3 Gals Bookkeeping

Working with independent contractors?

Keeping accurate information from the start can make bookkeeping and tax reporting much easier.

Make sure you have:

- Contractor’s legal name or business name
- Address and contact information
- Business number, if applicable
- Invoices for work completed
- Records of all payments made
- GST/HST registration details, if applicable

Depending on the type of payments and circumstances, you may also have T4A reporting requirements.

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Happy Labour Day!

Today is a reminder to step away from the to do list and celebrate all the hard work you put in throughout the year.

We hope you enjoy the holiday weekend!

What are your Labour Day plans?

September is a perfect time to get your books organized before the year end rush begins.

Here’s what to check off your bookkeeping list this month.

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Book a call using the link in our profile or comment “books” below to learn more about our services.

We’re here to make business, bookkeeping, money, and tax topics easier to understand and actually use.

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We’ll be out of the office for the holiday weekend.

We’ll respond to all messages and emails when we return.

Have a safe and wonderful holiday weekend!

Before spending money just to reduce your tax bill, make sure the purchase actually makes sense for your business.

The CRA treats current expenses and capital purchases differently.

Equipment, furniture, vehicles, and other depreciable assets are generally claimed over time through capital cost allowance (CCA), although special rules may allow different first year deductions for certain eligible property.

CCA generally cannot be claimed until the property is considered available for use.

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