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-   -   the government can be so frustrating (http://www.canreef.com/vbulletin/showthread.php?t=125512)

Scythanith 03-15-2018 05:15 PM

Quote:

Originally Posted by 604reefer (Post 1025344)
About a year ago I tried Quickbooks online... quickly discovered you couldn't export your data and nixed that stat. Locked in forever at that point.

What are you looking to export? I can export directly to excel if I want.

https://photos.smugmug.com/photos/i-...KKSczhk-Th.png

https://photos.smugmug.com/photos/i-...-7tqr6r8-M.png

e46er 03-16-2018 10:04 PM

Quickbooks online reports are always a little iffy
I’ve switched to sage and it’s been much better.
I think the version I got is ~$600 a year

Scythanith 03-16-2018 10:35 PM

I pay $10/month and my accountant loves it.

Myka 03-17-2018 09:35 PM

Quote:

Originally Posted by e46er (Post 1025438)
Quickbooks online reports are always a little iffy
I’ve switched to sage and it’s been much better.
I think the version I got is ~$600 a year

You have the payroll version then. I work that out myself and save $600 /yr. They do a promo where you can try out the payroll add-on for 90 days so I messed around with it and figured out the formulas it was using. Easy peasy.

spit.fire 03-17-2018 09:39 PM

Quote:

Originally Posted by Myka (Post 1025467)
You have the payroll version then. I work that out myself and save $600 /yr. They do a promo where you can try out the payroll add-on for 90 days so I messed around with it and figured out the formulas it was using. Easy peasy.

Lol care to share the formulas haha, haven’t found an accountant to date yet

Myka 03-18-2018 04:49 AM

Quote:

Originally Posted by spit.fire (Post 1025469)
Lol care to share the formulas haha, haven’t found an accountant to date yet

Sign up for the 90-day promo. Then plug in some numbers. It does CPP and all that, which being self employed, you don't pay into. So essentially all you have to do is figure out your tax bracket for provincial and federal taxes and deduct that. I simply plugged in numbers like $500, 1000, 1500, 2000, 2500, and so on. If you only paying yourself then as long as you're close and you put those taxes aside, you're good to go. If you're paying employees, it's probably worth the $600/yr for payroll, or pay a book keeper to do your books for you.

604reefer 03-18-2018 05:38 AM

Quote:

Originally Posted by Scythanith (Post 1025406)
What are you looking to export? I can export directly to excel if I want.

https://photos.smugmug.com/photos/i-...KKSczhk-Th.png

https://photos.smugmug.com/photos/i-...-7tqr6r8-M.png

Interesting, you always could with the USA version, I wonder if they finally got enough complaints and added it in the 18 months since I tried it.

Quote:

Originally Posted by spit.fire (Post 1025469)
Lol care to share the formulas haha, haven’t found an accountant to date yet

If you're running simple payroll you can use the government's payroll deductions calculator here: https://www.canada.ca/en/revenue-age...alculator.html

For your year end T4s and what not you may find it helpful to get an accountant. But send me a PM with questions if you have any and I might be able to help... I do bookkeeping and almost a CPA.

Quote:

Originally Posted by Myka (Post 1025479)
Sign up for the 90-day promo. Then plug in some numbers. It does CPP and all that, which being self employed, you don't pay into. So essentially all you have to do is figure out your tax bracket for provincial and federal taxes and deduct that. I simply plugged in numbers like $500, 1000, 1500, 2000, 2500, and so on. If you only paying yourself then as long as you're close and you put those taxes aside, you're good to go. If you're paying employees, it's probably worth the $600/yr for payroll, or pay a book keeper to do your books for you.

Yep, a missed deduction = you pay employer + employee portion at end of year plus possible interest and penalties, which can easily be more than the software or a bookkeeper/accountant depending on the size of your business.


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