how we can support your business and make this easier