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Big Rose Bookkeeping

Jennifer Smith

4 days ago
1 min

085| Employee vs. Subcontractor

It is important to decide whether a worker is an employee or a self-employed individual. The facts of the working relationship as a whole decide the employment status. Overall, employment affects entitlements to #CPP and #EI benefits, plus income tax. How do you determine if the worker is an employee? The key question to ask is whether the person must carry out services independently of your business or as part of your business. If the person is an employee: these items will

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Jennifer Smith

Jan 14
1 min

084 | Employer cost to hire an employee

I was speaking with the owner of a new #startup earlier this week, and the question on his mind was: "How much does it really cost me to hire a new employee?" He understood that employers are required to pay into #CPP and #EI, but he wanted some nitty gritty details. If he hires a new employee for $25.00/hour, what are the payroll costs in addition to the employee wage? Each year #CRA sets an amount that employers are required to remit for CPP and EI. Some years the rate does

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Jennifer Smith

Jan 4
1 min

083 | Hot Topic of the Month *Payroll*

Happy 2023 Everyone! We hope you took time over the holidays to relax and be with loved ones. We sure did 😁 Now that a fresh beginning is here, we'd like to start the #newyear off talking about Payroll. Specifically, remittances for source deductions to #CRA and thinking ahead to T4 season next month in February. What source deductions do you have to withhold and remit? The source deductions you have to withhold and remit to the CRA may be any combination of: Canada Pension

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082 | Quickbooks Price Increases in 2023.

Jennifer Smith

Dec 19, 2022
1 min

082 | Quickbooks Price Increases in 2023.

Quickbooks has already announced price increases for 2023. For new subscriptions, the base price increase is in effect as of April 18, 2023. For clients currently on wholesale billing (firm is billed option), the list price for these subscriptions will increase on the first billing date on or after May 1, 2023. Existing #QuickBooks Online and QuickBooks Online #Payroll subscriptions prices will change on or after May 1, 2023. For more details, click here to be redirected to #

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Jennifer Smith

Dec 12, 2022
1 min

Year End Charitable Contributions

During the holiday season, many people look for ways to combine their desire to help organizations they are passionate about with their desire to save on taxes. Canada Revenue Agency offers #tax breaks on Charitable Contributions that are made before December 31st of each year. Generally, if you itemize your deductions, making charitable contributions can decrease your tax bill, thus enjoying a particularly large tax benefit from charitable contributions. According to statist

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Jennifer Smith

Nov 21, 2022
3 min

081 | When It Just Won't Balance.

This month we are talking about #Reconciling and when it just won't balance. Our last post highlighted a few problem spots when you are stuck on a reconciliation and today, we would like to break them down for you. 1. Backward Posting One possibility is that you have inadvertently selected a debit and credit for the same amount, but they aren't meant to offset each other. For example, you may have an expense for $1,340 and a deposit for $1,340 and you inadvertently matched o

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Jennifer Smith

Oct 26, 2022
1 min

079| Ask Me Anything about Messy Books

With the Hot Topic of the Month being *Messy Books*, I'm here to answer any and all questions you may have. We thoroughly believe there is no such thing as a dumb question, so please drop us a comment on our LinkedIn Page and we will gladly answer you! #bigrose #bookkeeping #advisory #messybooks

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Jennifer Smith

Oct 17, 2022
1 min

078 | Female CEO 2022 Award

We are *thrilled* to announce our CEO, Jennifer Smith, has been awarded a prize from CEO Monthly Magazine in their 2022 Female CEO Awards. Check out the winners list: https://www.ceo-review.com/winners/big-rose-bookkeeping/ #bigrose #prizewinner #bookkeeping #advisory

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074 | Hot Topic of the Month *Challenges as a Business Owner*

Jennifer Smith

Jun 2, 2022
1 min

074 | Hot Topic of the Month *Challenges as a Business Owner*

Welcome to the month of June 🌼 This month we've decided to reach out to our audience on the topic of Challenges you face as a Business Owner. It is almost half way through the calendar year, so this may be a great opportunity to also re-assess business goals for 2022. We polled our audience on LinkedIn two weeks ago and the majority of voting showed the two major challenges were: Time Money In our next post, we are going to look at these topics in more detail and hope to eng

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Jennifer Smith

May 24, 2022
2 min

073 | Cash Flow for Sole Proprietors

We would like to take a moment and shine a light on Cash Flow for entrepreneurs and small businesses operating as a sole proprietorship. One thing we hear often are the words "Cash Flow" used synonymously with the word "Budget". Although they are both effective planning tools for your business, they serve different purposes. So, let's get a definition of Cash Flow. What is it? According to Dictionary.com, it is: "the sum of the after-tax profit of a business plus depreciation

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Jennifer Smith

May 17, 2022
1 min

Complimentary Cash Flow Forecast

Sometimes Money Can Be Confusing. Cash Flow Forecasting can help you gain clarity on your numbers and provide resulting strategies to help you get your money flowing in the right direction. Our cash flow report will show: Operating Activities - this is the recording of cash in and cash out during the regular course of business activities. Investing Activities - this is the recording of cash in and cash out from investing in things like equipment or other fixed assets. Financi

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Jennifer Smith

Apr 11, 2022
2 min

We are Hiring!

