What are Prepaids on a Balance Sheet? The Prepaids category appears under Current Assets on a Balance Sheet. Prepaids represent expenses that are paid in advance for a future period.
Archive for Canada
The Inventory category appears under Current Assets on a Balance Sheet. It is a common category used for companies from the manufacturing and distribution sector. Inventory is comprised of raw materials, work in progress (WIP), and finished goods.
The WCB manages workplace insurance for employers and workers. In Canada, each province and territory has its own WCB that is a statutory corporation created by the provincial government.
This post deal with “Accounts Receivable” on a Balance Sheet. The Accounts Receivable category appears under Current Assets on a Balance Sheet as it is expected that amounts outstanding will be collected within one year. It represents funds that a company has a right to receive because it has provided customers with goods and services.
Tax Question:
What is Cash on a Balance Sheet?
Facts:
The Cash category appears under Current Assets on a Balance Sheet. Most companies have bank accounts which they use to keep a record of their deposits and payments. Cash generally includes all bank accounts and petty cash.
Q. How does the inability of the state of Rhode Island to pay its employee pensions help us understand the “net worth” of a U.S. citizen wanting to renounce U.S. citizenship?
A. The answer (like most wisdom in the modern world) is explained in the following tweet.
Relinquishing US citizenship: South African Apartheid, the Accidental Taxpayer and the exit tax
The above references a “guest post” written by Dominic Ferszt of Cape Town South Africa. The post demonstrates how the “dual citizen from birth” exemption to the S. 877A “Exit Tax” relies on the citizenship laws of other nations. In some cases those laws of other nations are arbitrary and unjust. If these laws were U.S. laws, they might violate the equal protection and/or due process guarantees found in the United States constitution. For example, Mr. Ferszt describes how the “dual citizenship exemption” to the “Ext Tax” is dependent on South African “Apartheid Laws”. He describes a situation where a “black” U.S. citizen from birth is denied the benefits of the dual citizen exemption to the Exit Tax, which are available to a “white” dual citizen from birth. (During the “Apartheid Era” Blacks were not entitled to South African citizenship.)
Tax Question:
What are the most common groupings of Asset and Liabilities on a Balance Sheet?
Tax Question:
What is a Canadian federal goods and services tax (GST) account and do I need to register for one?
On December 18th, President Obama signed H.R. 2029, using the tax (the “Protecting Americans from Tax Hikes Act of 2015”) and spending bills (Consolidated Appropriations Act, 2016) to fund the government for its 2016 fiscal year.
Tax Question:
What is the cost of asking tax questions? How can I avoid huge fees when I have a “simple” or “quick” question?
Tax Question:
How does PST work and how is it different from GST?
Facts:
PST (Provincial Sales Tax) is a provincially-levied retail sales tax that is generally applied to goods or services acquired for personal use in British Columbia, unless there is a specific exemption.
GST (Goods and Services Tax) is a federally-levied value added consumption tax that is applied to the supply of most of the goods and services purchased in Canada.
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