Aug
19

Information on the Bulgarian Data Breach

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Canada Revenue Agency has confirmed that a small number of Canadians have been affected by the recent data breach at the Bulgarian National Revenue Agency. The Canadian taxpayers affected by the breach are those with financial accounts in Bulgaria as well as Bulgarian taxpayers with financial accounts in Canada. Canada Revenue Agency reassures the public that the CRA’s systems are not compromised because of this breach. The CRA has coordinated with the Bulgarian National Revenue agency to confirm the identities of the Canadian taxpayers affected and will be notifying them in writing. Please take note that the CRA will not be...
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Aug
15

KD Professional is looking for a BOOKKEEPER to join our team!

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About KD Professional Services Corp.: KD Professional Services Corp., a specialized accounting firm in Calgary, offers a range of tax and accounting solutions to individuals and small to medium – sized businesses mainly in Alberta. KD Is passionate about engaging our clients to ensure they plan ahead and keep up with necessary compliance. Our services include Corporate Accounting Services, Tax Planning Services, Bookkeeping, Personal Tax Services, Incorporating and Registry, Personal Services Business Solutions, CRA Representation and Audit Services. Position Summary: Do you love doing bookkeeping and helping people understand their financial picture? Although this position requires a lot of bookkeeping, it...
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Aug
14

Day to Day Operations of a Business: Paying for Expenses

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As a business owner, you will typically pay for expenses by cash, cheque, debit card or credit card. And if you do pay for an expense, ensure that you get a receipt or invoice. This is extremely important as your bank or credit card statements may not withstand a CRA audit. In the event that your business is selected for an audit, they will typically require you to provide receipts and invoices with details. Another important thing to remember when paying for business expenses is to pay for them separately from your personal expenses. Keeping your business and personal expenses paid...
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Aug
12

Day to Day Operations of a Business: Reporting Money You Take from your Corporation

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In the previous blog, we discussed some important points to remember when paying yourself from your corporation. In this blog, we’ll cover the ways to report money you take from your corporation. We must take note that paying yourself is different from reporting. Paying yourself is acquiring funds from the corporation while reporting is where we identify the type of funds you are receiving. There are 3 main ways to report the money you take from your corporation: 1. Wages / Salaries / Bonuses: Wages, salaries or bonuses are deducted as expenses to the corporation. Note that you may need to...
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