Cloud Accounting Tips In 2021

two men sitting at a desk looking at their accounting laptops

  With the rise of remote work, the cloud has been essential to how businesses function. Remote work of all kinds is going to continue into the future (even if it might be to a lesser degree). Cloud accounting had already been an invaluable service since before the increase in remote work – and it’s even more important now. To … Read More

Make Filing Your Taxes Easier This Year

This year, filing taxes is going to be quite a bit more complicated for Canadians than it usually is. Whether you’re filing your personal income tax, or you’re filing for a business, the 2020 tax season was rife with changes. Here are some of the things that Manitobans might have to consider this year that they didn’t in previous years: … Read More

When Can I Start Filing Taxes For 2021?

Tax season is finally here, and though there are some exceptional circumstances this year, as of the writing of this article, one thing has stayed the same: your taxes are due at the end of April. That means by April 30th, 2021, your 2020 taxes must be filed. Before we go any further, it’s worth noting that we’re assuming people … Read More

What Is An Accounting Period?

Sometimes, terms are deceptively simple. This is not the case with today’s term – it’s exactly as simple as it seems. An accounting period is, quite literally, a period of time in which accounting is being done. Your first quarter is an accounting period, and so is the fiscal year. What makes accounting periods interesting is that they don’t necessarily … Read More

7 Things You Can Do To Support Local Businesses

Supporting local businesses has always been important. By supporting the people who live and work in your neighbourhood, you’re helping your community grow and flourish. Culture and commerce thrive when local businesses do. This year, many local businesses have had to shutter their doors. In the retail space, these businesses may usually rely heavily upon foot traffic – which, for … Read More

How To Prepare For A Government Audit

  Whether you run a Canadian business or you’re a Canadian citizen, you can get audited by the CRA. There are a lot of potential triggers for audits – the CRA has risk assessment algorithms they use to determine whether or not an entity should be audited. Regardless of why you’re audited, it’s important to know the steps you can … Read More

Winnipeg Registered CPA Firm Turns Focus Towards Improving The Remote Accounting Experience To Assist Clients During COVID-19

WINNIPEG, Canada – Compass Accounting, a forward-thinking and innovative registered CPA firm based in Winnipeg, Manitoba, is proud to announce that they have turned their focus toward remote accounting to better assist their clients during the current pandemic.  The company understands that business owners are facing a range of different issues due to COVID-19, and so rather than adding to … Read More

What Is The Difference Between Business & Professional Income?

Go to the Government of Canada’s webpage on Business and Professional Income, and you’ll be greeted with – well, a lot more information than you might need. You have to do a lot of looking around to figure out what the difference is. You might think it’s a good idea to go to the Business or Professional Income page, but … Read More

Payroll Deductions – The Basics For An Employer

Payroll Deductions can seem complex – we’re going to go over the basics in an effort to simplify things. For our purposes, we’re going to analyze payroll deductions in Manitoba, as that’s where most of our readership lives. That said, the basics are the same for every province. You must deduct for: Federal income tax Provincial income tax The Canada … Read More

How To Recognize & Avoid Phishing Scams

Warning: very mild Mr. Robot spoilers ahead. One of the most important lessons in Mr. Robot, the dystopian alt-present hacker show by Sam Esmail, is that the best hackers aren’t necessarily using algorithms to crack your password. In the IT world, it’s much easier to defend than it is to attack, and high-level encryption is almost impossible to hack unless … Read More