Lira Tax & Accounting

Lira Tax & Accounting We provide reliable tax and accounting services for individuals and businesses.

From tax filing to bookkeeping and financial advice, we help you stay organized, compliant, and focused on your financia

📊 Understanding the Three Financial Statements Every Business Owner Should KnowStrong financial management starts with u...
05/29/2026

📊 Understanding the Three Financial Statements Every Business Owner Should Know

Strong financial management starts with understanding the three core financial statements that tell the story of your business.

✅ Balance Sheet
Provides a snapshot of your company’s financial position at a specific point in time. It shows what your business owns (assets), what it owes (liabilities), and the owner’s equity.

✅ Income Statement
Measures profitability over a period of time by reporting revenue, expenses, and net income. It helps business owners evaluate performance and make informed decisions.

✅ Cash Flow Statement
Tracks the movement of cash through operating, investing, and financing activities. A profitable business can still face cash flow challenges, making this statement essential for maintaining liquidity and long-term stability.

💡 Key Insight:
The Balance Sheet shows your financial position, the Income Statement shows your profitability, and the Cash Flow Statement shows how cash moves throughout your business. Together, they provide a complete picture of financial health and support better business decisions.

At Lira Tax & Accounting, we help business owners understand their financial reports, improve cash flow management, and make confident financial decisions for growth.

📞 +1 437-421-7171
📞 +1 800 666 8138
🌐 www.liratax.ca
📧 [email protected]

05/29/2026

🌅🛶 A secure retirement means more time for what you love.

Planning now can help make that future a reality 📋📅

Visit the Retirement Hub to get started ⬇️
www.canada.ca/retirement-hub

💡 Multiple income streams can create stronger financial stability and long-term growth.Understanding different sources o...
05/18/2026

💡 Multiple income streams can create stronger financial stability and long-term growth.

Understanding different sources of income helps individuals and businesses build smarter financial strategies and reduce financial risk over time.

Here are 4 important types of income:

1️⃣ Earned Income
Income earned from jobs, salaries, or active work.

2️⃣ Profit Income
Revenue generated from businesses or side ventures.

3️⃣ Portfolio Income
Income from investments such as dividends, stocks, or rental properties.

4️⃣ Passive Income
Earnings that continue with minimal daily involvement.

Building more than one source of income can support better financial planning, stronger cash flow, and future financial freedom. 📈

At Lira Tax & Accounting, we help individuals and businesses with accounting, bookkeeping, tax planning, and financial guidance to support long-term success.

📞 +1 437-421-7171
🌐 www.liratax.ca

05/17/2026

Do you receive the Old Age Security (OAS) pension and have a low income?

You may be eligible to receive the Guaranteed Income Supplement (GIS)!

GIS eligibility is income‑based. When applying, you must report your income and, if applicable, the income of your spouse or common-law partner.

Check out our convenient chart for current income thresholds. 👇

➡️ Learn more about GIS and how you can apply: https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/guaranteed-income-supplement.html

05/17/2026

Enjoy your holiday long weekend & follow these tips to beat the heat!

Get more tips: toronto.ca/community-people/health-wellness-care/health-programs-advice/hot-weather/

🚀 Thinking about starting your own business?Every successful business begins with a clear plan and the right steps. From...
05/17/2026

🚀 Thinking about starting your own business?

Every successful business begins with a clear plan and the right steps. From choosing a business idea to registering for taxes, building a strong foundation is essential for long-term success.

📌 Key steps to start a small business:

✔ Choose your business idea
✔ Select the right business location
✔ Create a business plan
✔ Register your business
✔ Apply for licences and permits
✔ Open a business bank account
✔ Get business insurance
✔ Build your team and launch confidently

Starting a business can feel overwhelming, but proper planning makes the process easier and more organized.

At Lira Tax & Accounting, we help entrepreneurs and small businesses with business registration, bookkeeping, tax filing, payroll, and financial guidance to support growth from day one.

📞 +1 437-421-7171
📞 +1 800 -666 -8138
🌐 www.liratax.ca

💼 LOAN vs EQUITY — Which Financing Option Fits Your Business Best?Choosing between a loan and equity financing is more t...
05/15/2026

💼 LOAN vs EQUITY — Which Financing Option Fits Your Business Best?

Choosing between a loan and equity financing is more than just a money decision. It can impact your ownership, cash flow, business control, and long-term growth strategy.

🔹 Loan Financing
• Funds are borrowed and must be repaid
• Regular interest payments are required
• Business ownership stays fully with you
• Structured repayment terms apply
• Typically lower risk for lenders

✔ Best for business owners who want to keep full control while managing scheduled payments.

🔹 Equity Financing
• Investors provide capital in exchange for ownership
• No fixed repayment obligation
• Profits may be shared with investors
• Investors can receive voting rights
• Higher risk but greater growth potential

✔ Best for businesses looking to scale without immediate repayment pressure, while accepting shared ownership.

📌 In simple terms:
Loan = More ownership control + More financial commitment
Equity = Shared ownership + Reduced repayment burden

At Lira Tax & Accounting, we help businesses make informed financial decisions with professional accounting, tax, and advisory support.

📞 +1 437-421-7171
📞 +1 800 666 8138
🌐 www.liratax.ca

Accounting offers many career paths, and each role plays an important part in helping businesses grow and stay financial...
05/08/2026

Accounting offers many career paths, and each role plays an important part in helping businesses grow and stay financially strong.

Here are 5 important types of accountants every business should know about:

Financial Accountant
Prepares financial statements and reports to track business performance.

Management Accountant
Supports planning, budgeting, and business decision-making.
Auditor

Reviews financial records to ensure accuracy and compliance.

Tax Accountant
Handles tax preparation, tax planning, and CRA compliance.

Forensic Accountant
Investigates financial fraud, theft, and irregular activities.

Whether you are a business owner, student, or future accounting professional, understanding these accounting roles can help you make smarter financial decisions and build a stronger career path.

At Lira Tax & Accounting, we help individuals and businesses with professional accounting, bookkeeping, tax filing, payroll, and financial support services across Canada.

Contact us today:
📞 +1 437-421-7171
🌐 www.liratax.ca

05/02/2026

Know anyone who has opened a GST/HST business account recently?

They may get a call from us to remind them of their new tax obligations. These automated phone calls will not request personal info. ➡️ https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/file-gst-hst-return/reporting-requirements-deadlines.html?utm_source=Social_media&utm_medium=Twitter&utm_campaign=No_Signature_Corporate_item+CVB+Educational_initiative&utm_content=2025-07-17_1257

[Image description: A person is looking at their phone against a clear blue sky. The text on the image reads: "New GST/HST business account?"]

Address

3000 Danforth Avenue
East York, ON
M4C1M7

Opening Hours

Monday 9am - 10:30pm
Tuesday 9am - 10:30pm
Wednesday 9am - 10:30pm
Thursday 9am - 10:30pm
Friday 9am - 10:30pm
Saturday 9am - 10:30pm
Sunday 9am - 10:30pm

Telephone

+14374217171

Website

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