Blog Archives

What is a TFSA?

A TFSA is a Tax Free Savings Account.  It’s similar to an RRSP except contributions aren’t tax deductible and the yearly contribution cap is $5000.  Any income generated inside the TFSA is tax free when withdrawn.  There is absolutely no

Posted in Uncategorized

Declaring Bad Debt

You’ve probably heard the term before but you might not know what it means.  Investopedia says: A debt that is not collectible and therefore worthless to the creditor. This occurs after all attempts are made to collect on the debt.

Posted in taxes

Why Outsource Bookkeeping?

While quality accounting work is critical to the success of any business, regardless its size, the question often becomes whether to do it in house or to outsource entirely.  These are the main considerations: Focusing on one’s specialty You hired

Posted in Uncategorized