Archive for the ‘Finances’ Category
Tax time is one of the most stressful times of the year for Ottawa residents, whether you are a student and excited about getting a little bit of a refund, or you’ve experienced the biggest growth in your business yet and are feeling anxiety over how much you’ll have to remit to the government we all feel the pressure. Most people will end up handing over a random assortment of receipts and other financial records over to a halfway experienced part-time Ottawa accounting franchise. This may have been suitable when you were a student and making almost no money, but for young professionals or new business owners trying to establish themselves one small error can make a big dent on your earning potential. CRA punishes filing errors severely and it’s definitely something you want to avoid.
Hiring a dedicated accountant is the easiest way to leverage your own time and keep your focus on other aspects of your business. Retaining one on a monthly basis is our best recommendation as it’s best to keep your bookkeeping records and needs handled and dealt with as they arise. This is much more affordable and efficient than dumping boxes of receipts on a stressed out accountant in the midst of him dealing with a dozen other business clients.This ensures that when the rush of other clients come running you have your spot locked in with your Ottawa bookkeeping service and they have the previous 11 months of your records so they can expedite your filing with the CRA and depending on your situation, some will offer an instant tax refund.
Additionally, keeping your local Ottawa bookkeeping firm on board the entire year will help you expand your business effectively. Not only can they advise you on the best way to get the most tax deductions possible, but if you are in a position to invest or exapand your offering the tax implications can be explained in detail.