Frequently Asked Questions

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Beck Ltd. FAQs

Your partner in long-term success. Helping individuals and businesses in Ottawa with clarity on accounting, bookkeeping, taxation and more. Fully equipped to serve you digitally, alongside our traditional service offering. Find out how Beck can help you.

 

Check out some of our frequently asked questions related to our services below. If you ever have any additional questions, dont hesitate to contact us!

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Table of Contents

Accounting

Business Advisory

Bookkeeping

Taxation

Corporate Tax

Personal Tax

Incorporation

PREC

Small Business Consulting

Financial Strategist

Accounting FAQs

Chances are the business you started revolves around something you’re passionate about or have skills in. All the business skills are something you’ve likely picked up along the way. As you grow your business, you want to make sure you’re optimizing every aspect of your business. With the help of an accountant, you can rest assured that you’re following all CRA tax rules year-to-year. The biggest benefit of working with an experienced accountant is that you can focus on the other parts of your business we’re sure you enjoy more!

 

Let our team at Beck Ltd. handle all your accounting and finance needs. Book a consultation to get started with our accounting services in Ottawa.

Our best recommendation is to keep some kind of digital record. Cloud accounting software is a reliable and convenient way to do so. You will be able to access your digital records from anywhere and they’ll be protected in cases of a disaster. Digital records are also easy to share within your internal organization and with an external accountant, like Beck Ltd.

 

We offer cloud accounting services and can help you get started with virtual record keeping. Contact us today to get started.

Yes, we do! We know firsthand how busy business owners can get. It’s not always easy for you to take the trip across town for a meeting – and that’s okay! With our cloud accounting services, we’ll set you up with our platform so that you can have access to your accounting and financial information in real-time. You can book meetings with our team virtually without having to worry about whether you have the most up-to-date file on hand.

 

Contact our team to get started with our cloud accounting services in Ottawa.

When you decide to start a business, you probably felt like it was necessary for you to wear many hats. However, there comes a time when you should consider working with an accountant to help you organize your finances so you can make informed decisions to grow your business. It’s time to hire an accountant when you feel overwhelmed by the demand of financial responsibilities, you are falling behind on accounting needs, or neglecting other areas of your business.

Work with Beck Ltd. to meet all your accounting needs. To get started with our services, contact us today!

Business accounting services can cover a wide range of tasks, such as bookkeeping, which entails keeping accurate financial records and recording financial transactions; preparing financial statements, which give an overview of a company’s financial health; managing accounts payable and accounts receivable, which entails keeping track of and managing the money a business owes to suppliers and the money a business receives from customers; budgeting and forecasting, which entails making financial plans for the future; tax planning and preparation; payroll management; managing employee compensation and benefits; and financial analysis, which entails examining financial data in order to make wise business decisions.

Businesses should regularly update their financial records, ideally daily or weekly. Making informed company decisions requires accurate and current financial records, which are ensured by doing this. In some circumstances, such as during a busy season or in the case of a large financial event, such as a merger or acquisition, businesses may need to update their financial records more often.

By taking part in professional organizations, reading trade magazines, and attending continuing education seminars, business accountants keep up with the constantly evolving tax rules and regulations. Many accounting companies also have access to specialist databases and software that can help them keep up with changes in tax rules and regulations. Businesses must keep abreast of tax rules and regulations to maintain compliance and reduce their tax liability.

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Business Advisory FAQs

The roles of a business consultant can vary depending on the size of your business and the goals you’re looking to achieve. At Beck Ltd., our business consulting services provide information, insights, and recommendations related to your finances that will help you make the right decisions for your business. Whether you’re just starting your business or you’ve been in business for years, our team is here to provide you with a fresh perspective.

 

To get started with our business consulting and advisory services, contact our team today!

A business consultant and a business coach sound like they are the same thing, but there are key differences to note! Business coaches work with business owners to help them become successful leaders and build better companies. However, a consultant focuses on helping to make improvements to processes and practices within a business.

Through our business consulting and advisory services, we’ll help you plan and protect the future of your company and help you grow your business successfully.

 

Contact us today to get started!