We are looking for a Part-Time/Full-Time Senior Bookkeeper (15-35 hrs/week). The Senior Bookkeeper is responsible for a portfolio of clients providing each client with exemplary full cycle bookkeeping services in alignment with our company values. You will work directly with the CEO and Owner reporting monthly to assess each client is being handled with care and receiving detailed financials statements and a high level of customer service. Bookkeeping Responsibilities: Accoun

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Jennifer Smith

Apr 8, 2022
1 min

Hot Topic of the Month - Fun!

We love our Hot Topic of the Month Series and feel we have brought some relevant information forward to #entrepreneurs and businesses over the last many, many months. This month, we want to have some fun! Spring is here, the flowers are in bloom, Covid restrictions are lifting and it's time for some #FUN! Enjoy this month. Breathe the air. Feel the sun on your face. Smell the flowers. Take in life. #bigrose #bookkeeping #livelife

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Jennifer Smith

Mar 25, 2022
1 min

071 | Taxes for Realtors

For those of you that are lucky to be in the Real Estate Industry during a hot market, I'm sure you count your blessings for the buzz in your profession 🤩 Late evening showings, weekend open houses and paperwork, paperwork, paperwork - definitely make for a busy day and a large amount of people, places and transactions to organize. For real estate agents that are sole proprietors, many of the expenses you incur in your real estate sales are tax deductible. Careful record kee

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Jennifer Smith

Mar 21, 2022
1 min

Complimentary Cash Flow Forecast

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069 | Taxes for Non-Profit Organizations

Jennifer Smith

Mar 18, 2022
2 min

069 | Taxes for Non-Profit Organizations

In this post, we are going to specifically cover Taxes for Non-Profit Organizations. Oh wait a minute! Non-Profit Organizations don't pay taxes! Right! Post over 😁 Seriously though ... yes, it is true that Non-Profits fall into a very different category with the Canada Revenue Agency as far as taxes are concerned. The first place to start, is to determine if your Non-Profit Organization is required to file a FormT1044 NPO Information Return. The parameters that would require

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Jennifer Smith

Mar 14, 2022
1 min

Award Winner! 3 Years Running

I am pleased that we are again, for another year, an award winner with businesses and individuals looking for accounting and bookkeeping support on Canadian Accountant Search. I received an acknowledgement that in addition to 2019 and 2020, last year Big Rose Bookkeeping had a large supportive audience on CanadianAccountantSearch.com. We thank you for the award and acknowledgement. Thank you! #bigrose #bookkeeping #award #smallbusiness #accountantsearch

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Jennifer Smith

Mar 2, 2022
1 min

067 | Hot Topic of the Month - Taxes

Taxes. Taxes. Taxes. It's either a time of year that you absolutely LOVE or just hearing the word makes you CRINGE! If you are of the latter and taxes make you cringe, well fear not! We are hear to help. In this Month's Hot Topic we will be creating posts that apply to our niche markets, Real Estate Agents, Non-Profit Organizations and Property Management. If you are in these industries, then stay tuned for more info! And as always, feel free to reach out. We are here to help

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Jennifer Smith

Feb 25, 2022
1 min

066 | Amending a T4 Slip

This is our last post for you in our Hot Topic of the Month series on T4 Season. We hope you have found this information and these tips helpful this month. What to do if you make a mistake Unfortunately, accidents happen. If you do make a mistake, how you correct it will depend on the type of error made, whether you have already filed, and how you filed. Check the CRA guidelines to: Amend, cancel, or replace a T4 Correct a clerical error or overpayment If you made a mistake c

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Jennifer Smith

Feb 18, 2022
1 min

065 | How to File a T4 Slip

Most employers choose to file online and if you are returning more than 50 T4s, you must file online. Online submissions come in two formats: a web form, or an internet file transfer. 1. Web forms are digital versions of the T4, and come with step-by-step instructions. 2. The Internet file transfer option allows you to submit an .xml file from your accounting software (such as #Quickbooks or #Wagepoint) of up to 150MB in size. We use this feature as it's very fast and eas

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