WINNIPEG, MB:  Nike Bello, MBA, CPA, FCCA, CFE, and president of Compass Accounting Chartered Professional Accountant Inc., recently participated in a public panel discussion for Black History Month at the University of Manitoba’s Asper School of Business.  The event, which was titled Connecting Black Voices in Manitoba, was targeted toward young, early-career black immigrants and explored themes related to thriving as a black immigrant in the professional world of corporate Canada.      Compass Accounting Chartered Professional Accountant Inc. is a Winnipeg-based ..read more

Accounting firms are privy to lots of sensitive financial information and need to prioritize the protection of client data. There are plenty of ways that accounting firms can protect sensitive financial information in the day-to-day operations of their businesses. You should ensure to ask questions about how they maintain confidential information before handing over your documents Consider some of these security measures when hiring a CPA: Secure File Sharing and Messaging Everyone knows that email isn’t the best place to send along sensitive data; it can be hacked at any point and data breach ..read more

Modern accounting has been forever changed by the increase in technology across the accounting industry. From artificial intelligence to financial reporting, accounting firms have access to more sophisticated technology that improves outcomes and saves time. In turn, this enables them to take more clients onto their roster and boosts profits.  What technology should everyone in the accounting profession start to embrace? Keep reading! Cloud-Based Accounting Software Many services have transitioned to cloud-based software and the accounting industry is no different. Now, instead of housing ..read more

Taxation can be tricky at the best of times, and when you’re living and working abroad, things can get even more complicated. The Government of Canada will require you to continue paying taxes in Canada if you’re living or working abroad, as long as you maintain significant ties to Canada.    In this article, we will explore the circumstances under which you must pay taxes while living abroad, the circumstances under which you don’t, whether or not you can be double-taxed, and more. Canadian Residents Living Abroad Canadians living abroad can expect to pay taxes on any income—through ..read more

A new year has come, and you know what that means—it’s time to pay your taxes! As the months go on, you’ll receive tax forms and learn about the CPP payments and EI payments you’ve made, the income you’ve earned, and more.   The federal government offers a generous—but tight—timeline for tax returns. You have until April 30th to file your taxes, but there are many other dates you should know. This article will help!  January 1st – Tax Season Begins Happy New Year! Why not start off the year with everyone’s favourite topic: Filing your taxes! It’s unlikely that you’ve received a T4 or ..read more

Remote work can affect your taxes in a number of different ways. Logistically, remote work can make it challenging to understand who you’re supposed to remit taxes to. On the other hand, remote work can come with a number of different potential tax breaks.   In this article, we’re going to cover who you need to pay taxes to while working remotely, as well as which tax credits and deductions you may be able to take advantage of. We’ve written this piece to help. Whether you work blocks away or countries away from your employer, if you’re a remote worker in Canada, you’ll find useful inform ..read more

The concept of cryptocurrency is, in and of itself, fairly complex. As digital assets that are used for trading but not, in and of themselves, considered legal tender, there are unique tax implications to the use of cryptocurrency.   In this article, we’ll explore these implications from the perspective of an individual buying and selling cryptocurrency as a hobby or investment and not as a business. The tax implications of buying and selling cryptocurrency for businesses are quite different—if you’re interested, let us know, and we’ll write about cryptocurrency and businesses in another ..read more

As a business owner, you undoubtedly have a lot on your plate. From big-picture visioning to the details of the day-to-day, there’s never enough time in the week. For many business owners, the ins and outs of financial statements and reporting can be a major learning curve. But they’re the backbone of business growth and development and cannot be ignored or put on the back burner for long. In addition, financial reporting is a legal obligation for all Canadian businesses, including businesses based in Manitoba. At Compass Accounting, we often meet with corporate clients and small business owne ..read more

At Compass Accounting, some of the most common inquiries we receive are about incorporation. So, if you’re trying to decide whether or not it makes sense to incorporate your business, you’re certainly not alone. For some businesses, incorporation is important from day one. For others, it may never be a necessity at all. A wide range of factors can influence the decision to incorporate. These might include your business income, your personal income and assets, whether or not you have employees, whether or not you have business partners or investors, the level of risk associated with your busine ..read more

Graphic designers, web designers, and other creative individuals face unique challenges when it comes to filing their taxes. While many people only enlist the help of a professional accountant at the end of the year when taxes are due, you might be able to benefit from receiving the advice of an expert all year round. They can help you analyze your current financial data and advise on where to invest your dollars.    If you’re ready to hire an accountant for your freelance business, here is everything you need to know about the process:  Why Hire an Accountant for Freelancers ..read more