Deciding to hire a consultant is a different thought process for every business owner. However, some common questions you should ask yourself when deciding whether to hire a business consultant are:

 

  • Do you lack the expertise needed to grow your business?
  • Are you struggling to understand the areas of your business that need to improve?
  • Are you and your business partner disagreeing on where to take your business next?

 

If you answered yes to any of these questions, a consultant can help you! Work with Beck Ltd. to grow your Ottawa business.

At Beck Ltd., our consultants work with new businesses, existing businesses, and full business partners. For new businesses, we work with entrepreneurs to turn their side hustle into their main business. If you have an existing business, we’ll be able to provide you with additional analysis for business decisions regularly. If you have an idea, we can help you launch your business by helping you with the numbers and planning.

 

Ready to start a new business or take your existing one to a new level, contact our team!

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Bookkeeping FAQs

There are a few key benefits of bookkeeping for small businesses. Mainly, bookkeeping allows you to keep your books up-to-date which is crucial in cases where your business is audited. Bookkeeping also makes it easier for accountants to analyze and plan financial strategies. As well, it saves time during tax season since everything is updated throughout the year!

 

Keep your books up-to-date with the help of our experts at Beck Ltd. Contact us today to get started.

When starting a business, it’s not uncommon for the owners to wear a lot of hats. This often includes taking on the responsibility of bookkeeping. However, there comes a time when your business is growing and it all just becomes a bit too complex for you to handle on your own. When that happens, working with our team at Beck Ltd. will help you get back to the parts of your business that you love the most.

Here are a few signs to look out for that mean it’s time to hire a bookkeeper:

 

  • It’s taking up way too much of your time
  • You’re falling behind on bookkeeping responsibilities
  • You’re missing or cutting it close around important tax deadlines
  • Stress takes over your life around tax season

 

To get started with our bookkeeping services at Beck Ltd., book a consultation for our services.

Yes, we do! At Beck Ltd., we understand how busy it can get when running a business. This is why we gladly offer our services online or in-person. We also have a cloud platform we use to keep track of accounts digitally. This way, you have access to your financial data whenever and wherever you need it.

 

Contact us to get started with our bookkeeping services in Ottawa and surrounding areas!

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Taxation FAQs

As a self-employed individual, you can deduct various business-related expenses to reduce your taxable income. Office supplies, company travel expenditures, advertising charges, expert fees, and insurance premiums are a few examples of common deductible expenses.

 

Additionally, if you have a designated home office, you might be eligible to deduct a percentage of your home expenses. However, it’s crucial to confirm that these costs are acceptable and closely associated with your self-employed business operations.

 

You can figure out which expenses are deductible in your circumstance by keeping good records and seeking advice from a tax expert. Contact our experts at Kelly Beck to get started.

Keeping proper records is crucial for self-employed individuals to accurately report income and claim deductions. All business-related transactions, including sales receipts, invoices, bank statements, and expense receipts, should be kept in orderly records. The date, quantity, and reason for each transaction should be made explicitly obvious in these records.

 

Additionally, it’s crucial to maintain track of contracts, business-related mileage, and any other pertinent legal paperwork. You can support your tax returns, show that your deductions are valid, and be ready for an audit by keeping thorough records.

The taxation of an individual’s income, such as earnings, salaries, investment gains, and rental income, is referred to as personal tax. It applies to people who are working and have income from a job or another source outside self-employment.

 

On the other hand, self-employed tax is exclusive to those who work for themselves and derive their income from their entrepreneurial endeavors.

Various fines and repercussions may be imposed for tax law violations. Fines, interest charges on unpaid taxes, and even legal action in serious cases of tax evasion are some examples of these punishments. The specific penalties depend on the nature and severity of the non-compliance.

 

To maintain compliance with tax legislation and prevent potential penalties, it’s essential to fulfill tax duties on time, accurately record income, and get advice from a tax expert. Contact Kelly Beck Tax and Accounting today to get started!

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Corporate Tax FAQs

Resident corporations

All corporations must submit a T2 return for each tax year, even if there is no tax owed. This includes inactive corporations, tax-exempt corporations, and non-profit organizations. The only exceptions to this law are Hutterite colonies, tax-exempt Crown companies, and businesses that were registered charities throughout the year.

