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. Is a negative impact on your credit score another possible impact? It's easy to assume that any debts or money owing will be held against your credit score. 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. 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

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

New COVID-19 Protocols

Last updated September 20, 2021.   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. Due to the COVID-19 Pandemic, we will be exercising extra precautions for the safety of our clients and staff: At the time  you make your appointment with us or at the time you drop into our office, please let us know if you, or ...Read More

COVID-19 Tax Implications

The team at Liu and Associates LLP want to assure you we are closely monitoring the COVID-19 situation and recognize it is truly a global crisis and is constantly changing. This is an unprecedented time for all of us, and we feel the need for everyone to work together to weather this storm. We want you to know you have our commitment to continue providing you with the services you depend on, including up to date economic information. You are not alone; we are in this together. So, how are we working together to support each other? Health & Safety ...Read More

When Do I Have to Submit My Corporate Taxes?

It’s a common questions among new business owners: How soon after my business’ year end do I have to file my corporate taxes? Read on for Liu and Associates breakdown of Canadian corporate tax filing deadlines. Canadian Corporate Tax Returns The basic rule when it comes to filing your Canadian corporate tax return is that you must submit your return no later than six months after the end of your business’ tax year. This means that each business’s T2 return date will differ depending on their fiscal year end. Example If your business’ year end is September 30, your Canadian ...Read More

Top Three Things to Ask your Accountant When Setting Up a Business

If you are starting your own company, an accountant is an invaluable resource. Depending on how you set up and run your business, it can save you money and time when tax season rolls around. Read on for three important questions to bring up with your accountant to ensure you are setting your company up for success!   1. what Structure is Best for my Company? Depending on your start-ups circumstances and projected profitability, your accountant can recommend the best business structure. Whether you go with a sole trader, partnership or limited company, your accountant can advise you of any ...Read More