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EBITDA vs Cash Flow – Explained

25 March 2026

Why Profits Don’t Always Mean Cash in the Bank Have you ever had a strong month in sales, only to wonder why you still can’t make payroll? This is more common than you think. Many business owners we work with run into this exact issue and it usually comes down to one thing: Understanding the difference between EBITDA and cash flow. Key Takeaways: Profit doesn’t always mean cash in the bank EBITDA measures performance; cash flow determines survival Cash issues often

New Service: Audit Shield Protection

4 March 2026

Receiving a letter from the Canada Revenue Agency (CRA) can be stressful, even when your tax filings are accurate. With increased compliance activity, more taxpayers are being selected for CRA reviews. To help protect our clients from unexpected professional fees related to CRA enquiries and audits, RMI LLP is introducing Audit Shield. Why CRA audits are becoming more common The CRA has expanded its use of data analytics and information matching to identify potential discrepancies in tax filings. As a result,

Is Your QuickBooks Desktop Version Still Supported in Canada? Risks and Solutions

29 January 2026

QuickBooks Desktop has been a reliable accounting tool for many Canadian businesses, but the way Intuit supports its Desktop products has changed significantly. In 2026, many businesses are still using older versions that are no longer supported, even if the software appears to work. This can create unexpected risks, from lost functionality to security and compliance concerns, making it important to understand where your current version stands. Table of Contents The Current State of QuickBooks Desktop in Canada As of April

How to Pay Your Personal Taxes in Canada

26 March 2025

Filing your personal taxes is just one part of tax season—the next step is making sure your payment reaches the Canada Revenue Agency (CRA) on time. Fortunately, there are several convenient ways to pay, whether you prefer online banking, credit card payments, or in-person options. On this page, we’ll walk you through the different methods available so you can choose the one that works best for you and avoid any late fees or penalties. Option 1: Online banking Every bank’s online

How to Prepare for the 2025 Tax Season: A Guide for Canadians

29 January 2025

Last updated: January 2026 Tax season can feel overwhelming, but with proper preparation, you can ensure a smoother and less stressful experience. Whether you’re filing as an individual or managing the tax obligations of a business, this guide will help you stay organized and take advantage of available tax-saving opportunities. From key deadlines to essential documents and tax planning tips, we’ve got you covered with everything you need to know to be ready for the 2025 tax season in Canada. Table

Introduction to Business Accounting

22 October 2024

Episode 1 of the “Entrepreneur’s Accounting Toolbox” series Introduction to Business Accounting Are you an entrepreneur or aspiring to become one? Join Irfanali Moledina, the Entrepreneurial Accountant and Managing Partner at RMI LLP, on a journey through the world of business accounting in the first episode of the “Entrepreneur’s Accounting Toolbox” series. This guide is designed to equip business owners with the foundational knowledge required for managing their business’s financial health. Here’s an in-depth look at basic accounting concepts crucial for

CRA-Proof Your Tax Filing

4 March 2024

That’s right, tax season is upon us again, Calgarians! But before you break into a cold sweat, take a deep breath and avoid unnecessary stress and penalties with our brief guide to staying “CRA-safe” in 2024. Here’s what you need to know: Missing the April 30th deadline for filing your return or paying your balance comes with consequences. The CRA charges compound daily interest on unpaid taxes starting May 1st, and late-filing penalties that start at 5% of your 2023 balance owing

Bookkeeping in Calgary: How to stay on top of your business finances

10 July 2023

Are you a small business owner in Calgary looking to streamline your financial operations? Look no further! In this article, we will guide you through the world of bookkeeping and show you how to stay organized and maximize efficiency in your finances. Bookkeeping is the backbone of any successful business, as it involves tracking and recording financial transactions accurately. However, many entrepreneurs find it challenging to juggle their daily operations while keeping up with the intricacies of bookkeeping. That’s where our

documents necessary for incorporation in alberta

Everything You Need to Know about Registering a Corporation in Alberta

22 June 2023

Setting up a corporation in Alberta is an exciting step for new business owners. This guide will walk you through the key steps to register your corporation, including filing documents, completing the registration process, and navigating additional taxes and regulations. Understand the Benefits and Responsibilities of Registering a Corporation Registering a corporation in Alberta can bring numerous benefits and responsibilities for business owners. Incorporating a business creates a separate legal entity that provides limited liability protection for its owners, meaning that

Common Tax Mistakes People in Canada Make

31 March 2023

Are you tired of making costly mistakes when filing your personal taxes? In this video, we’ll go over the top errors people make when doing their taxes. Tune in to learn how to file your personal taxes like a pro to maximize your returns and minimize your stress during tax season! For those who prefer to read, a summary is available below the video. Today, I’d like to highlight some commonly overlooked aspects when filing personal taxes. We’ve identified four major

Top Choice Accounting Award Winner for 2023

31 January 2023

We Did It Again! We are so proud to announce that RMI Professional Corporation has been crowned the Top Choice Award Winner for Top Choice Accounting Category in the 2023 Top Choice Award Survey and it’s all thanks to you! This could not have been done without the dedication of our team and the love from our clients, and for that, we are very grateful to you all. Words cannot express how warm our hearts are from all the support we’ve received

Leasing vs Financing a Car

9 December 2022

In today’s world, there are many factors to consider when it comes to purchasing or leasing a vehicle for your business. In our video, we will discuss some of the key factors to consider when making this decision, including the cost of the vehicle, the length of time you plan on using it, and whether or not it will be used for personal use. For those who prefer to read, a summary is available below the video. The importance of considering

2023 Top Choice Award Nomination

22 November 2022

RMI Professional Corporation is proud to announce that we are a 2023 Top Choice Award Nominee in the Accounting Services category! Now, we need your help to WIN! Voting is now open and if you feel that we have earned your vote, we would appreciate your support. Winning the Top Choice Award is one of the largest endorsements a business can receive within North America, so this is a BIG deal! Your vote will automatically enter you into a draw for

Beneficial Trusts in Real Estate Investing

27 October 2022

In this video, Keith Uthe from Enrich Mortgage Group talks to RMI’s Managing Partner Irfanali Moledina about advantages of Beneficial trusts in real estate investing. For those who prefer to read, a transcription is available below the video. using beneficial trusts in real estate investing Keith: Hey good afternoon everyone, Keith here with Mortgage alliance and Enrich mortgage group, and I am fortunate to have here someone who’s got some extensive knowledge and is going to help give us some understanding

Selling a business in Canada

27 September 2022

Are you thinking of selling a business in Canada? Learn more about what does it entail and what are possible tax implications in this video. For those who prefer to read, a transcription is available below the video. Good afternoon everyone. It’s Irfanali Moledina with RMI Professional Corporation. I hope everyone’s had a fantastic week and is enjoying the summer sunshine that we’re getting here in Calgary. Today I wanted to touch on a topic that we’ve been getting asked a