Oct
15

Record Keeping for Corporations and Trusts

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Certain entities are required to keep specific information in their records. If you have a corporation, you have to keep in your records the following information: • Information on the corporation’s internet business activities • The minutes of meeting of the directors • The minutes of meetings of the shareholders • Any information about ownership of the shares of the capital stock of the corporation • The general ledger or other books of final entry with the summaries of the year to year transactions • Any special contracts or agreements necessary to understand the entries in the general ledger or other...
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Oct
09

Keeping Business Records: 4 types of business records

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As mentioned in our previous blog, there are 4 types of business records you must keep. Income records: Income records must support all of the income that your business earns. Your income records must include the date, amount and source of income. It should also show if the income was received as cash, property or services. Your business income must be supported by original documents such as sales invoices, cash register tapes, receipts, bank deposit slips, fee statements and contracts. Expense records: When you buy something for your business, you must always get receipts or other vouchers. The receipts must show...
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Oct
07

Record Keeping for Businesses

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As a business owner, you are required by law to keep records of all your transactions that will be able to support your income and expense claims. Records include accounts, agreements, books, charts and tables, diagrams, forms, images, invoices, letters, vouchers and any other proof that can provide information whether in writing or in any other form. Here are some basic things you need to know when keeping your business records: - Make sure you keep duplicate deposit slips, bank statements and cancelled cheques. - Keep separate records for each of your business if you own and operate multiple businesses. -...
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Oct
02

Strategic Planning: Wealth Accumulation and Preservation

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Part of the Strategic Planning process is setting up a plan for wealth accumulation and preservation. Wealth accumulation, as mentioned is an important step towards financial freedom. You will have to answer questions regarding your investments, passive cash flow and your personal net worth. More importantly, you will have to take steps in understanding the difference between Wealth, Riches and Money. Wealth, Riches and Money: What’s the difference? • Money is a medium of exchange for which one may trade goods or services. • Riches are that which accumulate, are used to create cash flow and used as catalysts to create...
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