Category Archives: Uncategorized

No Longer Can Your Accountant/Bookkeeper be Mere Number Crunchers

By | Uncategorized | No Comments

The role of the Accountant/Bookkeeper/Controller in a small and medium sized enterprise (SMEs) has been gradually evolving over the years. It used to be the role of your Accountant/Bookkeeper to put in place the people and systems to handle the accounting functions such as general ledger, accounts payable, accounts receivable, budgeting, tax compliance and financial statement preparation. The role of the old school Accountants and Bookkeepers was to preserve your assets by minimizing risk and getting the books right, by running a tight financial operation that is efficient and effective.

However, if you happen to own or run a small to medium sized business today, you probably need a very different type of individual in the Accountant/Bookkeeping’s chair.  No longer do you want mere number crunchers; you want Accountants and Bookkeepers who can provide insight into business issues ranging from new product development to product production and distribution.

A good Accountant/Bookkeeper can have a great in impact on a company’s success especially today when a small and medium sized business needs to keep up with ever changing technology, expanding or contracting markets, every changing government regulations and a turbulent capital market environment.

Your Accountant/Bookkeeper’s biggest contribution to your company’s success in not backward looking function of overseeing the company’s accounting.  Your Accountant/Bookkeeper’s prime function in todays fast pace world should be forward focused, acting as a key strategic and tactical advisor to you and your business.

If you own or run a small to medium sized business and your Accountant/Bookkeeper are focused on preserving your company’s assets, call Inter-gration CPA today and see how we can help you grow your business.

Inter-gration CPA

info@inter-grationcpa.com

(905) 702-8080

Why does my small to medium size business need, a Bookkeeper, Accountant, Controller, or CFO?

By | Uncategorized | No Comments

When you think about Bookkeepers, Accountants, Controllers and CFO’s you would be hard-pressed to describe the differences between each role.   This is for good reason. In today’s fast pace and every changing world you need a partner who can be it all to your small to medium sized business.  We hope to try to successfully define the difference between each role and provide you an alternative to the traditional way of doing business with your Bookkeeper, Accountant, Controller and CFO.

The function of a Bookkeeper is to record the daily transactions of the business in a consistent way.  The Bookkeeper is responsible for building a strong business foundation by producing invoices and managing the receivables from customers, processing payroll, recording expenses and processing payments.

The function of the Accountant is a natural progression from Bookkeeping.  Once a Bookkeeper has master the basic record keeping it is a natural to progress to prepare company financial statements, analyzing sales, costs and operations, completing income tax returns.

The function of the Controller is a natural progression from Accountant.  When an Accountant becomes really good at accounting and financial reporting and they have developed the ability to manage several activities and supervise people, then this person has established the skills needed to be a controller.

The function of the CFO is not necessarily a natural progression from the Controller role.    As the CFO you must know accounting, financial reporting, and taxation; however you must have a broader skill set.  A CFO has to have an understanding of the operations of the business, how the financial system inter-relates with operations, be able to see the big picture and help the business achieve its objectives.

Given technology advances in the field of accounting, the role of the traditional Bookkeeper, Accountant and Controller has changed considerably however the role of the CFO and other speciality advisors have become even more important.  In today’s world with a click of a mouse a company can either rise or fall, the role that the traditional CFO plays has become the most important relationship your small to medium size business needs to fill.

At Inter-gration we provide you with an integrated solution for your bookkeeping, accounting, controllership and CFO needs while incorporating specialists in the areas of Taxation, Audit, Legal, HR, IT, Insurance as needed and when needed.   We focus on understanding the needs of you and your business, just like a family doctor does with your physical health.  We make sure that your company’s day to day health is taken care of and when a special situation arises we utilizes the skills of specialists to ensure your business receives the expert’s advice it needs.