 

Non-resident corporations

A non-resident corporation must submit a T2 return if they engaged in commercial activity in Canada, realized a taxable capital gain, or sold a taxable property in Canada at any time during the year. It’s crucial to remember that this responsibility still applies even if the corporation asserts that any earnings or gains realized are exempt from Canadian income tax as a result of a tax treaty. Therefore, the corporation is not needed to submit a T2 return in such circumstances if the disposition complies with all the requirements.

 

Contact Beck Tax and Accounting today to schedule a consultation and take the first step towards stress-free corporate tax filing.

The Schedules and the General Index of Financial Information (GIFI) are also included with the T2 form. Schedules provide the CRA with additional details regarding your corporation’s tax return and related filings. They include:

  • Information schedules: general information and those relating to transactions
  • Calculation schedules: net income, taxable income, deductions, taxes, and credits

 

GIFI is the standard list of codes used to prepare financial statements.

 

Get personalized attention and support for your business’s unique tax needs with Beck Tax and Accounting. Work with us.

After each tax year’s end, you have six months to file your return. An organization’s fiscal year corresponds to its tax year.

 

You have to file the return by the last day of the sixth month after the end of the tax year when the corporation’s tax year ends on the last day of a month.

 

You should file the return by the same day of the sixth month after the end of the tax year when the last day of the tax year is not the last day of a month.

 

Need help with complex corporate tax filings? Beck Tax and Accounting have the expertise you need. Contact us today.

When filing your corporate tax, you will need to gather the following information:

 

  • Company name and address
  • The Business Number issued by the Canada Revenue Agency
  • Statements of income and balance sheets filed with the General Index of Financial Information
  • The company’s main activities and sources of income (investment income, etc.)
  • Whether the company performs its activities or owns property abroad
  • Whether you conduct activities in other Canadian provinces
  • Whether the company received or paid dividends
  • Any acquisition or disposal of fixed assets

 

You must also have all company shareholders and authorized corporate signatory shareholders’ first and last names, addresses, and countries of residence if you are a major corporation with shareholders. Also, you need to provide information if the company is affiliated with other businesses or if its stockholders own shares in other corporations.

 

Stop stressing over taxes and start optimizing your business’s financial health with Beck Tax and Accounting’s corporate tax services. Reach out to us today.

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Personal Tax FAQs

A personal tax service is a professional service that assists individuals in managing their tax obligations. It involves tax experts who are familiar with tax laws, rules, and deductions.

 

A personal tax service can assist you in navigating the complexities of the tax system, regardless of whether you are an employee, self-employed, or have complicated financial circumstances. They offer knowledge in tax preparation, tax planning, and ensuring legal compliance.

 

By utilizing our personal tax service at Kelly Beck Tax and Accounting, you can save time, reduce stress, and potentially uncover tax-saving opportunities that you may have overlooked on your own.

To get started with Kelly Beck’s personal tax service, you can either use our contact form, call us, or come to our offices.

 

We will walk you through the procedure and respond to any queries you may have. In order to determine how our service can best help you, we often collect information about your financial condition and tax requirements.

 

After that, our team will work with you to make sure the onboarding process runs smoothly, go over the services we offer, and give you an outline of our costs and timelines.

We are aware of how critical data security and protecting the privacy of your personal information are. We have put in place strong security measures to safeguard your information as a respectable personal tax service.

 

To stay ahead of any risks, we monitor and upgrade our systems frequently. To further guarantee that only authorized individuals have access to your data, we also have stringent internal regulations and access controls. You can have peace of mind knowing that your data is handled with the highest confidentiality and stored securely in accordance with applicable privacy regulations.

Generally, we need specific paperwork and information from you in order to efficiently prepare your tax return and maximize deductions. These may include:

 

  • Personal information: Your full name, SIN number, date of birth, and contact details.
  • Income statements
  • Deduction and credit information
  • Records of investments
  • Business-related information
  • Previous year’s tax return
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Incorporation FAQs

Incorporating a business offers several advantages. One key reason is that it provides limited liability protection. When you incorporate your business, it separates from its owners and becomes an independent legal entity. Due to this division, the company’s liabilities and legal commitments are typically restricted to its assets, safeguarding the owners’ personal assets.

