Firstly, welcome to Canada and beautiful British Columbia! Each Canadian immigrant, also known as a newcomer, has unique challenges to overcome before they permanently relocate and reside in Canada. Some of these new challenges can be confusing, especially if it’s...
How To Optimize Canadian Corporate and Personal Income Tax When you’re an Entrepreneur
Being an Entrepreneur is hard work and isn't a path for everyone. There is a saying that the flexibility entrepreneurship offers is only being able to decide when you'll work 12 hours a day. With that said, however, starting and owning your own business can have...
How To Know If Your Accountant Is Too Aggressive or Not Aggressive Enough On Your Taxes
As a business owner, you may struggle to put up with either an over-aggressive tax strategy from your accountant or a not-so-aggressive accountant altogether. Both could be a source of concern. If you’re a business owner that’s spent a lot on hiring accountants and...
8 Fun Facts About Accounting And Accountants You Didn’t Know
Accountants are a crucial part of running a business, but let’s be real, it’s never necessarily been an industry associated with ‘excitement’ and ‘fun’. There are, however, a few fun facts that you might be surprised to learn. Here are eight fun facts that you...
Why we invest in Team & Leadership Development at Provision CPA
It can be easy for the owners and staff of an accounting firm to keep their heads down while they grind out their work daily. You could say our responsibility is to grab our lone paddle and paddle the best we can for eight hours a day - but everyone at the firm is in...
Client Success: 20 Years and 3 Generations of Business Succession
There are studies out there that say the average accounting firm client stays with their accounting firm between five and six years. However, many of Provision CPA’s clients have been with us for between 10 and 20 years, and we have helped many of them with business...
WHO DOES YOUR BUSINESS NEED – A CFO OR A CPA?
When setting up a business, a lot of factors come into play with respect to handling tax and financial responsibilities. This calls to mind the necessity of choosing a CFO or a CPA, or both. While some entrepreneurs contend that once they have one, they do not need...
New Trust Reporting Rules for T3 Filing Requirement
Under the current rules, a trust resident in Canada is generally not required to file an annual T3 income tax return unless the tax is payable by the trust for the year or the trust disposes of capital property. Under the new tax rules, for tax year December 31, 2022,...
ACCOUNTING CAREER PATHS: HOW TO SWITCH FROM AUDIT TO TAX ACCOUNTING
A plethora of career paths have been forged in the accounting industry, and it remains one of the most diverse professions. The term “accountant” has come to be an umbrella term that covers a broad spectrum of professional financial services and specialties. Audit...
Feeling Pigeon-holed as a ‘Grinder’ CPA? Here’s how to break out of the mould
It takes a lot of effort, time, and resiliency for someone to earn their CPA. A candidate needs to have a four-year degree, complete a long list of accounting classes, have two years of approved work experience, get through the CPA Professional Education Program, and...