No matter what size of business you own having an integrated solution for your bookkeeping, accounting, controllership, and CFO can save you time and money over the traditional way of acquiring these services.  Contact us today to find out how we can help you and your business succeed. info@inter-grationcpa.com or 905-702-8080

Individual Tax Payer Limits and Due Dates

By | Uncategorized | No Comments

Important Individual Tax Payer Limits and Due Dates for Taxation Year 2015

Important Individual Tax Payer Limits for 2015 are

  1. 2015 Registered Retirement Savings Plan (RRSP) limit is $24,930
  2. 2015 Year’s Maximum Pensionable Earnings (YMPE) limit is $53,600Income tax
  3. 2015 Deferred Profit Sharing Plan (DPSP) limit is $12,685
  4. Tax Free Savings Account (TFSA) $10,000

Important Individual Due Dates for 2016

  1. RRSP deadline for tax year 2015 is February 29th, 2106
  2. T1 Tax Returns for Individuals are due April 30th, 2016
  3. April 30th, 2016 If you have a balance owning for 2015, the balance is due no later the April 30th, 2016
  4. Self- Employed Individuals: If you or your spouse or common law-partner carried on a business in 2015 as a self-employed person (sole proprietor), your return is to be filed on or before June 15th, 2016.  However, any balancing owing for 2015 must be paid on or before April 30th,2016
  5. 2016 Instalments Payments are due:
  • March 15th, 2016
  • June 15th, 2016
  • September 15th, 2016
  • December 15th, 2016

Payroll Year End Deadlines

By | Uncategorized | No Comments

Inter-Gration LOGO FINAL

Important Dates for Employers

 

Last Remittance Date for Federal Source Deductions:

  • New or Regular Remitter: January 15th, 2016
  • Quarterly Remitter January 15th, 2016
  • Accelerated Remitter Threshold 1: January 10th, 2016
  • Accelerated Remitter Threshold 2 January 6th, 2016

Last Remittance Date for WSIB Ontario

  • Annual Remitter April 30th, 2016
  • Quarterly Remitter January 31st, 2016
  • Monthly Remitter January 31st, 2016

Last Remittance date for Employer Health Tax

  • Annual Remitter March 15th, 2016
  • Monthly Remitter January 15th, 2016

Information Return and Information Summaries:

  • T4 Information Return must be filed on or before February 29th, 2016.
  • T4 Information Returns must be given to employees on or before February 29th, 2016
  • WSIB’S Annual Reconciliation Form due March 31st, 2016
  • Employer Health Tax Annual Return due March 15th, 2016

If you need help understanding or completing your annual information slips or returns contact Inter-gration CPA to book a free consultation on how we can help. We can be reached at info@inter-grationcpa.com or call (905) 702-8080.

Important Changes for January 1st, 2016

By | Uncategorized | No Comments

As of January 1st 2016 the Canadian Government will be implementing a new Canada Pension Plan (CPP) and Employment Insurance (EI) annual maximums.  CPP employer and employee contributions rates will remain unchanged at 4.95% respectively, however the maximum annual insurable earnings will rise to $54,900 from $53,900 resulting in the maximum annual contribution for the employer and the employee to $2,544.33. Likewise the EI employee contributions rates will remain unchanged at 1.8% and the employer contribution rates will remain at 2.632%.  The maximum annual insurable earnings will rise to $50,800 from $49,500 resulting in the maximum annual employee premium of $955.04 and maximum annual employer premium of $1,337.06 from $1,302.84.

For those employers who have workers earning the annual maximum insurable earnings this means an increase of 2.63% in labour costs for 2016.  To found out how this will affect your business please contact us at 905-702-8080 or visit us at www.inter-grationcpa.com

Announcing the Launch of our New Website

By | Uncategorized | No Comments

Untitled-1

Inter-gration CPA is pleased to announce the launch of our brand new website! We are delighted to officially announce the launch on December 2nd, 2015. The new site launch is available and the URL is www.inter-grationcpa.com

Our goal with this new website is to provide our visitors an easier way to learn about Inter-gration CPA’s services and solutions. For a more convenient experience, we also created a mobile version, so that you can visit us from your smart phone or tablet whenever and wherever you are. Our current and prospective clients will find useful information about our key services on the homepage of our website.

Amongst the new features the site contains integrated social media buttons for Twitter, Facebook and Linkedin to foster improved communication with the clients. We will be constantly updating our content with helpful information, articles, blogs, company announcements and client successes. We hope you will enjoy our new site. If you have any questions, comments or suggestions please send them our way.