Testimonials

Montie Foxwell

Thank you Michael and your team for being there each month with timely bookkeeping services. As a company involved in IT and new media, with corporate investors, you've shown you understand our business.

You have shown yourself to be more than just a vendor; as a partner that has an interest in the growth of our business. Start-ups and growing businesses could benefit from your commitment and expertise.

Montie Foxwell, Partner,
iBEAM Media, Marketing & Management Inc.

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Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

Managing Debts and Your Bottom Line

j0423062Paying your company debts is just as important as collecting your own accounts receivable, and they need just as much management.

The good thing is, you actually have a surprising amount of control over how and when your company's debts are paid and that provides several advantages.

First, you want to adopt good internal controls for the payment of your bills, so you need to reconcile both:

Purchase orders with the invoices and statements your vendors send, and

Accounts payable
subsidiary ledgers with the general accounts payable ledger.

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Tax Deductibility of Life Insurance Premiums

The question of whether premiums paid for life insurance can be deducted from income often arises in tax-planning exercises.

The rule is that life insurance premiums are considered to be capital outlays and not an expense incurred for the purpose of producing income from a business or property. Therefore  a deduction is usually disallowed.

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Tax News & Tips: 2009 Money Saving Strategies

There is no better time than at the start of the year to take actions that will minimize your tax bill. Here is a  few ideas to consider: 

Maximize contributions to your Registered Retirement Savings Plan (RRSP):

The contribution cap for 2009 is $21,000. And don’t forget, you still have until March 2 to max out your 2008 contribution room of $20,000. The sooner you contribute, the sooner the money starts growing  tax-free until you start to withdraw. Consider adding contributions to the usual monthly household payments you make. In return for your contributions you get a tax credit.

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Visit Us

We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
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Quotable

Abraham Lincoln

"Give me six hours to chop down a tree and I will spend the first four sharpening the axe."

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