RESPs: What you should know

It’s no secret that the cost of a university education continues to increase every year. Planning for your child’s education now allows you to save as much as possible to give them a step up when it comes to post-secondary costs. What is an RESP? RESP stands for Registered Education Savings Plan. These are plans that allow parents to put aside money for their child’s education. RESPs aren’t limited to just a child’s parents. Any adult is able to open up and contribute to an RESP on behalf of a child. The first iteration of an RESP dates back to ...Read More

Working from Home: What can you claim on your tax return?

Nowadays, business and their employees are connected more than ever-- allowing increased flexibility when, where and how people complete their work. Also there is a rising number of people whose main income is self-employment, which has blurred the lines between are personal spaces and the workspace. Income tax law has always accounted for those that make their living from their living room… or anywhere else in the home for that matter! If you work from home or are self-employed, do not overlook the credits you can claim on your income tax return. For more information, read on for four fantastic ...Read More

ASK AN ACCOUNTANT: 4 Common Cryptocurrency Questions & Concerns

  Bitcoin, Ripple, Dogecoin, Etherium, Litecoin, Tether-- in most cases you will either know all of these titles… One of them... Or none at all! Most people have at least heard the term “cryptocurrency,” but their grasp on the real definition might be limited. It is complex at first glance, but the cryptocurrency market works most like investing in a stock market. If you have questions or concerns about “crypto,” read our FAQ below and then contact or visit Liu & Associates!   Q: “Do I have to claim cryptocurrency earnings on my income tax return?” A: Yes; the Canada ...Read More

How Your Business Can Benefit from a Bookkeeper

Bookkeepers and accountants are similar but they have different duties, even though the terms are often used interchangeably. Qualifications and education aside, just how much the two professions handle the scope and complexity of a business’ finances is the main division between them. If you are unsure if you require the services of an accountant or a bookkeeper, refer to Liu & Associates’ related articles to find out more. Once you have identified your business and financial needs, refer to the information below to learn how your business can benefit from a bookkeeper.   BOOKKEEPING COSTS Only you can decide ...Read More

3 QUESTIONS: So You’ve Been Selected for a Tax Audit

  As you may know, sometimes individuals or businesses are selected for an audit by the Canadian Revenue Agency (CRA). What you may not realize are the varied consequences that can occur should you not be adequately prepared. For a start, consider Liu & Associates’ three most common questions about tax audits. After that, bring your questions or concerns to one of our financial professionals today!   “How was I selected for an audit?” CRA agents do not select audit candidates at random, they use a system of risk assessment that identifies returns that could be considered “high risk.” Some ...Read More

What age should you start saving for retirement?

Roughly half of all Canadians have some form of savings that they plan to use in retirement, not including any pension or social security that may (or may not) be available to them. While this may seem like a lot, it is not nearly enough! Many people procrastinate the process of putting away paychecks-- even if you have a sizable savings account, your money could be earning you more than the modest interest offered by most banks. Keep reading for a few retirement savings tips from Liu & Associates!     EARNING POTENTIAL Throughout all professions and ways to make ...Read More

GLUTEN-FREE TAXES: Claiming GF Costs as Medical Expenses

If you are unfortunate to suffer celiac disease or know someone who does, you know the serious consequences all too well. Eating is something we do everyday, so not only is it difficult to permanently adjust your diet: it is expensive too! Even the average consumer knows that gluten-free (GF) items are more expensive than the alternative. Despite popular diets, the Canada Revenue Agency (CRA) knows that eating gluten-free may be a medical requirement-- in these cases, you can claim these costs as a medical expense. Does your household qualify for this credit? Read Liu & Associates’ blog below to ...Read More

How to choose an accountant for your small business

Small businesses face unique challenges-- not only in their own markets, but internally and structurally as well. Budgets must be met and bills must be paid at any company, though for a small business it might mean the difference of being around next year. If you own or operate a small business, it is wise to protect your finances with sound investment and prudent choices. Out of all of these, employing or contracting an accounting professional is one of the most efficient ways to stretch your dollar. Keep reading for Liu & Associates’ guide to choosing an accountant for your ...Read More

How Do I Change Accountants?

  Whether for your personal finances or a business, employing an accountant is first and foremost a relationship. Just like in our private lives, professional relationships have their ups and downs-- they also evolve over time. You may find that you employ several accountants over time, which is normal for both you and the financial professionals. Keep reading for Liu & Associates’ guide to when, why and how to handle this kind of change. When or why would I change accountants? People change accountants for many reasons. You may be simply dissatisfied with the level of service you received-- but ...Read More

3 Misconceptions About Accounting & Accountants

  We see it all the time from corny comic strips, bad movies, and hacky stand-up comedians-- if you need a boring job to make fun of, go after the accountants! Most people perceive accounting as a dull ocean of cubicles, filled with bespectacled pencil pushers that love nothing more than using an abacus. In truth, accountants are as diverse and multifaceted as professionals across all industries. Keep reading for three of the most common stereotypes about accounting and accountants, then educate yourself with the truth from the pros here at Liu & Associates. “I know math-- I can do ...Read More