June 14, 2022

Walk! Don’t Run!

No Image

June 14, 2022

My fiscal year ended May 31. On June 1, I filed my Corporate Tax Return and HST. Since I use Xero for my accounting and TaxCycle for my tax returns, I was able to sync my books directly to my tax return and then add capital assets (Schedule 8), and my shareholder loan info (Schedule 11).

I was able to do this because I spent a bit of time on a regular basis to ensure my accounts were reconciled, and that things were where they needed to be. In fact, in my own books, I needed to make 2 year-end journal entries. One to move some HST ($10.15) that was double counted from my Wagepoint bi-weekly salary entry (I had the Sales Tax in the wrong account) and the other was to record my income tax provision.

I didn’t need to spend time with sorting out my fixed assets (and there were a few this year) as I was using the Fixed Asset Management in Xero which allowed me set up and run depreciation automatically.

I didn’t need to make any year end accruals to cover off my shareholder loan because I was aware of what was going through it, and I made the conscious decision to pay for corporate items with my corporate credit card. For the few items I did pay personally, I recorded an employee expense report so that I could correctly claim the input tax credits and paid it through the shareholder loan.

I didn’t need to do a lot of fussing with my tax return because I had set up my chart of accounts so that I could use the GIFI codes with my tax return. And for me, this has been a game changer because the raw data is imported directly into the return, and I don’t have to fuss around looking for the number whose sign I flipped. Instead, I could focus on items I haven’t set up templates for and reviewing the overall return.

I didn’t need to spend that time because I had invested a little bit of time regularly to ensure my books were balanced and reconciled, items classed appropriately, and that I was on top of my shareholder loan.

I didn’t need to spend that time because I can access my books through any browser (securely with two-factor authentication) without having to shuttle backups back and forth. This leads to more collaborative experience and more solid picture of your business.

Imagine of instead of a dump and run for year end, you had an ongoing collaboration with your accountant where your books are tended to and the stress of year end eliminated.

As we get to June 30, and the December 31 year ends need to be filed, if you’re thinking to yourself, “ugh, I’ll do it differently next year”, I’m happy to chat and help you turn that thought into reality.


WRITTEN BY

Brian Hlady Headshots02480 Web Close

Brian K. Hlady

Chartered Professional Accountant

CPA Canada In Depth Taxation

Xero Certified Advisor

SHARE THE RESOURCE


YOU MIGHT ALSO LIKE

Related Resources


June 28, 2022

Stop the Year End Hangover!

One of the great things about being a business owner and having to sort out the running of a business is I get to experience some of the headaches and pains that my clients dealt with when I was an employee. Like paying their taxes. When I started as a baby accountant, we would often get cheques from clients, and then send them on to appropriate CRA tax centre. Of course, we would have to make sure things got sent when they were supposed to, and we sent what was supposed to be sent. Not to mention hanging on to…

June 14, 2022

Walk! Don’t Run!

My fiscal year ended May 31. On June 1, I filed my Corporate Tax Return and HST. Since I use Xero for my accounting and TaxCycle for my tax returns, I was able to sync my books directly to my tax return and then add capital assets (Schedule 8), and my shareholder loan info (Schedule 11). I was able to do this because I spent a bit of time on a regular basis to ensure my accounts were reconciled, and that things were where they needed to be. In fact, in my own books, I needed to make 2 year-end…

November 19, 2021

The Building Blocks of Your Business

Good accounting starts with good bookkeeping, and good bookkeeping starts with ensuring the transactions are accurately recorded as soon as possible. Whether it’s issuing an invoice, tracking a payment, buying a new computer, a restaurant bill, or payroll, regular and ongoing bookkeeping will allow you to keep track of your financial position. Cloud accounting has advanced and providers such as Xero allow for significant automation of the bookkeeping, which means you have regular access to your financial position and the records to support them. I can help make sure that the information is reliable and relevant to your needs, rather…
Bkh Logo Footer@2X

Serving Ottawa &

Surrounding Area

FAX: 613-704-4196

STAY IN TOUCH

Copyright © 2022 Brian K. Hlady Professional Corporation All Rights Reserved 

INCOME TAX SERVICES

T2 Complete

Installments

SR&ED Compliance Assistance

Income Tax Elections

Sales Tax Rebates/Elections

Current Safe Income

Reorg Ready

Sale Ready

BOOKKEEPING AND TAX COMPLIANCE

Month End Close - Service Level

HST/Sales Tax

Payroll Admin

CEWS

CERS

Employee Expenses

Invoicing

Payables


APPLY NOW

Get A Quote from BKH