Grande Prairie is known for its entrepreneurial spirit. If you’re interested in launching a new idea, or you’ve grown your reputation as a solopreneur, your next step to contemplate could be incorporation.  To determine if incorporation is the right choice for your business, there are several factors to consider. The team here at McNabb Lucuk LLP recommends seeking personalized, professional advice before incorporation and is available to serve all your business accounting and bookkeeping needs.  Benefits of Incorporation Limiting Liability The most common reason for incorporation is ..read more

Cash flow management is essential for the livelihood of any business here in Grande Prairie and in Canada’s dynamic economic landscape. Whether a business is just starting or it’s time to optimize existing operations, implementing effective strategies to enhance cash flow can significantly improve financial health and sustainability. Below the team here at McNabb Lucuk LLP shares some advice and strategies for boosting cash flow in any business.  What is Cash Flow? Cash flow is the movement of money in and out of a business. Healthy cash flow focuses on liquidity and the capacity to fulfi ..read more

As Canadians begin collecting tax documents and preparing for annual filings, more will be reporting on trust arrangements thanks to new reporting requirements from the Canadian Revenue Agency. In this month’s blog, we’ll summarize what a trust is, what the reporting changes are and who is affected at filing time.  What is a Trust?  In simple terms, a Trust is a legal arrangement to transfer assets from one person to another.  The Grantor is the identity who puts the assets into a trust managed by someone else, known as the Trustee, for the benefit of the Beneficiaries. These as ..read more

On the heels of ringing in the new year here in Grande Prairie, come changes from the Federal Government that will affect the personal financial planning of Canadians for the year ahead. Although increases in source deductions may reduce take-home pay, increases to Tax-Free Savings Accounts, Registered Retirement Savings Plans and First Home Savings Accounts contribution limits could create tax advantages for savings and investing. For those looking to sell a business, an increase to the Lifetime Capital Gains Exemption could mean over one million dollars in tax-free income. TFSA Annual Increa ..read more

As small business owners, we are proud to see Grande Prairie entrepreneurs kick-starting their business ideas every year. If going into business for yourself, or with partners, is a dream of yours, starting with a comprehensive business plan should be your first step.  Forget about the binder-thick business plan that sits on the shelf. Today’s business owners need plans that are concise and actionable to serve as a roadmap toward reaching clearly defined goals. Why Start a Business? Before getting into the details of the business, take the time to identify the reason for going into busine ..read more

Gone are the days of storing 24 pocket file folders in your desk or work truck. New ways to save and track transactions have emerged with online payments, e-mail and text receipts, and smartphone cameras. Keeping track of transactions is crucial, and this month’s blog suggests modern ways to do it. First we’ll explore the benefits of going digital with not only receipts but other financial and business records.  What Records to Keep and Why Business transactions to keep records of include any debt or credits to a business account. The following is a list of major categories and the benefi ..read more

Grande Prairie is home to some of the highest rates of entrepreneurship. Being in the finance industry ourselves, the team here at McNabb Lucuk LLP understands how crucial bookkeeping is in running a financially responsible business. By systematically recording and organizing financial transactions, bookkeeping allows businesses to track their financial health, make informed decisions, and meet regulatory requirements. To accomplish this, bookkeepers use various categories and types of financial accounts to ensure accurate and comprehensive record-keeping. As promised in our recent blog, “Why ..read more

Bookkeeping tells stories about a business using numbers in categories. Knowing why this business function is essential and what stories the numbers are saying about your business can be beneficial. Financial data offers invaluable insight into any business. This makes bookkeeping beneficial for both business decisions and compliance. Data on Business Performance  Reports from bookkeeping can show which products, or services are over and under-performing. From this information, businesses can make informed decisions on price setting, and identify opportunities for cost saving, product gro ..read more

As these warmer summer months set in, our Grande Prairie business community enjoys more team building time and looking for ways to attract qualified employees. The summer also marks a mid-year point for those with a December year-end, making it an excellent time to review progress toward annual goals and make adjustments to reach targets.  Incentivizing employees through bonuses, gifts and other perks can help with recruitment, retention and reaching performance goals. Below we outline a few types of gifts, their tax status and responsibilities for reporting to the Canada Revenue Agency ..read more