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Member of the Institute of Professional Bookkeepers of Canada
For T1 income tax returns see our Other Services
 
Welcome to Crimson Enterprises, your small business bookkeeping solution. We specialize in helping new ventures become operational and existing small business owners to concentrate on their business.

We provide full cycle bookkeeping services using Simply Accounting, onsite at your location or offsite using our facilities.
  We offer:
    New Company Setup
    Accounts Receivable
    Accounts Payable
    Payroll
    General Journal Entries
    Bank Reconciliation
    Organization of Paperwork
  We prepare government remittances:
    GST/HST Returns
    WCB Returns
    Payroll Withholding Tax Returns
    Construction T5018 - Statement of Contract Payments
    T-slips and Summaries (T4, T4A, T5)
  We provide financial reporting:
    Balance Sheets
    Income Statements
    Trial Balance
    Aged Receivables
    Aged Payables
 

Useful Information

Meals and Entertainment
You cannot claim the whole amount you spend on Meals and Entertainment. The Canada Revenue Agency (CRA) allows only 50% to be claimed as an expense. That also applies to the GST.


Long-haul truck drivers are allowed 65% for 2008 with the allowance increasing by 5% per year until it reaches 80% in 2011.

Mileage Allowance
2016:

54¢ per km for 1st 5,000 km
48¢ per km above 5,000 km
2015:

55¢ per km for 1st 5,000 km
49¢ per km above 5,000 km

Conventions
As an attendee, not a participant, you are restricted to two (2) conventions that relate to your business, per year. Expenses for more than two are not allowed.

Expenses
If you’re not sure if something is a valid expense, think back to when you worked for someone else’s company. Would you have been able to submit an expense claim for the purchase? If you’re still not sure, keep the receipt, mark it with a “?” and discuss it with your bookkeeper.

Records
You must keep your records for at least 6 years. That’s not just your manual or computerized journal entries, but all the receipts and paper backup.


Doing what we do best so that you can do what you do best


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