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

How to Choose an Accountant for Taxes

  While many people may choose to do their own taxes, there are a number of reasons why someone would opt to hire an accountant. Whether your taxes are particularly complicated, or you feel overwhelmed or uncomfortable by the very thought of taxes, an accountant can help everyone. There are a number of different factors to consider when search for a tax professional. Here are a few things to consider in your search for a tax accountant.   What type of tax professional is best for you? During tax season, you will probably notice a number of pop-up tax preparation ...Read More

3 Common Student Tax Questions and Answers

Post-secondary students of any age are busy people! Between studies, exams and everyday life-- it can become overwhelming to even think about taxes, let alone be familiar with all the ins and outs of the Income Tax Act. Keep reading for our advice for students and answers to three common questions about taxation. DO STUDENTS NEED TO FILE TAX RETURNS? The short answer: yes! All Canadians who earn income should file a tax return every year, even if they do not owe an amount to the Canada Revenue Agency (CRA). Filing a tax return means you could be eligible for ...Read More

4 Tips For Working With An Accountant

4 Tips for Working With an Accountant Like any professional relationship, it is key to understand that an accountant who works with you is more valuable than an accountant who simply works for you. Hiring an accountant does simplify certain financial realities and complications, but adding a small amount of effort on your part can lead to exponentially better results. Keep reading for Liu & Associates’ favourite tips for working efficiently and courteously with an accountant.   #4 Meet and greet.  Like any product or service, it is important to determine the quality and fit of a financial professional before ...Read More