Author: Keegan Kilback

Benefits Of Hiring An Accountant For Your Taxes In Canada

As responsible citizens we all have to pay taxes, the generalized question every taxpayer in Canada has is, whether we should hire an accountant to pay taxes or do it ourselves. While some might consider that doing it themselves would save them money, it is not always about the money. If you are running a business in Canada, it is important to have a clear understanding of the tax laws in order to ensure that you are compliant. This can be a complex and time-consuming task, which is why many businesses choose to outsource their tax needs to professional accountants.

When it comes to filing your taxes, it is important to ensure that they are done correctly. Doing them yourself can save you some money, but it can end up costing you more time, energy, and even money in the long run if you make a mistake. This is why it is important to consider the reasons why hiring an accountant for taxes may be the best option for you in Canada. Here are a few benefits of hiring an accountant in Canada for your taxes:

  1. Provides proper tax knowledge:

An accountant has the professional knowledge and training required to ensure that your taxes are handled properly and efficiently. They will be able to look over your finances and advise you on the best steps to take when filing your taxes. In addition, they are well-versed in the Canadian tax system and can be a valuable asset when it comes to making sure you take advantage of all of the benefits that the system offers.

  1. Saves your time:

Doing taxes on your own can end up being a labor-intensive process. If your taxes are more complicated than usual, then this can take even longer and the frustration can increase. By hiring an accountant, you can save on this time as these professionals are trained to handle any situation and file taxes on your behalf.

  1. Assists in preparing financial reports:

Your accountant prepares the annual financial reports that help you comply with federal, provincial, and territorial (FTP) tax laws. Additionally, accountants help you stay on top of your personal and corporation taxes and keep your finances organized. This is essential to keep in check that all your taxes are being paid as per set legal standards and also make sure you are not overpaying as they help save money on taxes at various points.

  1. Helps make informed decisions to save your money:

Accountants plan all your yearly finances beforehand, this helps keep a check on all the expenditures and the amounts you receive. They plan and instruct you to manage all your donations wisely which in turn helps you save money on taxes.

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The Features You Would Like To See In Your Dream Trading App

With the proliferation of trading apps and share market software, investors are not only empowered to make bold financial decisions, but they also have total control in their hands now literally. Stock trading platforms are leaving no stone unturned in improving the user experience in mobile-based applications, and desktop versions are also built with fascinating features and functionalities. Interestingly, both platforms’ features and elements may vary a little, but the virtual experience and excitement are almost interchangeable.

Why should you choose trading through a share trading app?

  • The trading margin is adjustable, which means funds can be borrowed from the broker to trade a financial asset and this fund also serves as the collateral for the loan taken from the broker.
  • Any stock trading app enlists guidelines to warn the investors about the financial threats involved in the trading cycle to prevent losses for amateur investors.
  • News updates about the financial happenings in the local and international stock market should also be available to keep the investors informed and aware before making online investing
  • Charting tools should be inbuilt to help investors identify market trends, and such tools help to conclude the types of movements to follow based on market data.

Apart from these basic trading features, some other technological elements and nuances also form the basis of an ideal share trading app. Some of those features are listed below:

  1. Speed of the app: The trading process should be quick and super responsive, no matter if one chooses intraday trade or any other form of trading. There is no scope for slowing down because even minor delays can cause various deflections. Therefore an ideal trading app will be super speedy.
  1. Simple & functional interface: Trading is a complex task, but requires a simple and user-friendly interface that allows navigating through in a hassle-free manner. An elegant and sleek design should give access to comprehensive money management features and reduce errors to optimize functionality.
  1. Customizable to the user’s needs: The app should be readily acceptable according to the user’s requirements so that the user can analyze the charts conveniently. The apps should be powerful enough to provide an ultimate alternative to the extraordinary features available in the desktop versions. To be able to customize charts and analyze positions, the workflow becomes seamless.
  1. Availability of market data: Market data is an essential metric while using a Demat account for trading because access to market data helps investors to formulate strategies for investment online. Since the market data keeps varying, in this way, the user has access to all the detailed, intuitive, and useful indicators.
  1. Notifications & Alerts: A quick update through an active notification feature is a must for trading apps because the user cannot monitor the changing patterns always. With a buzzing or popping sound, users can be quickly updated about the latest happenings in the trade market.

