SCARROW YURMAN & CO - Just another WordPress site

Sep 18 2019

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Introducing: Plooto!

No, it’s not a planet. But if you’re a small business owner, Plooto may just change your world. Plooto is a cloud-based technology that allows you to streamline repetitive, monthly bookkeeping tasks so you have more time to grow your business. When you connect Plooto to your cloud accounting software

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Aug 20 2019

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Cloud-Based Payroll Apps – TO THE RESCUE!

We all enjoy getting paid. However, the process to ensure everyone gets paid accurately and on time can be a challenge. If payroll is part of your responsibilities, then you know what we’re talking about. Chained to your desk for hours, struggling to keep up with compliance rules, stressing to

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Jul 30 2019

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Goodbye “Old School” Data Entry – Hello Hubdoc!

Are you up to your eyeballs keeping track of receipts, invoices and bank statements? Business owners know that the CRA requires these supporting documents to be in order in the event of an audit. However, the time it takes to gather and input all this information throughout the year can

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Jun 12 2019

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What is Cloud Accounting

Cloud accounting software is similar to desktop-based solutions, only they are hosted on the “cloud”. This means users will have access to their data from anywhere that has an Internet connection, and from any device – including laptops, smartphones, and tablets. Why should you adopt it? One great reason is

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May 21 2019

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Should You Steer Clear of Company Owned Vehicles?

It depends on how much business driving you do. In cases where business use is minimal, a company owned vehicle is simply a tax nightmare. The Bumpy Ride from Phantom Income On company owned vehicles, CRA imputes phantom income to the employee as follows: Standby Charges – Calculated with reference

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Apr 09 2019

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The Many Hats of Small Business Owners

If you’re the owner of a small business, to say you multi-task is an understatement! The various “hats” you wear can include accounting, marketing, information technology and human resources – which aren’t exactly small tasks in themselves. If you’re feeling overwhelmed by the constant juggling act, out-sourcing your accounting functions

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Mar 20 2019

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Tax Season – Four Steps to Help You Get Organized

It’s hard to believe that we’ve entered another personal tax season. In fact, April 30th is just 42 days away! To make tax season as stress free as possible, here are four steps to help you get organized. STEP #1 – READ YOUR PERSONAL TAX LETTER A few weeks ago,

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Feb 07 2019

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Seniors – The Good, The Bad, and The Blogs

So, you’ve finally entered your “golden years”. It’s a time to enjoy the perks of turning 65 – senior’s days, passes and discounts. You now have more time to spend either with your family, in your garden, or mastering what was once only a hobby. To be realistic though, it’s

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Jan 21 2019

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New Tax Breaks for Equipment Purchases

If your business is considering purchasing office equipment, vehicles, computers, practically any capital asset – we have fantastic news! The Department of Finance announced that as of November 20, 2018 tax depreciation rates have TRIPLED from the previous rates. If you think that’s a nice perk, check this out! As

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Dec 18 2018

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CRA – The Dark Side

Is it really surprising that many fall victim to fake CRA collection calls? You know,the ones demanding payment or the CRA will either arrest you or launch a lawsuit against you – even repossess your home. With over 30 years of dealing with the CRA, their “Dark Side” has become

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Nov 14 2018

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Bookkeeping – Working Smart

Bookkeeping is not just entering transactions, reconciling your bank statement and saying, “I’m done!” Bookkeeping lays the foundation for everything that is extracted from your financial data, and business owners deserve data they can trust. Good bookkeeping does require work, but working smart now saves time, money and headaches later.

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Oct 17 2018

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TFSAs – Do You Have Room?

In November 2016, we blogged about Tax Free Savings Accounts. Since inception, CRA has been auditing TFSA accounts and this has resulted in penalties to taxpayers who have unknowingly over-contributed. How can you be sure you have room for your TFSA contributions? Here are some tips. Understand TFSA Withdrawals Let’s

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