Accounting Advice Edmonton | Blog | Liu & Associates

What You Need to Know About Foreign Assets

Foreign assets, if done right, can be a very practical way to manage your finances. If you have or are considering, foreign investments it pays to chat with an accounting professional to make sure you know how to properly manage your new assets. Read on for a few of the many things to keep in mind if you own foreign assets. What Counts as a Foreign Investment? The following are considered foreign investments, and therefore need to be reported to the Canada Revenue Agency appropriately: Funds and bank accounts held abroad Real estate Shares of Canadian corporations Debt securities issued ...Read More

How to Prepare Financially for a Divorce

Going through a divorce is rarely an easy process. A marriage is an emotional and financial partnership, so it can be difficult to separate all the pieces. Being prepared is the best way to ease the stress around the financial portion of a divorce. Read on as Liu & Associates highlights a few steps that will help you through this process. Make a List of All Assets & Liabilities When preparing for divorce, the first step is to figure out exactly what you and your partner own and owe, both as an individual and as a couple. Gather copies of ...Read More

Benefits of Using Quickbooks for Your Small Business

Managing the accounting for a business of any size is no small task. While large corporations have the benefit of an entire finance department, small business owners are often left to complete everything themselves. Luckily, accounting software has come a long way and is a great way for small businesses everywhere to make their accounting easier and more efficient. Quickbooks is the widest user and most popular accounting software thanks to it’s easy to use interface and range of features. Read on as Liu & Associates highlights some of the benefits of not just using Quickbooks, but accounting software programs ...Read More

IN SICKNESS AND IN WEALTH: How Marriage Affects Your Taxes

Being married, or having a common-law partner, impacts your tax situation in a number of ways. The good news is that many are beneficial to you and your spouse. Married and common-law couples may be eligible for a number of additional tax benefits that can help them save money on their next return. Join Liu & Associates as we highlight a few of the ways being married can help you out come tax time. Spousal Tax Credit If your partner has a lower income, you may be eligible for a non-refundable tax credit which can help to reduce ...Read More

Consequences Of Not Filing Corporate Tax In Alberta

By not filing your corporate tax return on time (or at all), you’re opening yourself up a number of different penalties from the Canadian Revenue Agency (CRA). Join Liu & Associates as we highlight a few of the penalties below. Keep in mind this list below is by no means exhaustive. For a complete list of corporate tax penalties, visit canada.ca. Failure to File Corporate tax filing deadlines vary depending on your corporation’s fiscal year end, as well as what type of corporation it is. A corporation has to file their return within six months after their taxation year end, ...Read More

SR&ED: 5 Things To Know

Scientific Research and Experimental Development is a mouthful, but shortened to SR&ED or “shred” it may be familiar to business owners. A federal program designed to incentivize industry with tax credits, SR&ED and its benefits are enforced by the Canada Revenue Service (CRA). Most of the time, claims and reviews are a simple process-- but the following are five brief tips from the experts here at Liu & Associates. #5 Who can apply? Individuals, trusts and foreign-owned corporations are all eligible for SR&ED and its incentives. Canadian-owned private corporations can claim these benefits at an even higher rate thanks to ...Read More

Business Tax 101: Why/When Do I Need To Apply For A GST/HST Account?

In Canada, most goods and services are eligible for at least one sales tax: the Goods and Service Tax (GST)-- some provinces are also subject to the Harmonized Sales Tax (HST). Most Albertans mentally factor in the 5% GST charge to day-to-day transactions, but there is more pressure on businesses to follow federal regulations. If you own or operate a business, it is vital that you do not overlook sales tax requirements. Review the Liu & Associates crash course on GST/HST accounts and contact us today with any questions or concerns. WHAT IS A GST ACCOUNT? In order ...Read More

Tax Implications Of Divorce

While divorce and separation have bad reputations, they actually can lead to happier and better functioning families overall. Every case is unique, so there is a lot to consider when embarking on this difficult and emotionally challenging process. As with marriage, there are financial consequences to divorce or separation-- most importantly when it comes to taxation. If you are undergoing or planning to divorce or separate, consult Liu & Associates’ guide below to the tax implications of this very common life change. UPDATE CRA First things first, you should update you and your spouse’s status with the Canada Revenue Association. ...Read More

Why Do Home Builders Need An Accountant?

From large corporations to small boutique brands, one universal factor for home builders is that their finances can be quite complex. Most employ accountants or accounting firms but some may not understand how crucial these are in the construction industry. If you are curious why home builders need accountancy services, read on for Liu & Associates guide to this complicated issue. Real Estate & Construction Accounting Selling real property and constructing or renovating a property are viewed as distinct industries when it comes to finance. Though they share many fundamentals with general accounting, each makes use of different types of ...Read More

BOOKKEEPING vs ACCOUNTING: What’s the Difference?

When it comes to tracking your business’ income, spending and other financial realities, it can become overwhelming if you are not prepared. To accomplish this daunting task, many business owners and operators begin looking into bookkeepers and accountants. Whether independent, part of a firm or hired on to the business itself-- bookkeeping and accounting can be completed in many different ways. The question remains: what’s the difference? Read on for Liu & Associates guide to these two different types of financial services. What does a bookkeeper do? Also known as record keeping, bookkeeping includes but is not limited to tracking ...Read More