Cryptocurrency & Taxes: Navigating The Complex World Of Digital Assets

Cryptocurrency & Taxes: Navigating The Complex World Of Digital Assets

The concept of cryptocurrency is, in and of itself, fairly complex. As digital assets that are used for trading but not, in and of themselves, considered legal tender, there are unique tax implications to the use of cryptocurrency.   In this article, we’ll explore these implications from the perspective of an individual buying and selling cryptocurrency as a hobby or … Read More

Importance Of Financial Statements For Winnipeg Businesses


As a business owner, you undoubtedly have a lot on your plate. From big-picture visioning to the details of the day-to-day, there’s never enough time in the week. For many business owners, the ins and outs of financial statements and reporting can be a major learning curve. But they’re the backbone of business growth and development and cannot be ignored … Read More

Winnipeg Accountant Sees Increase In Social Media Clients

Compass Accounting logo

WINNIPEG, MB:  Compass Accounting Chartered Professional Accountant Inc., a Winnipeg-based Chartered Professional Accountant firm that serves clients in many provinces across Canada, has seen an increase in its number of social media clients.  As income from social media becomes increasingly common, many people involved in the industry are seeking assistance in understanding how to effectively navigate their finances.     As … Read More

Do Influencers Have To Complete Self-Assessment Tax Returns?

filling out tax assessment forms

Influencers play a unique role in society, and they’re often paid quite well for promoting a variety of services on their main platform. They may get paid to take a trip and review a specific hotel, fashion some new swimwear, or play video games in exchange for money. The possibilities for how influencers earn income are numerous. With all of … Read More

Should I Incorporate My Business?

Should I incorporate my business?

At Compass Accounting, some of the most common inquiries we receive are about incorporation. So, if you’re trying to decide whether or not it makes sense to incorporate your business, you’re certainly not alone. For some businesses, incorporation is important from day one. For others, it may never be a necessity at all. A wide range of factors can influence … Read More

Winnipeg Accountant Helps Business Owners Reduce Tax Liabilities

new compass accounting logo

WINNIPEG, Manitoba:  Compass Accounting, located in central Winnipeg at 605 Erin St., is proud to save its clients money by helping them understand and maximize their tax deductions.  The professional accounting firm is aware that one of the main reasons clients turn to it is because it can help companies free up cash for future reinvestment.  One important strategy?  Taking … Read More

How To Hire An Accountant For Your Freelance Business

accountant doing work on an invoice and balancing sheets

Graphic designers, web designers, and other creative individuals face unique challenges when it comes to filing their taxes. While many people only enlist the help of a professional accountant at the end of the year when taxes are due, you might be able to benefit from receiving the advice of an expert all year round. They can help you analyze … Read More

Canada Payroll vs. US Payroll – What’s The Difference?

record of employees payroll

Remote work positions are the new trend among many small businesses. Since more people than ever before are working from home, it makes sense that your business might want to expand its borders to take advantage of international talent. Whether you’re located in the United States and want to hire a Canadian employee or vice-versa, there are a few differences … Read More

CRA Audits: Everything You Need To Know

canada revenue agency, it's important to file your taxes on time and accurately

We all know about them, but for the most part, they’re shrouded in mystery. CRA audits. Why do tax audits exist? What does it mean if you get audited by the CRA? And what should you do next? In this article, you’ll find the answers to the most common questions about audits. By the end, you’ll have a better understanding … Read More

Guide To Revenue Recognition

reviewing charts on revenue

Understanding your books and coming up with comprehensive financial documents can be a real challenge. One of the areas where business owners are often confused pertains to recognizing their revenue. When do you add the funds to your account and financial picture? Is it when you receive the money or when the goods are delivered?    If you find yourself … Read More