Tax Implications of the Canadian Emergency Response Benefit (CERB)

While most people are hoping for brighter prospects in 2021, many Canadians are going to be approaching their taxes with an additional income to consider. Which may cause some confusion and financial hardship. The best way to avoid this is to take the time now to consider what implications the CERB will have on your taxes in 2021. With a little foresight and proactivity, you will be better prepared to tackle your 2021 tax return and pay the owing taxes on your CERB payments. In this article, we’re going to go over what the CERB is, how it’s going to ...Read More

How An Accountant Can Help With Shareholder Disputes

Corporations can be complex entities. While setting up a corporation is relatively easy, having “too many cooks in the kitchen”, so to speak, can create disagreements and heated arguments. Whether disputes arise due to the shareholders’ vested interest in the company, or a proverbial “hot head”, dealing with these disputes can be lengthy and costly. With the help of our certified accountants, Liu & Associates can help you navigate these disputes by gathering pertinent information regarding your corporation. Keep reading to learn more about how shareholder disputes are resolved and how an accountant can help: What Happens When Shareholder Disputes ...Read More

How An Accountant Can Help With Strategic Business Planning

Do you know where your business is heading? Every business needs a strategy in order to reach their goals. However, without the proper eyes to oversee the myriad of data involved in growth and development, that path can become confusing and impossible to navigate. That’s why our professional accountants at Liu & Associates want to help you with strategic business planning. Keep reading to find out what strategic business planning is and how an accountant can help you achieve your company’s goals: What is Strategic Business Planning? Strategic business planning focuses on identifying long-term business objectives and ranking them by ...Read More

What is a Joint Venture?

Did you know that the streaming site HULU is a joint venture between NBC and Disney? Or have you ever noticed how there is a Starbucks at every Barnes & Noble? These are examples of popular and successful joint ventures. Any two businesses can enter into a joint venture in order to make a profit, diversify a product line or to simply become competitive in their industry. These types of business alliances are growing in popularity and are gaining importance in the market. If you are a business owner, and curious about how a joint venture works, here is a ...Read More

Writing a Business Plan: Do I Need an Accountant?

Are you starting a small business? Have you thought about hiring an accountant? Probably not, since you are likely focusing your time and energy on the growth of your business - but accountants are trained to do a lot more than payroll and taxes. A professional accountant can help you develop your small business from writing a business plan to the official formation of your company. While you don’t need to hire a full-time accountant to help you out, a couple of hours can make the difference in getting your small business off the ground. Creating the Business Plan An ...Read More

Financial Considerations for Divorce 

Did you know that 41% of first marriages in Canada end in divorce? While many couples divorce for a variety of legitimate and understandable reasons, the procedure is not simply a straightforward dismantling of a wedding certificate. There are many financial considerations when filing for divorce, and the more prepared you are for that portion of the proceedings, the less you will have to worry about when the divorce is finalized. Here are some financial aspects you should pay close attention to while proceeding with a divorce: Marital Assets When it comes to divorce, financial assets such as cash, bank ...Read More

How to Save Money When Your Income Temporarily Shrinks

Pandemics and recessions - at this point in time it seems our society has seen it all. And the financial impacts on businesses and families is undeniable. While our world is currently suffering the detrimental effects of COVID-19, experiencing an economic downfall is not unique to this situation. This pandemic has certainly been unprecedented but families and individuals should always be prepared for a decline in their income. If you were not concerned about saving money before the downturn on our economy, you are certainly trying to find ways now. Luckily, our accountants at Liu & Associates are focused on ...Read More

Does Paying My Taxes Late Affect My Credit Score?

It's no secret that paying your taxes late comes with consequences including interest and penalties that could negatively affect your finances. But will these consequences affect your credit score? It's easy to assume that any money owing and debts will be held against your credit score. However, when it comes to late taxes, it works a little differently: Does the CRA Report to Canada's Credit Bureaus? In general, the Canada Revenue Agency will not report to Canada's Credit Bureaus if you owe a small amount in income taxes, paid your taxes late or received any basic penalties. Because of the ...Read More

COVID-19 Canadian Tax Information

With the recent changes due to COVID-19, many clients and small businesses are feeling financial pressure.  Please know we are deemed an essential service and will continue to serve you.  If you are affected financially by this pandemic, Liu & Associates is here to help. To help ease financial burdens of taxpayers and small businesses, the Government of Canada is providing options to defer tax payments and is extending the tax deadline.  Read more about financial help for Canadians affected by COVID-19; a hub of benefits the federal government, provinces and territories are offering to people financially affected by the ...Read More

The Benefits of Taking a QuickBooks Training Course

Your business may be small but, even if you don't feel you need a CPA (Certified Public Accountant), you do need to keep accurate financial records. This task can be overwhelming but it is vital to the success of your business. Luckily, there is accounting software available to help small business owners manage their finances as well as many other aspects of business. Liu & Associates understands the value of being able to take care of business matters. Because of this, they recommend and offer training for an amazing accounting program called QuickBooks. What is QuickBooks? QuickBooks is accounting software ...Read More