CMA Bookkeeping

12/23/2025

Wishing everyone a wonderful holiday season, see you in the new year!

08/13/2025

2024 Agri Stability & Agri Invest deadlines are approaching again

Producers can manage their risk through a suite of risk management programs, including AgriStability, AgriInvest, AgriRecovery,

01/03/2025

2024 was a year of huge growth here & I'd like to thank all the businesses I am privileged to work with as well as everyone who has supported this business along the way. Thank you for all the referrals, recommendations & positive feedback as well as the patience that was required during the busy seasons!

09/20/2024

Wonder what your company's balance sheet means? Here's a good article to assist in understanding a balance sheet:

It's important business owners and accountants understand how to read and interpret balance sheets. These documents offer a quick view of a business's financial standing.

09/13/2024

Are you a self-employed business owner? Did you know, depending on whether you own a proprietor (unincorporated) business or an incorporated business determines how your owners earnings are reported:

Proprietor owners cannot pay themselves payroll! If you have a business bank account, simply transfer funds to your personal account as owner withdrawals. If you use a personal bank account for business transactions as well, ensure to keep documents for business income & expenses separate for bookkeeping, the net excess is already available for personal expenses.
The business income & expenses are reported on a business statement T2125 as part of your personal T1 income tax return & you are taxed on the net income earned by the business.

Shareholder owners of incorporated businesses can take a payroll wage & payroll deductions are paid by the company to CRA same as any employee of the business.
Instead of payroll or in addition to payroll, shareholders can also withdraw money from or pay personal expenses through the company account. These transactions are recorded in the shareholder loan & T5 dividends will be declared paid to the director(s) for the drawings at the end of the fiscal year. Shareholders report the T5 dividends slip on their personal T1 tax return.

09/12/2024

Own a business or residence in town & looking for shoveling services this winter? Contact Joe for reliable service & reasonable rates.

08/12/2024

Reminder for farmers:
Agri stability supplementary (inventory & accrual) form & corporate agri invest statement A's must be file to afsc by September 30

Producers can manage their risk through a suite of risk management programs, including AgriStability, AgriInvest, AgriRecovery,

06/12/2024

Reminder: Corporate taxes are due June 30 for December year ends

03/27/2024

CRA has an automated line to check what the balance owed on your income tax account is.

03/16/2024

Income tax did you know?
Self-employed edition:
Proprietors are individuals operating a business or farm - the income & expense statement for which will be included on your personal tax return.
- Filing deadline is June 15 for anyone with a self-employed business or farm & their spouse
-Income taxes owing & GST (for operations registered with GST number) are due to CRA on or before April 30. Interest charges will begin on May 1 for any unpaid balances
-if you use space in your home for the business, whether office space or a designated area for home based business:
A percentage of your home expenses (utilities, home phone & internet, insurance, repairs & maintenance, property tax & mortgage interest) can be claimed as business expense.
Calculate this percentage by taking the square feet within the home used for business divided by the total square feet of the home.

A list of deductible business expenses as well as their explanation for use on Form T2125.

03/16/2024

Personal Tax return reminder:
The Climate Action incentive is paid to the spouse that is e-filed first. If you want this quarterly payment paid to a specific spouse ie: one has direct deposit setup, ensure to ask your tax preparer to file that spouse's return first.
Note: if the individual who's return the CAI is claimed on owes taxes, CRA will apply the climate payment against the amount owing