Investing through a mobile application encourages more and more investors by providing market knowledge, flexibility, transparency, and investment options. This is why the technology behind creating such platforms is continuously evolving for investment apps  India to provide the best user experience and interface to help people invest more and more in the share market online.

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STOP ORDER IN COMPARISON WITH STOP LIMIT: HOW DO THEY DIFFER?

A stop limit is frequently utilized when trading in a volatile market and attempting to target a particular price as precisely as possible. You pay the best price on the market at the time your order is executed when you place a market order. With a market order, it can be unsure of the price you’ll receive, especially for larger orders that could need to be handled in numerous transactions or stocks that are more illiquidity traded.

THE DIFFERENCE

A stop order directs your broker to purchase a stock if it is trading at or below a particular price (if you sell above one specific price). As soon as the stop is triggered after the intended price is attained, your order switches from a limit order to a market order and is executed at the market price. However, if markets are turbulent or the security is illiquid, the market price may change between the time the stop is activated and when the order is fully executed.

A stop-limit order restricts the amount you’re willing to pay for anything you want to buy (or accept for something you want to sell). It raises the likelihood that the transaction will match your expectations by requiring that a buy be made at the specified price or a better one; this price can differ from the stop level that initiates a trade. A stop-limit order can also determine a minimum sale price if you’re selling. Stop restrictions are usually valid for a predetermined period of time, like a day, a week, or a month.

ADVANTAGES

Using a stop-limit order has benefits.

As soon as the stop is triggered after the intended price is attained, your order switches from a limit order to a market order and is executed at the market price. However, if markets are turbulent or the security is illiquid, the market price may change between when the stop is activated and when the order is fully executed.

DISADVANTAGES

Issues with using stop-limit orders.

Stop-limit orders have the same limitations as limit orders, most notably the unpredictability of their execution. When a limit order reaches the target or higher price, it will start to fill. However, that cost might never be covered. There can be a gap between your limit and stop fees, but more is required. Highly volatile assets may exceed the order spread.

Liquidity can also be an issue if there aren’t enough buyers to fulfill your order. Use fill or kill if you’re concerned that your commands might only be partially fulfilled. This option specifies that your order should only be filled in whole. However, be aware that as you add more criteria, the likelihood that your order will execute at all lowers.

FINAL INSIGHT

Why wouldn’t every trader place a stop-limit order? as its utilization often results in higher costs than market orders. Moreover, since a difference of even a cent or two per share can add up in turbulent markets, a stop limit typically makes the most sense for large orders.

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Everything You Need To Know About Online Stock Trading

They say the investment is not everyone’s cup of tea. Still, this phrase may sound archaic in today’s scenario because technology has helped humans overcome many shortcomings and challenges. We live in a world where the thin line between imagination and manifestation seems to be diminishing.

If you wish to be a profound investor and follow the likes of great personalities like Warren Buffet and Rakesh Jhunjhunwala, then you need to love everything about investment & trading stocks, but before diving into the deep levels, you need to float a while on top. This begins by gaining the required knowledge and incorporating that into your investing techniques

Steps to follow to start trading online:

  • The prime requirement to start investment trading is first to decide on the stockbroker. For online trading, the apps act like a stockbroker. They charge minimal processing charges per trade volume, unlike the traditional stock brokers who levy charges proportional to trading volumes.
  • Next is opening a trading and Demat account because a trading account helps to place a buy or sell order, and a Demat account stores the shares bought by you in digital assets. This requires furnishing the basic credentials of the investors with valid documents and verification of their details.
  • Once the account is approved, the investor can log in through the password provided and search for the best options that meet the requirements. Money in this account can be transferred from your registered bank account and vice-versa.
  • In the active account, people can view live prices, share the costs within the market, and analyze other in-depth details.

Stocks are considered an exciting and educational entity for novice investors because they allow them a learning platform and practical exposure. A minimum sum of money can be invested to gain confidence for bigger ones, and below are some of the advantages of investing in the share market online.

  1. User convenience: One of the most prominent advantages is that the investors can track, manage, buy and sell the shares anywhere, anytime. Smartphones and stable internet connections are all they need, even when they are traveling.
  2. Brokerage costs are reduced: As stated earlier, the online brokerage processing fees and commission charges are much lower than the conventional stock brokers—some trading apps levy zero brokerage fees in the initial days of investment.
  3. No threat of intermediaries: Going online for most worldwide purchases is a prime testimony to how secure the transactions are within the cloud computing environment. The investment details of an investor’s portfolio and the strategies remain confidential, with no other person meddling in the process to seek investment advice.
  4. The investor has total control: The traditional trading system requires updating frequent details to the brokers and waiting for their confirmation to make any crucial trading decisions. However, with online trading apps, users can continuously monitor market conditions and make decisions without letting a lucrative trading opportunity slip off.
  5. Transactions are instant: Funds transfer for all the transactions taking place is effortless and time-saving, which is why the investors are comfortable in making quick trading decisions.

