Salary vs Dividends: How to Pay Yourself as a Business Owner
As a business owner, one of the key things to consider is how you are going to pay yourself. Deciding between paying yourself a salary or receiving dividends can be difficult. There is a common misconception that dividends are always subject to lower tax rates as they are investment income, not ‘earned’ income. However, the […]
When to Hire an Accountant for a Small Business
As a small business owner, you’re likely wondering when to engage a professional accountant. Hiring an accountant for a small business can seem like something to put off, as you may not feel in a comfortable position to start hiring consultants. However, accountants should be one of the earliest professionals you work with as they […]
How Do You Evaluate the Net Worth of a Business?
Evaluating the net worth of a business can be difficult. How you evaluate a business depends entirely on the tangible and intangible assets of the company. There are many reasons to undergo a business valuation. Read our blog to learn more about why you may need a business valuation, how a business is evaluated, and […]
What does it mean to scale your business?
Deciding if you can scale your business can be a challenge. As a business owner, it can be difficult to know what exactly it means to scale your business, and whether or not growth will be sustainable for you. Gallo LLP can provide you with financial insights into your business to know whether or not […]
The Most Important Self-Employed Tax Deductions
As a self-employed individual and small business owner, you are likely looking for the most important expenses to keep track of that can be deducted from your taxes. If you’re self-employed, read this blog to learn what the most important tax deductions are and how Gallo LLP can help you win in business! What Does […]
14 Ways to Get a Bigger Tax Refund
As our T4s and other tax documents come in, you’re likely wondering how you can get as large of a tax refund as possible. At Gallo LLP, we go over every single document to make sure you have claimed everything you can and receive a bigger tax refund. How are personal income tax refunds calculated? […]
What Happens If You File Taxes Late
Many Canadians wonder every year what would happen if they file their taxes late. Tax season can be a stressful time. Whether you’re worried about getting all your documents in place and filing on time, or you are worried about taxes you owe, the potential consequences of filing taxes late can be a weight on […]
How Early Can You File Your Taxes [2021]
Tax season can be a stressful time. If you’re looking to get your taxes over with and file as soon as possible, you’re not alone! You can file your taxes as early as you like, so long as you have all the necessary documents and information collected. Read our blog on how early you can […]
CSRS 4200 In Effect
There is a new Compilation Engagement reporting standard, also known as the Canadian Standard for Related Services (CSRS) 4200, effective for compiled financial information for periods ending on or after December 14, 2021. This standard updates Compilation Engagement requirements from acceptance of the engagement to reporting that will affect practitioners, clients, and third-party users of […]
Gallo LLP is one of Edmonton’s Best Accounting Firms
The popular website ‘Best in Edmonton’ has placed Gallo LLP on the list of best accountants in Edmonton. We can’t help but agree! The website uses a combination of business references, reviews, and overall public opinion to put together the list of the best in Edmonton. Gallo LLP is proud to be on this list […]