If your business is incorporated, the responsibility for liability lies with the corporation, which is a separate legal entity and treated as an individual. No one can touch your personal assets, just those of the corporation. Contact your attorney for sp...

Accounting firms have different personalities. Some Calgary accountants are conventional while others are modern which reflects in their preferred communication styles. Modern firms will use video conference, Skype, email and other technologies that suppo...

You may be able to claim the tuition tax credit if you attended certain educational institutions. Under certain conditions, students can now include fees paid to a post-secondary educational institution for courses to obtain or improve skills in an occupa...

Here is a hard, cold fact: Many business owners, especially if they’re start-ups, know little or nothing about the ins and outs of tax planning or compliance. Versatile accounting qualified accountant can be invaluable at this time in getting things righ...

As small business accountants in Calgary, we also identify opportunities that will help minimize long term tax burdens, review the benefits and effectiveness of proper business structures, and provide advice to you – our corporate and business clients, on...

As a pensioner, you may be eligible to split up to 50% of your eligible pension income with your spouse or common-law partner to reduce the amount of income tax you may have to pay, if your spouse or common-law partner is in a lower tax bracket.

As a Calgary accounting firm, many of our clients ask tax tips and questions to help them save money on taxes. The Canada Revenue Agency gets a lot of similar questions and they have answered them through various helpful articles which we are happy to sha...

An accountant may refer you to a bookkeeper to get your books straightened out, because that is what bookkeepers do. Accountants work closely with bookkeepers, usually subcontracting their services out to them from work that they have but do not want to d...

A balance sheet is the only one of the four statements that show results as of a specific date, not a time period. It records assets, liabilities, and ownership equity. A statement of changes in equity shows changes from one time period to the next, inclu...

You can deduct interest incurred on money borrowed for business purposes or to acquire property for business purposes. However, there are limits on: Usually, you can only deduct interest up to the amount of income from the land that remains after you dedu...

Not-for-profit organizations are different from for-profit enterprises in several ways. At Versatile, we understand these differences and make it our mission to help you succeed in dealing with the opportunities and challenges of your particular circumsta...

Would-be entrepreneurs often dive into business with no direction or vision. They think only about the money they could make. But you cannot get to the money without a path to it. You can ask any qualified accountant in Canada; a thoughtfully drafted busi...

Some income you earn may not be included as part of a tax slip. Tips, money earned providing accommodations or ride sharing, regularly selling stuff at a flea market or online, providing tutoring services, handy-man or snow removal services – all of this...

Corporate taxes are required to be paid three months after the fiscal year. A corporate tax year, or fiscal period, cannot exceed 53 weeks. In order to receive a tax refund, your corporate income tax return must be filed within three years of the end of a...

We are avid volunteers ourselves and we value and appreciate everything that charities and not-for-profit organizations contribute to the economy and community. We are a full-service Calgary based accounting firm, offering all the required specialties to...