Stock trading online can be an excellent experience with the help of a market analysis app for testing your investment skills and simultaneously helping create financial market awareness.

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Here’s A Quick Overview Of Basic Stock Trading Concepts

The art of trading is not confined to seasoned investors nowadays. The growing awareness of social media and the sense of financial literacy in young minds have persuaded more and more youngsters to join the bandwagon. It also comes down to the fact that the trading game has become easily manageable with mobile platforms and other digital interfaces. However, when it comes to the involvement of real money, one has to be well-versed in the nitty and gritty details of stock markets, trading techniques, and identifying the trends of price movements before trading online.

The basic concept remains constant in the online and offline process of trading stocks with slight variations. This article will give us a quick overview of the main idea behind stock trading activities.

What are the basic requirements to start trading?

The primary requirement is that positive instinct that every potential trader must have before putting in their hard-earned money so that if things go south sometimes, a trader must bear the strength to cope. Other than that, the physical requirements include the following:

  • A Demat account to store all the shares purchased.
  • A trading account that enables the buying and selling of these shares.
  • Valid identification documents such as Aadhar, PAN card, etc., to acquire an account in an authorized bank or other trading platforms.
  • Linking your bank account with the trading account is another essential step to maintain a seamless flow of transactions. There are trading accounts that serve as the Demat account as well.

Types of the stock market:

To start investing, traders can decide for themselves any of the following needs.

  1. Primary market:

When the enterprises decide to sell some of their shares to investors to raise capital funding or to expand their business, they launch Initial Public Offerings (IPO). The investor willing to trade applies for many shares, for which a specific amount gets blocked from the trader’s account. If the company finally allows the lot, the blocked amount gets deducted, and after at least a week, those bought shares are ready to be traded in the market.

  1. Secondary market:

This is the space for investors to buy and sell stocks. The prices and the number of shares are determined by the group of investors involved in the trading process. Such a market is also referred to as the stock exchange because the trade takes place only for financial securities such as stocks, bonds, ETPs, etc., and also allows investors to trade intraday.

There is another relevant concept of trading related to this market where the investors buy and sell shares on the same day due to increased fluctuations in prices and this is known as intraday trading.

There is another segment of the market known as derivatives market where F&O trading takes place, where the derivative products which derive their value from an underlying asset are bought and sold by the investors through a predetermined price. The price is agreed mutually for a fixed date and on that period one party expects the prices to go upward and the other side expects otherwise. Such derivative contracts are signed to hedge the market risks and the fixed date is termed as expiry date in stock market.

The mechanism of these markets and the potential risk factors must be analyzed and scrutinized before anyone intends to put the best foot forward in trading. The websites or any stock investing app can provide plenty of information, so that novice investors can minimize risks and make informed decisions.

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Are Accounting Softwares a Threat to Accountants? : Decoded

The world of accounting is changing at a rapid pace. Nowadays, many businesses prefer using standalone software over hiring an expensive accountant or bookkeeper. Accounting software has made the lives of business owners much easier. It allows them to track their company’s finances and manage expenses without hiring a third-party service. However, with so many options on the market, you may be wondering if these tools are also posing a threat to accountants? In this article, we will explore the pros and cons of accounting software for accountants and explain why it might not be such a bad thing after all.

How does accounting software work?

Accounting software is designed to help business owners track their financial performance, manage their expenses, and automate their bookkeeping. As an accountant, you may be used to manually tracking all of your client’s expenses in a spreadsheet. With accounting software, you can set up rules and have the software automatically track and categorize every expense. There are many different types of accounting software. Some of the most common are: – Aged Receivables – This type of software allows you to track your client’s outstanding invoices and keep track of your receivables. – Asset Management – Asset management software allows you to track the purchase and sale of different assets in a single place. – Budgeting/Forecasting – This type of software allows you to set up budgets and forecasts for your clients’ businesses. – Cash Flow – This type of software focuses on helping accountants forecast cash flow and manage cash flow. – Customer Relationship Management – Customer relationship management (CRM) software keeps track of your client’s important metrics, like purchase history and lead information. – General Ledger – This type of software allows you to track your clients’ bank accounts and profit/loss statements. – Human Resources – HR software is designed to help businesses manage their employee information.

