5 Benefits of Incorporating a Personal Real Estate Corporation in Canada
| Real Estate Tax
A PREC is a legal corporation that allows you to receive income and pay the expenses of your real estate business. A PREC is required to submit a separate income tax return to the CRA as it is a separate legal entity apart from the owners. Forming a personal real estate corporation in Canada may…
Read Article How to Forecast Your Sales During COVID-19
| Bookkeeping & Accounting
Sales forecasting helps your business avoid unforeseen cash flow problems and allows you to manage business operations without any liquidity crisis. A sales forecast is an essential tool to analyze future cash flows. If you can prepare sales forecasts for your business, it will help you to analyze factors that impact the sustainability of your…
Read Article Can I Still Get CERB for my Toronto Small Business?
| Bookkeeping & Accounting
Although the Canada Emergency Response Benefit (CERB) program has ended, CRA continues to accept and process applications retrospectively until December 02, 2020. The CERB provides financial support to employees and self-employed Canadians who are directly affected by COVID-19. It is important to know that the CERB will give you a taxable benefit in your 2020…
Read Article 7 KPI’s You Should Be Tracking in Your Business
| Bookkeeping & Accounting
It is important to track your business performance through pre-established KPIs. Key Performance Indicators (KPIs) are the tools you can use to track the progress of your business. It is essential that you set and update KPIs for all functional departments of your business and then track the progress on monthly basis. Tracking the progress…
Read Article What to do if You Have a Cash Flow Deficit
| Bookkeeping & Accounting
COVID-19 has disrupted almost all types of businesses and the impact of the coronavirus on small businesses is horrific. Businesses around the world are facing a liquidity crisis. It is hard for business owners to manage their cash flows during this unprecedented time. Although, the Canadian government has launched various programs to financially support different…
Read Article 8 Tips for Better Cash Flow Management During Covid-19
| Bookkeeping & Accounting
Cash flow management should be an integral part of your business’s risk assessment and action planning. If your business is facing liquidity issues, it should trigger an alarm so you can conduct a risk assessment and take the necessary steps to manage your cash flows. During the COVID period, almost all brick and mortar businesses…
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