How to Avoid Paying Taxes on Used Car in BC
If you were to purchase a used car directly from another person you are subjected to part with 12% PST.
Financial Accounting Services
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Financial accounting is a form of accounting in which the transactions arising out of business operations in Canada are systematically documented, summarized, and reported. This is done in order to give a clear picture of the state of the business over a time period. Generally Accepted Accounting Principles are followed by accountants for creating transactions that are documented in the preparation of financial statements. These statements include the balance sheet, income statement, and cash flow statement, which are used to document the company's financial performance over a set period of time. It is undoubtedly essential for business growth and wealth management for individuals to be able to collect and produce accurate and comprehensive financial statements through financial accounting.
Financial Accounting Statements
A company’s financial statements are often referred to by both internal and external stakeholders.
Management
It is through these statements that management is able to troubleshoot money issues and make future financial plans.
Investors
Investors need to see its numbers to determine whether the business is worth investing in.
Auditors
Government auditors will start their analysis with these statements if the IRS audits the company.
Lawyers
A lawyer will need to be able to analyze a company's income and expenses if there is a lawsuit or other legal action related to these items.
Suppliers
Prior to supplying goods or services, suppliers may want to verify the financial status of a company to make sure their invoices will be paid.
Banks
In order to obtain a loan, a company may need to provide certain financial statements. In this way, the company can demonstrate that they are able to repay the loan on time and in full.
Financial Accounting Services in Canada
- Preparation of trial balance
- Bookkeeping services
- Accounts reconciliation
- Preparation of financial statements
- An analysis of inventory recording
- Reports of accounts payable
- Calculation of depreciation and fixed asset
- Financial reports and financial statements
- Accounts receivables reports
- Reports of bank reconciliation
- General ledger reports
- Inventory reports
Types of Financial Statements
Income Statement
In an income statement, a company's profitability is reported for a specific time period, including a year, a month, a quarter, or the company's choice. Generally speaking, the income statement consists of revenues, expenses, gains, and losses as well as the impact of taxation. In the revenue statement, revenues have come from sales, service revenue, and interest revenue. In addition to the cost of goods sold, operating expenses of the business include salaries, rent/rental payments, utilities, advertising, and non-operating expenses of the business such as interest payments. A company's earnings per share on its income statement are reported if its stock is publicly traded.
Cash Flow’s Statement
According to the statement of cash flows, a company's cash flow changes over a given period. A company's operational activities provide an overview of how its cash has varied over time since the start of operations.
Investing for the long run involves dealing with long-term assets which involve spending or receiving money that has been allocated for the long term.
The funding activities section also includes a report on how much cash was received as a result of the issuance of long-term debt, how much was spent for the retirement of long-term obligations, as well as how much money was received as a result of stock issuance.
Stockholder’s Equity Statement
As with the income statement and cash flow statement, the statement of stockholder's equity shows changes in equity over time. In addition to net income, foreign exchange gains, dividends, repurchases of common stock, and exercise of stock options, the changes will also affect other comprehensive income.
Balance Sheet
An organization's balance sheet shows its financial position at a given point in time. Your business's balance sheet is the document bankers, investors, and suppliers use most often to understand your finances.
Get Financial Accounting Services in Canada
Taxccount comprises Chartered Accountants and Certified Public Accountants, to help ensure that we are able to cater to a wide range of industries, small and medium-sized businesses, and start-ups across Canada. Taxccount is a wise option if you're looking for professional financial accounting services in Canad
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What Our Client Say
Taxccount has been our primary tool for several years. They were the crucial component we were searching for! Our entire business has been made simpler by their bookkeeping, and tax season is no longer as difficult. Over the years, the accountants and bookkeepers have all offered us unmatched guidance and tax planning that has helped us save money and time. We anticipate continuing our relationship with Taxccount for many years.
Kris Sharma
We are quite grateful to the accountants at Taxccount. Being a small enterprise, we have got the sufficient finances or time to hire an in-house bookkeeper and we have spent years muddling through on our own. The first month after deciding to work with Taxccount for payroll and accounting services, it was as if a weight had been removed! Since we are involved in providing an ecosystem for businesses, Taxccount’s accounting services come in extremely handy for us and make our job much easier.
Sudhith PD
Our staff now depends heavily on Taxccount’s services. Without them, I can't fathom how well my business would operate. They assisted me in maintaining my highly erratic bookkeeping and organizing it so that when December rolls around, neither my employees nor I would be in a panic. We never imagined that the tax season would go well, but Taxccount made it much easier than in previous years. I can't speak highly enough about their professionalism and experience!
Daljeet Singh Bhatia
For the filing of our company's taxes, we rely on Taxccount’s tax-related services. We discovered that tax filing had suddenly become too hard for us to do alone as our business and workforce expanded. The tax accountants have greatly reduced our amount of taxable income by locating tax benefits for us that we never would have discovered on our own. They collaborated with us all year long to provide advice on potential strategies for long-term tax minimization. We were so pleased with the tax preparation and planning services provided to our business that I asked them to also handle the personal taxes for my family.
Prashant Sharma
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