Compass CPA

02/23/2025

02/16/2025

Hello, tax season! This morning our personal tax mailouts went out to our personal tax clients through our workflow system, which allows clients to check off when their tasks are completed and receive periodic system-generated reminders until done.

We are also excited to have now launched Audit Shield, a new offering for Compass CPA clients to opt into with a world-leading insurance underwriter (Lloyds) through an insurance policy held by Compass CPA. Clients will start receiving information on this opt-in service very soon. You can read more here: https://compasscpa.ca/audit-shield

Also, stay tuned as more cutting edge offerings are also coming soon that we've been working to set up to help clients manage and automate all kinds of tax payments!

01/25/2025

Today Emily is joined by Mackenzie and Katrina to take a look at the new tax rules affecting AirBNB and other short-term rental hosts for the 2024 tax year. These new rules could mean no deduction against income for expenses incurred so you'll want to make sure you're always in compliance with local regulations to make sure you're not overpaying income taxes!

Check out the video below as well as the link to CRA's announcement here: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2025/changes-rules-eligible-deductions-short-term-rental-income.html

Side note - this is both Mackenzie's and Katrina's first ever video - GREAT WORK LADIES!!!

01/23/2025

As tax season approaches, it's crucial for small to medium-sized business owners to ensure their books are in order. Our latest article, "Bookkeeping Basics for Tax Time," offers practical tips to streamline your financial records and minimize stress. Key takeaways include:

Organize Financial Documents: Maintain accurate records of income, expenses, receipts, and invoices to facilitate a smoother tax filing process.

Separate Personal and Business Finances: Use dedicated business accounts to prevent confusion and maintain clear financial boundaries.

Leverage Technology: Utilize accounting software to automate tasks, reduce errors, and keep your books up-to-date.

Stay Informed About Tax Deadlines: Mark important dates on your calendar to avoid late fees and penalties.

Consult a Professional: Engage with a qualified accountant to ensure compliance with tax laws and optimize your tax strategy.

Implementing these practices can help you navigate tax time with confidence and set your business up for success. Read the full article here:

When you think about building a successful business, bookkeeping might not be the first thing that comes to mind. Yet, it’s one of the most critical aspects of running a business smoothly, especially at tax time. Accurate bookkeeping isn’t just about keeping your records tidy—it’s about crea...

01/19/2025

Profit does not equal cash flow. Cash flow is the number one killer of small to medium businesses. Check out our YouTube channel for the full video on Understanding your Financials.

https://m.youtube.com/watch?v=nU06bTrLZ1s

01/18/2025

https://compasscpa.ca/retirement-planning-to-protect-business-and-personal-wealth

Thinking about retirement? Check out our key takeaways from our latest article (linked above) as we look at smart strategies to maximize savings and minimize taxes:

💡Consider whether it makes sense to start with RRIF withdrawals:

Mandatory withdrawals are fully taxable—plan to avoid higher tax brackets.

Consider withdrawing early to reduce OAS clawback risks and optimize estate planning.

💼 Strategically tap into corporate savings:

Dividends and RDTOH can enhance overall tax efficiency. Plan for seamless wealth transfer with estate freeze or post-mortem strategies.

🌟 Maximize your TFSA and play the long-game:

Enjoy tax-free compounded growth and flexibility for emergencies.
Preserve its value for late retirement or estate planning.

📊 Plan for your future:

Thoughtful withdrawal strategies minimize taxes and extend savings.

Ensure your wealth aligns with your goals—for today and tomorrow.

11/09/2024

In our latest video, hear Compass CPA founder, Emily Mantle, share why Compass CPA exists and how we serve, support, and educate small to medium business owners in building the business of their dreams.

You can also check out a related written article, on why good records are the foundation of financial success: https://lnkd.in/guJ66DAP

10/16/2024

🎉 Celebrating a Milestone! 🎉

Today marks a special day as Heather celebrates her one-year anniversary with Compass CPA and we in turn celebrate Heather!

Heather's ability to guide clients through our bookkeeping process is nothing short of exceptional. Her approachable style and knack for simplifying technical topics for clients while leveraging cutting-edge technology make her a true asset to both our team and our clients.

Always rising to the challenge or task at hand, Heather truly elevates the Compass CPA team and our service offerings.

Heather, you've done incredible things in this first year and we are excited to see you continue to grow professionally in the years to come!

Thank you, Heather, for everything that you do!