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Hiring Credit for Small Business –

Expansion and Extension of Hiring Credit The hiring credit for small business(“HCSB”) was introduced for the 2011 and 2012 tax years. It is being extended for a further one-year term expiring December 31, 2013. This temporary credit will provide up to $1,000 against...
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Retail Inventory Management

The retail industry is extremely competitive and one of the biggest challenges for any retailer is inventory management. Too much inventory causes cash flow issues and leads to other unnecessary costs whereas too little inventory increases the risk of losing potential customers...
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Cash Flow 101

Accrual based accounting provides for an income statement showing profit as it contains all earned income and the expenses relating to earning that income. However, it doesn’t necessarily indicate that the profit is now in your bank account. Some investors and business...
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Congratulations to Amanda Hesselgrave

Congratulations to White Kennedy Staff Accountant, Amanda Hesselgrave on her recent graduation from Okanagan College with a Bachelor of Business Administration.  In addition to her degree, Amanda was honoured with two very impressive awards: 1. Silver Governor General’s Academic Medal Presented to...
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Cash versus Accrual

Most businesses must compute income on an accrual basis. This means that income is reported as it is earned and expenses are deducted as they accrue. However, farmers have the option of using the accrual method or the cash method. Under the...
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Mike Doherty Appointed to ICABC Council

Congratulations to White Kennedy Partner, Michael P. Doherty on his recent appointment to the Council of the Institute of Chartered Professional Accountants of British Columbia. “Michael is an invaluable member of both his community and the CA profession,” said Karen Christiansen, FCA,...
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Accounting Tips for Small Business

All businesses operating in Canada, from multinational corporations to the smallest start-up, are required to keep business records recording their income, expenses, and, ultimately, the profits on which they will be taxed. Traditionally, such records were kept in paper format, through ledgers and journals...
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Changes to Canada Pension Plan (CPP)

Are you 65, working and still contributing to Canada Pension Plan (CPP)? You don’t have to. The rules for contributing to Canada Pension Plan changed in 2012 and the changes are significant. ELECT NOT TO MAKE CPP CONTRIBUTIONS? Starting in 2012, if...
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