Unraveling the Impact of Canada’s Underground Economy on Taxes
The Canadian underground economy, often hidden from plain sight, has a considerable and lasting impact on the tax system and the nation's financial landscape. This shadow economy comprises unreported income and transactions that evade taxes and government regulations. While it may appear harmless to some, it carries far-reaching consequences for individuals, businesses, and the Canadian economy as a whole. In this blog, we will delve into the scope of the Canadian underground economy, its impact on taxes, and the benefits missed when income is not reported. We will also discuss how MiAccounting, a top accounting firm in Canada, assists Canadians in staying compliant and reporting their taxes accurately. Lastly, we will conclude with a call to action for all Canadians...
Accounting for Construction Businesses: Do’s and Don’ts
Construction businesses require efficient and accurate accounting practices to ensure financial success. In this blog, we will discuss some dos and don'ts to help construction businesses navigate the complex world of accounting. At MiAccounting, we offer tailored financial solutions for construction businesses, including cloud accounting services, payroll management, and accounting best practices to help businesses thrive. Do's: Keep accurate records - Accurate record-keeping is essential for construction businesses. It's crucial to keep track of all financial transactions and store them in a secure location. MiAccounting can help you set up an efficient bookkeeping system to track all financial transactions accurately. Hire a professional accountant - A professional accountant can provide expert guidance on accounting best practices and ensure that you...
Reporting Income & HST Rules for Canadian Self-Employed or Corporations Providing Services Outside Canada
Hello everyone! In this post, I'll be breaking down the process of reporting income and understanding HST rules for Canadian self-employed individuals or Canadian-controlled private corporations (CCPCs) operating small businesses and providing services outside of Canada. With the assistance of MiAccounting and the power of cloud accounting software, you can navigate this process effortlessly and accurately. Hello everyone! Today, I'd like to explain how Canadian self-employed individuals or Canadian-controlled private corporations (CCPCs) that operate small businesses and provide services outside of Canada need to report their income and the rules surrounding the Harmonized Sales Tax (HST). With the help of MiAccounting and cloud accounting software, you can navigate this process with ease and accuracy. Reporting Income for International Services As a self-employed...
Streamline Your Business with Cloud Accounting
In today's business world, cloud accounting has revolutionized the way small businesses handle financial accounting operations. MiAccounting is a team of specialist cloud accountants that provides cloud accounting services using the latest cloud technology and online accounting software, such as Xero and QuickBooks, to businesses throughout Canada. MiAccounting understands that managing finances can be a daunting task, especially for small business owners who have limited time and resources. With cloud accounting, businesses can streamline their accounting processes, reducing costs and freeing up valuable time to focus on what they do best – growing their business. What is Cloud Accounting? Cloud accounting is a term used to describe the use of cloud-based accounting software to manage financial operations. The software is hosted on...