 

Additionally, incorporating can improve your company’s professionalism and reputation, increasing its appeal to clients, business partners, and investors.

 

Additionally, it creates a transparent framework for corporate ownership, administration, and decision-making, which can aid in planning for expansion and succession.

Yes, in most cases, you can choose a business name of your choice when incorporating your business. There are, however, a few rules and recommendations to follow. The name you choose must adhere to the laws and specifications established by the jurisdiction in which you intend to incorporate.

 

The name should typically be original and unique in the field or region. Additionally, it must not violate any trademarks and must not mislead the general public.

 

It is advisable to conduct a thorough name search and consult the experts at Kelly Beck to ensure compliance and availability of the chosen business name.

Incorporating your business can potentially offer tax benefits. There are a few general benefits, albeit the specifics may vary depending on the business structure. For instance, businesses could be able to write off a greater range of business expenses, including benefits for workers, travel costs, and some charges directly relevant to their operations. Additionally, they might have access to government tax breaks and incentives that support initiatives like job creation or research and development.

 

Get in contact with our Ottawa incorporation experts to get all your questions answered.

You must abide by local, state, and federal laws if you choose to incorporate your small business. These rules include financial issues, such as how you declare your income and how you pay dividends to shareholders. Compared to other forms of entities, corporations are taxed differently.

 

A certified public accountant like Kelly Beck can guide you through the complex financial compliance issues of business incorporation in Ottawa.

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PREC FAQs

Each PREC must only have one single real estate agent associated with it who has complete control over the PREC. A group of realtors cannot form a PREC together. You also are not allowed to make another realtor a shareholder of your PREC.

 

If you have more questions about setting up a PREC and how our team can help, contact us today!

Like any business decision, there are benefits and drawbacks. Whether it’s a good idea for you to set up a PREC depends on how you want to run your business. PRECs cost more to start and maintain, but they have many benefits related to tax deferral, tax deductions, income splitting, and more.

 

Our team at BECK Ltd. can help you determine whether you’re in the best financial position to set up a PREC as a realtor. To get started, contact our team.

You can potentially split the business income to achieve certain tax benefits by paying dividends to members of your family (18 years of age or older) who are actively involved in the business. You are required to make your family members shareholders of your PREC in order to pay them dividends. For instance, the lower-income family member can transfer the dividend to the higher-income family member, who may be able to use the tax credit for dividends and save tax.

 

If you’re interested in setting up a PREC as a realtor in Ottawa, contact our team to get started.

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Small Business Consulting FAQs

Cost Savings

When you work with a consultant, you only pay for the services you use. Compared to engaging a salaried staff with the same degree of skill to carry out equivalent duties, this can result in significant savings. Consultants can assist you to cut costs by identifying areas where you are already spending more than necessary.

 

Time Savings

Consultants have experience; therefore, they are already familiar with best practices. At Beck Accounting and Tax, our small business consultants can look at a client’s manufacturing process and spot inefficiencies very quickly. With a consultant, business owners don’t have to waste time doing things that could be done by a skilled contractor.

 

Objectivity

The outside perspective that consultants offer to corporate obstacles can be valuable. In family-run enterprises, where dynamics may be different, the consultant’s objectivity can be particularly crucial.

 

Let our team at Beck Ltd. handle your business consulting needs. Book a consultation to get started in Ottawa.

Choosing the right consultant for your business can be tricky if you don’t know what to look for. Choose a consultant who has a track record of producing results.

 

Have a look at our website or reach out to us to ask questions about;

  • Which businesses have we worked for?
  • What are our educational background and qualifications?
  • How long have we been in business?

 

At Beck Accounting and Tax, we will provide you with information that will help ensure that your chosen consultant is a qualified expert who will provide concrete results. Contact us today to get started.

We work with many businesses in a variety of industries including but not limited to:

  • Construction
  • Architecture
  • Engineering
  • E-commerce
  • Financial services
  • Medical services
  • Professional corporations
  • Real estate
  • Restaurants
  • Technology
  • Transportation
  • Trucking etc.

