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What to Expect in a Financial Statement Review

Wondering what happens during a financial statement review? To help you better understand the process, here’s a breakdown of the key steps. But first, here’s a quick overview of how reviews fit into the three levels of reporting we provide.Reviews vs. Audits and CompilationsReviews are the middle child when it…

4 min read

Accounting for Technology Costs

With significant investments in technology upgrades, remote access and cloud-based service arrangements, questions are arising as to how to best account for these types of costs.The Accounting Standards Board (AcSB) has released an exposure draft on accounting for cloud computing arrangements, with proposed accounting guidance and related disclosure requirements. Although these standards are…

3 min read

Canadian Credit Card Class Actions

If your business accepted payments via VISA and Mastercard between March 23, 2001 and September 2, 2021, you may be eligible to receive money from class actions settlements. A group called Credit Card Actions alleged in a class action lawsuit that Visa and Mastercard conspired with various Canadian banks to set the amount of interchange…

2 min read

Accounting for Holdbacks on Construction Billings

Holdbacks are amounts of progress billings that are not paid until specified payment conditions in the contract are satisfied, or until defects have been rectified.BC Builders Lien ActIn British Columbia, the Builders Lien Act (the “Act”) provides rights and imposes obligations on most of the parties within a construction project…

3 min read

2022 Federal Budget: Summary of Tax Measures

The Minister of Finance, Chrystia Freeland, delivered the 2022 Budget (the “Budget”) on April 7th. The Budget did not contain any significant tax changes, including the rumoured increase to the capital gains inclusion rate or taxation of principal residences. Highlights of the tax measures announced in the Budget are summarized below.Business Income Tax…

4 min read

Filing a small business tax return in 2022? Here are 6 tips

By Shane Schepens Originally published by CPABC’s newsroom. Photo credit: Pekic/E+/Getty ImagesAs Canadians wrap up their personal income tax filings, it’s time for small business owners to focus on preparing their taxes as well. The deadline for self-employed individuals to file tax returns is June 15, 2022, and…

7 min read