Blog Archives

Canadian Industry Statistics: How do I Compare?

The Government of Canada provides analysis and detailed information on economic indicators using the most recent data from Statistics Canada on the website, www.ic.gc.ca/eic/site/sis-sic.nsf/eng/home.  This website can help small to medium sized businesses understand the dynamics of their industries.  Users can focus on a single industry over time or compare one industry against another.

Data is segregated based on the North American Industry Classification System (NAICS) code.  Within each specific NAICS code is detailed financial performance data.  Such data includes, for example, average gross margins, detailed breakdowns of expenses (e.g. repairs and maintenance, labour, professional and business fees) as a percentage of revenues, and certain financial ratios (e.g. current ratio, return on total assets).

Consider using this site to compare your costs as a percentage of revenues to other Canadian companies in your industry.

*** As published in the 2016 Fourth Quarter edition of Tax, Tips & Traps***

Disruption of Vancity banking services

Vancity business and personal account holders will experience significant service disruptions beginning 5pm on November 9, 2016 and continuing until mid-day on November 14, 2016.
It appears that you will not be able to:
– use online, mobile or telephone banking services,
– do any in branch transactions including sending or receiving wire transfers,
– make bill payments including CRA remittances,
– transfer funds using interac etransfers.
Business accounts linked with QuickBooks Online will need to be relinked with the software as all accounts will have new account numbers.  Please edit the sign in information in QuickBooks Online with the new account number when it has been assigned.
Vancity has or will be mailing a “banking system upgrade business guidebook” to its business clients.  This guidebook provides more information on the services effected.  For more information please visit Vancity’s website or your local branch.

Making your CRA payments

Making your Canada Revenue Agency (CRA) payments online is convenient and easy.  Payments may be made by: online banking, debit card or credit card.

Visit: Canada.ca/payments for more information.CRA online payments second

Canada Revenue Agency Business Tax Reminders mobile app

Yup, CRA has launched its own app!

“The Business Tax Reminders mobile app is recommended for small and medium-sized businesses with annual revenue of $20 million or less and fewer than 500 employees. The app was created based on consultations with small and medium-sized businesses, and allows business users to:

  • create custom reminders for key CRA due dates related to instalment payments, returns, and remittances.
  • customize and tailor the reminder system for their personal business deadlines with either calendar or pop-up messages.”

mobile app

Free online course: Marketing Your Business on the Internet

Did you know the Vancouver Public Library offers free classes?

“This May and June take a free online course offered through VPL: Marketing Your Business on the Internet. In addition to the 6 week online course, meet up with fellow students four times to share ideas and work on projects. For more information and registration see our online events calendar: http://ow.ly/wvBP4

Check it out!