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The theme of this year’s International Women’s Day on March 8th is #EmbraceEquity. It is an attempt to address the fact that Equality is not the same as Equity. Especially for women. Equality means each individual or group of people is given the same resources or opportunities. Equity recognizes that each person has different circumstances, and allocates resources and opportunities needed to reach an equal outcome.
Knowledge Bureau has introduced a brand new education tool tax and financial advisors can use with clients this tax and budget season, which may be of particular interest to newcomers to Canada and young new Canadians entering the workforce. The Finding Financial Freedom Collection is ideal – and a great gift - for anyone looking to improve their financial literacy and gain an understanding of the important role that income tax plays on financial health.
An incorrect approach to the technical side of payroll poses a risk to both employers and their employees: it can cost them money, cause them to incur penalties with the Canada Revenue Agency (CRA) or worse, face legal ramifications. Especially at this time of year (tax time) the pressure is on.
The first ‘record’ of accounting dates back as early as the Mesopotamian civilization, where simple documentation was maintained in the books. Around the 15th century, an Italian monk named Luca Pacioli, considered the father of accounting, developed the double-entry bookkeeping system, which changed the accounting landscape completely. The evolution of bookkeeping has a come a long way from the 15th century when accounting ledgers were completed by hand, compared to today’s digitized process.