 

Our team at Beck Ltd. is here to help you identify key issues, and opportunities and combat any threats to your small business. Contact our team in Ottawa to get started.

Before starting any project, we provide our clients with a cost estimate that won’t be exceeded. Nobody loves surprises; therefore, we work with our clients to understand their unique business needs before outlining our strategy and the costs involved in implementing those ideas.

 

Work with Beck Ltd. to meet all your accounting and business consulting needs. To get started with our services, contact us today!

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Financial Strategist FAQs

It’s critical to choose a financial strategist who has the training and experience necessary to meet your unique requirements. To be sure they have the abilities and knowledge to assist you in achieving your financial goals, enquire about their education, certifications, and professional experience.

 

Financial strategists have a range of academic and professional experiences. Many of them hold advanced degrees in business, accounting, finance, or economics. A strong foundation in financial theory, analysis, and research methodologies is provided by a degree in finance or a closely related discipline. These are crucial skills for financial strategists.

A variety of services are offered by financial strategists to assist people and businesses in better managing their finances. Here are a few instances:

 

  • Financial Planning: The process of financial planning includes developing a thorough strategy that considers a client’s objectives, risk tolerance, and present financial condition.

 

  • Investment Management: Investment management entails managing a portfolio of investments (stocks, bonds, etc.) on behalf of a client. 

 

  • Tax Planning: Planning for taxes entails creating plans to reduce tax obligations and increase tax effectiveness.

 

  • Risk Management: Risk management entails determining and controlling the risks involved in financial transactions and investments.

 

  • Estate Planning: Estate planning entails developing a strategy to control and distribute assets in the case of a person’s passing or disability.

 

  • Debt Management: Creating a plan to manage debt, lower interest rates, and raise credit scores is the essential whole of debt management.

A crucial choice that could significantly affect your financial destiny is selecting the best financial strategist. The following elements should be taken into account while picking a financial strategist:

  • Competencies and Experience: Find a financial strategist that has the training and experience necessary for your particular needs. Think about things like their training, credentials, and work experience.

 

  • Reputation and Dependability: Choose a financial strategist who has a strong standing in the sector. Organizations like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or the Certified Financial Planner Board of Standards are good places to examine a financial strategist’s credentials and reputation.

 

  • Skills in Communication: Select a financial strategist who has the ability to explain difficult financial ideas in a straightforward manner. A professional financial strategist should be able to answer any questions you may have and be able to explain financial ideas in a way that you can grasp.

 

  • Personal Relationship: Choose a financial strategist with whom you can establish a personal relationship and a sense of comfort. Someone you can trust and feel at ease disclosing your financial condition makes a good financial strategist.

 

  • Fee Schedule: Think about the financial strategist’s charge schedule. It’s crucial to comprehend how financial strategists are paid for their services because different ones may have varying costs. While some financial strategists may bill a flat amount, others might bill a portion of the assets they manage.

There are many advantages to working with a financial strategist, including:

 

  • Knowledge and Expertise: Financial strategists are equipped with the knowledge and skills to support their clients in making wise financial decisions.

 

  • Individualized Approaches: Financial strategists collaborate with clients to create tailored financial plans that take into account their unique objectives, level of risk tolerance, and financial status.

 

  • Risk Management: Clients receive assistance from financial strategists in managing the risk involved in their investments and financial choices.

 

  • Accountability and Discipline: Clients can receive support from financial strategists in maintaining the discipline and accountability necessary to attain their financial goals. 

 

  • Time Savings: By outsourcing financial management duties like portfolio management, tax preparation, and retirement planning, customers who work with a financial strategist can save time.

 

  • Improved Financial Outcomes: Improving financial results is the ultimate objective of working with a financial strategist. Whether the client’s financial objectives are increasing wealth, paying off debt, or preparing for retirement, a well-designed financial plan can assist them in achieving these objectives.
Kelly Beck, accountant, reviewing reports for clients

From Filing a Tax Return to Helping Your Business Grow, Beck is Here for You!