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In the dynamic world of finance, understanding the basics of financial statement preparation is paramount. Whether you're a seasoned business owner or just starting, financial statements play a pivotal role in gauging the health and performance of your enterprise. In this comprehensive guide, we will delve into the intricacies of financial statement preparation, providing you with a step-by-step understanding of this critical process.

In the complex realm of financial planning, few aspects demand more attention and careful consideration than estate tax planning. As we navigate the intricate landscape of wealth management, ensuring a smooth transition of assets to the next generation becomes paramount. At Saklas & Co., CPAs, based in Surrey, BC, we recognize the significance of Strategic Estate Tax Planning in safeguarding your legacy. In this comprehensive blog, we delve into the nuances of estate tax planning, offering insights and strategies to minimize tax liability for your heirs.

Succession planning is not just a buzzword in today's dynamic business landscape; it's a strategic necessity. As businesses evolve, so do the challenges associated with leadership transitions. At Saklas & Co., CPAs a leading Chartered Professional Accounting Firm in Surrey, BC, we understand the pivotal role of seamless business succession planning in ensuring continuity and growth. This comprehensive guide will delve into the key steps of effective business succession planning, shedding light on the critical aspects that every business owner should consider.

Common problems faced by most small businesses today include poor planning, a failure to understand customer behavior, inventory mismanagement, a lack of sales, etc. The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.

Season’s Greetings from Saklas & Co., CPAs. We wish you and your family a wonderful holiday season and a happy, healthy, and prosperous New Year 2022!

Original Article Source Credits:   Money Sense , https://www.moneysense.ca/

Article Written By:  ALLAN NORMAN 

Original Article Posted on:  APRIL 13, 2021

Link to Original Article:  https://www.moneysense.ca/columns/ask-moneysense/are-single-seniors-unfairly-penalized-at-tax-time/

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Christopher Liew, CFA 

Original Article Posted on:  January 4, 2021

Link to Original Article:  https://www.fool.ca/2021/01/04/cra-2021-update-dont-forget-to-claim-the-500-digital-news-tax-credit/

A chartered professional accountant (CA) is an individual or firm specializing in accounting and financial reports preparation to ensure compliance with all regulations set by the state revenue service. Chartered professional accountants (CPA) are additionally able to represent a taxpayer before the IRS.

Original Article Source Credits:   CBC , https://www.cbc.ca/

Article Written By:  NA

Original Article Posted on:  Jan 14, 2021

Link to Original Article:  https://www.cbc.ca/news/canada/nova-scotia/expert-answers-covid-19-tax-season-questions-1.5873331

This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high net worth individuals. Enjoy! TAX TICKLERS… some quick points to consider… CRA has opined that U.S. Economic Impact payments received by residents of Canada are not taxable in Canada. 1,252,830 Canada Emergency Wage Subsidy (CEWS) applications have been approved for a total value of $41.12 billion (as of October 4, 2020). On October 9, 2020, the Government announced that the CEWS program will be extended to June 2021. Further, the maximum subsidy for period 8 (calculated using October’s revenues) of 65% would be maintained for……