Insights - kdprofessional

Federal Budget 2026: Proposed Tax Changes

November 6, 2026

Here is a summary of the Personal and Business Tax Measures included in the Federal Budget 2026. PERSONAL TAX MEASURES: BUSINESS TAX MEASURES: Source: https://budget.canada.ca/2026/home-accueil-en.html (Image used with permission from Prezi Inc.)

Basics of Bookkeeping: 5 Important Principles of Good Bookkeeping

November 4, 2026

Good bookkeeping is based on five essential principles: accuracy, reliability, timeliness, consistency, and simplicity. 1. Accuracy Financial transactions must be recorded correctly and accurately. Incorrect amounts, duplicate entries, missing expenses, or transactions assigned to the wrong accounts can distort financial

Basics of Bookkeeping: Common bookkeeping responsibilities

October 27, 2026

What Are the Responsibilities of a Bookkeeper? The responsibilities of the bookkeeper highly depend on the business size, the complexity of its transactions, and the services required by the business owner. For a small business, a bookkeeper may be responsible

Basics of Bookkeeping: A Guide for Small Business Owners

October 21, 2026

Bookkeeping is an important part of managing your business finances. Keeping accurate financial records helps you understand your business’s financial position and make informed decisions. Good bookkeeping is more than recording income and expenses. It helps you track cash flow,

The Basics of Cash Flow: A Guide for Small Business Owners

October 14, 2026

Cash flow is an important aspect of running a successful business. As a business owner, understanding how money moves through your business can help you make better financial decisions, pay your bills on time, and plan for future growth. Many

Understanding the Small Business Deduction (SBD)

October 6, 2026

For many Canadian businesses, the Small Business Deduction (SBD) is one of the most important tax-saving opportunities available. By helping to reduce the amount of corporate income tax payable on eligible business income, the SBD helps small businesses retain more

Why Having Your Accountant Deal with the CRA Can Save You Time, Money, and Stress

September 30, 2026

Getting a phone call or a letter from the Canada Revenue Agency (CRA) can be stressful for any business owner. Many taxpayers do not know how to respond, what information to provide, or how to protect their interests during the

Tips on Dealing with the CRA: A Guide for Canadian Business Owners

September 22, 2026

For many business owners, receiving a phone call, letter, or audit request from the Canada Revenue Agency (CRA) can be very stressful. Understanding your rights and responsibilities can help you manage CRA interactions with confidence and avoid costly mistakes. Whether

Personal Services Business (PSB): What Incorporated Professionals Need to Know

September 16, 2026

Many professionals choose to incorporate to take advantage of the benefits that corporations can offer, including liability protection, tax planning opportunities, and business flexibility. But not every incorporated business receives the same tax treatment. If you have an incorporated business

Understanding Corporate Losses: What Every Business Owner Should Know

September 9, 2026

Many entrepreneurs assume that a loss year is simply bad news for their business. While no business wants to operate at a loss, there may be tax planning opportunities available when losses occur. Understanding how corporate losses work can help