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

Personal Bankruptcy – What You Should Know

If you are suffering from overwhelming debt, you may find yourself considering bankruptcy. People generally start to consider filing for bankruptcy when they are no longer able to pay their bills on time and are starting to get buried in their debt. While bankruptcy is a viable solution for many, it should always be your last resort. If you’re in a situation where debt has taken over, make sure to talk to an advisor about what your options are. Read on as we dive deeper into the details of personal bankruptcy. What is Personal Bankruptcy? Personal bankruptcy is a legal ...Read More

Corporate Bankruptcy — What You Should Know

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When a business can no longer pay its debts, the business owner’s may start to consider bankruptcy. Before you make any decisions, be sure to talk to a trusted advisor to see if there are any alternative solutions to your problem. Filing for bankruptcy should always be your last resort. Read on to learn a bit more about corporate bankruptcy, and how Liu & Associates can help. Small Businesses If your business is a sole proprietorship or a partnership, a corporate bankruptcy will essentially be a personal bankruptcy. This is because the assets of the business can not be held ...Read More

3 Most Common Small Business Bookkeeping Mistakes and How to Avoid Them

Bookkeeping is a fundamental part of your small business; unfortunately, mistakes are inevitable and happen to the best of us. So how do you save yourself from becoming a bookkeeping disaster? Read on to learn Liu & Associate’s three most common bookkeeping mistakes, and how to avoid falling victim to them yourself. 1. Forgetting to Track Small, Reimbursable Expenses Many small business owners will pay for business expenses with their personal credit card, and then forget to submit the expenses to the company for reimbursement. All transactions, no matter now small and insignificant they may seem, need to be tracked ...Read More

5 Small Business Bookkeeping Tips

As a small business owner, we know that you have a lot on your plate. Accounting may seem like a tedious task that is easy to push aside, but if you don’t keep a tight ship when it comes to your books it can make your life extremely difficult come tax time. Read on to learn Liu & Associate’s five small business bookkeeping tips that will keep your life smooth and simple – even during tax season.   1. Find a Trusted Advisor Having someone you can go to for sound advice is invaluable as a small business owner. Your ...Read More

Top 5 Will Writing Pitfalls

Estate planning can be an intense process for some, for others it might seem like just another hassle. As the top earning generation ages into retirement, it’s becoming essential for people to know what goes into writing a will. If you, your spouse or a loved one needs help with creating a legal and fiscally sound plans-- consult Liu & Associates’ guide below! The following five tips are the most common oversights made when planning an estate. Good intentions are one thing, but leaving major sums of money to a charity or non-profit organization in your will may not always ...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. Get Quickbooks Training What is QuickBooks? QuickBooks ...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

How Incorporating Your Business Can Affect Your Taxes

You own a small business and you’re ready to take it the next level. Incorporating your business carries many benefits including easier access to capital, enhancing your business’s credibility and creating an enduring legal business structure. It also provides protection from personal liability, meaning that you can safely separate your personal assets from the business. Does this mean you can protect your personal taxes as well? Read on to learn how you can avoid having your taxes negatively affected by your business’s activities as well as tax benefits from incorporating and how to file your corporate income tax return: What ...Read More

When Do I Need to Report Rental Income?

Renting property seems like a lucrative entrepreneurial opportunity as more and more individuals are renting out portions of their home and even offering space through popular accommodation services such as Airbnb. Acquiring rental income is a great way to offset the cost of a mortgage or justify an investment in a secondary property. However, if you are renting your property to a third party, you are required to report your rental income on your tax return. While it may be tempting to not disclose this income to the CRA (Canada Revenue Agency), not doing so can lead not only to ...Read More