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

New Guidance for COVID Programs

As we are striving to bring you up to date information as quickly as possible, we are now providing you with further guidance from the www.Canada.ca site for COVID programs and benefits in relation to the Canada Emergency Response Benefit (CERB). For those individuals who have received non-eligible dividends from corporations in which they held shares as the means of remuneration, the Questions and Answers section of the CERB application has been updated to address the qualification of this type of income in the application for CERB. Please note that non-eligible dividends are indicated in box 10 of any T5’s ...Read More

What Do I Do After Declaring Personal Bankruptcy?

Did you know that the average Canadian household owes close to $1.78 for every dollar earned? It's no wonder debt is a financial issue for Canadians, with many of them facing owing amounts so high that there is no hope of paying it off. If you find yourself in this type of financial crisis, bankruptcy is an option for clearing your debts. However, it comes with certain obligations you are expected to fulfill. What is Bankruptcy? Bankruptcy is a legal process for individuals who seek relief from some or all debts when they cannot repay these debts to creditors. Filing ...Read More

New COVID-19 Protocols

Last updated December 15, 2020.   To all our clients, we hope that this finds you well and safe. Like all of you, we have been affected in many ways by the pandemic as well so please know that we are here to stand with you and to give you support in what ways we can. In hopes of protecting our clients and staff, we have put in place some additional measures. We will not be scheduling office meetings with clients for the duration of the new restrictions, however, as before, we are offering meetings by zoom, teams or telephone ...Read More