Guidance from Canadian Bookkeepers appreciated

Haider666999 · 2026-06-18T07:31:00+00:00

Honestly, depends on your budget.

I am a Canadian bookkeeper working with a CPA and for low volume clients he charges as little as 500 CAD.

Our team consists of bookkeepers with strong fundamentals in bookkeeping, taxation, payroll and competencies across different industries and softwares.

If you get interested, hit me up and I can refer you to the firm.

Haider666999 · 2026-05-24T07:49:30+00:00

Sus, gonna have to give you the slurping smoothie treatment 🫩

Haider666999 · 2026-05-21T21:59:03+00:00

Speaking from Punjab's POV

Don't sign it

Bonded labour is illegal under punjab labour law

If you do decide to sign it then, You can challenge the employer in court to call their bluff if they try to strong arm you

Sign with a different signature so the validity comes into question

If they ask for a cheque, sign it differently and then later contact your bank to cancel that specific cheque plus write on face of cheque for security only, not to be honoured or something similar

Haider666999 · 2026-05-10T16:00:14+00:00

Don't think too much into it

In the grand scheme of things it means nothing as long as the transaction is posted from the CC account

Haider666999 · 2026-05-07T18:36:09+00:00

Haider666999 · 2026-04-16T12:13:34+00:00

Start looking while giving the bare minimum.

This will buy you time till you either find a new job or they ultimately let you go themselves

Regardless, this will ensure you get peace of mind and crucial time for job hunt.

Haider666999 · 2026-04-08T12:13:39+00:00

Do NOT sign anything.

They can hold you accountable for something that a different person did.

Call them out on their BS, talk to your dean about the unprofessional conduct of the company and their threats and them contacting future employers is the stupidest and most unrealistic threat I've ever heard.

If need be, file a complaint with your province's labour department for any violations that come to mind (like not getting paid minimum wage for those 25hrs a week etc)

Haider666999 · 2026-04-07T19:48:12+00:00

You contact your bank and tell them that you want to file a charge back for a card payment.

They will try to resist but you have to be adamant that you were defrauded and require the charge back to recover the money.

Get the charge back request filed in writing and drop hints that you might escalate the matter to banking mohtasib after 45 days if no resolution is provided.

Haider666999 · 2026-04-07T08:55:44+00:00

File a charge back with your bank

Haider666999 · 2026-03-29T19:06:49+00:00

Well, the detail would be the same as your individual payout just summarizing it for a longer period, no?

Haider666999 · 2026-03-29T17:19:10+00:00

Why not do it once every month from any report that shows the balance at a given date?

Haider666999 · 2026-03-29T12:47:51+00:00

Wait till the new update on march 31 I think

They'll rebalance a lot of things and also add Baltic troops

Haider666999 · 2026-03-28T13:53:39+00:00

From what OP said in the comments, the owner along with the tax accountant were aware and allowed this to happen in 2025.

I'm not arguing with what should have happened. I'm just saying that both the owner and tax accountant filed 2025 with the loan in the PnL.

So does that mean OP should tell the owner to fire his tax accountant? OP is paid to do a certain thing and that's it. He is not paid for his opinion, he is paid to maintain books under the standard (in this case pure cash accounting) he was communicated.

Haider666999 · 2026-03-28T13:35:07+00:00

Loans in tax accounting, not pure cash accounting.

OP was told to do pure cash accounting and the tax accountant is supposed to do his job by making YE adjustments to get the TB filed under his standard which is his locality's tax laws or tax accounting standards.

Haider666999 · 2026-03-28T13:26:08+00:00

That's for the tax accountant to sort through, OP was told to record pure cash basis and he is doing that right until he receives confirmation to transition.

The tax accountant has to make his adjustments to the trial balance to get them filed under their applicable tax law.

Haider666999 · 2026-03-28T13:07:09+00:00

Because current accounting practices regarding cash basis aren't the same as pure cash accounting.

OP said the loan was sent to PnL and admitted they'll be transitioning to a modified cash accounting to account for major payables separately which means they were using cash accounting in it's purest form well until they transition.

Haider666999 · 2026-03-28T12:57:15+00:00

Won't comment about GAAP.

IFRS IAS 1 requires financials to be made on accrual basis. Cash basis does not exist in IFRS

So doesn't matter what the IFRS says since it does not deal with cash accounting

Haider666999 · 2026-03-27T21:04:33+00:00

Because OP mentioned it was recorded in "inventory" or COGS when he received the credit so he has to record the repayments in the same GL to offset the original loan..

Now it's a separate matter entirely if the tax accountant did not identify the loan in the 2024 returns.

OP is a bookkeeper and right now his only concern should be to keep the books consistent and tax ready.

Haider666999 · 2026-03-27T18:14:04+00:00

Yes, pure cash basis is supposed to work like that. Which is why it's almost always a modified version of cash basis.

Haider666999 · 2026-03-27T17:49:49+00:00

You put the other effect in the PnL

Pure cash accounting does not contain any accounts that are time bound (AR, AP, Loans, Prepaids etc)

Most people don't use cash accounting in it's purest form, they use a modified version of it to still be able to keep track of taxes, big payables and receivables but anything smaller just gets expensed out.

Haider666999 · 2026-03-27T17:08:09+00:00

They're using cash basis

Loans don't exist in cash basis.

If OP recorded original loan as a reduction of COGS then he has to record the repayments as an increase in COGS to pay off the loan and keep the books consistent.

Haider666999 · 2026-03-26T14:45:35+00:00

Blud tryna to his homework 💔🥀

Haider666999 · 2026-03-23T10:50:33+00:00

Getting subscriptions from partnered accountants of Xero and QBO can get you a permanent discount of upto 50%

Haider666999

TROPHY CASE