Why is the demand for accounting software growing?

As we mentioned above, accounting software has made the lives of business owners much easier. It allows them to track their company’s finances and manage expenses without hiring a third-party service. With accounting software, you can set up rules to help automate your bookkeeping. This can help save your clients a lot of time and money. ​ Many accountants run their businesses based on client revenue. This means they are required to invoice their clients based on the services they provide. However, clients do not always pay their bills on time. With accounting software, you can set up an accounting system that automatically follows up on unpaid invoices. This can help you collect the money you are owed faster, which can help boost your business’s profits.

Pros of Accounting Software for Accountants

Accounting software is designed to help accountants and bookkeepers manage their clients’ finances. It allows them to track their company’s financial performance and automate their bookkeeping. Accountants can use accounting software to set up budgets and forecasts for their clients. This allows them to better manage their financial resources. Accounting software is capable of storing all of your client’s important information. This includes things like purchase history, lead information, and employee data. This allows accountants to better service their clients and provide more value. Finally, accounting software is capable of generating a wide range of reports. This makes it easy to track your financial performance and identify areas for improvement.

Cons of Accounting Software for Accountants

Although accounting software is designed to help accountants, there are also some challenges that come with using the software. If you decide to use accounting software, you have to be able to adapt to the software’s system. This means you may have to change the way you track financial performance and manage expenses. You may also have to spend more time learning how to use accounting software. This can take time away from the other things you have to do, such as providing client services. You may have to hire a programmer to help you set up the software correctly. If you are an entrepreneur, you may not have the extra funds to do this.

Final Words

As you can see, there are many advantages to using accounting software. Accounting software allows accountants to track their clients’ finances and manage expenses more efficiently. However, it is important to remember that accounting software is just a tool. It is up to you, as an accountant, to use the software correctly. That said, the tool alone is not sufficient to eliminate the job of an accountant. Businesses will keep requiring accountants to work on these accounting software for best results. So, if you are a small business owner, you should shift to the best accounting software from all those that are available to streamline your business accounts and make your life simpler. 

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Simple Guide To The Double Bottom Pattern

While we all enjoy making fun of unfulfilled forecasts by meteorologists, perhaps the trading community should not be so irritated. Day traders and weather pros use similar methods. Meteorologists, like day traders, are always looking for signs and patterns that indicate a change is imminent. Anybody can see outside and predict tomorrow’s weather. Predicting the weather is about knowing when it will change. This is similar to a trader looking at a stock chart. Similarities include the fact that signals and patterns we look for may not always be accurate. A stock chart showing a pennant pattern doesn’t necessarily mean that the share price will continue to rise with 100% certainty. A system that forms over warm water and has high winds won’t always become a hurricane. Although meteorologists can’t make precise predictions, they do offer a range of possible outcomes. Traders use technical signals such as the double bottom pattern to do the same thing.

What is the Double Bottom Pattern?

A momentum trading signal, the double bottom pattern, is used to predict when a trend will turn. Check out these figures chartistes for more. The stock will make two similar lows after a downslope to identify this pattern. These two price points do not have to be identical but the stock must bounce back from at least two similar areas before a double-bottom pattern can be identified. After a significant drawdown, a double bottom pattern is formed. This indicates that selling pressure has eased. Although the stock might not move in a meaningful way upwards, the bottoming formation should serve as a support level.

The Double Bottom Pattern: A Breakdown

If you are trying to identify a double bottom pattern, the previous decline should be at least 10%. However, it can be as high as 30%. We don’t want to remove any pattern formations that are only 2 to 3 percent. To trade off a double-bottom pattern, certain criteria must exist. These are just a few examples that will help you understand the point.

Example 1: PotBelly Corporation, PBPB

PotBelly Corporation, a small sandwich shop operator that has 400 locations and a market capitalization of less than $100M, is owned by PotBelly Corporation. It fell below $2 per share in March, when the pandemic gripped the sector. Although there were a few false rallies in spring, the stock topped out at the same price level in June. This formed a clear double bottom pattern. Although the initial upswing was slow, traders had to remain patient and the stock never fell below $2 before almost doubling in July. E

Example 2: Kemper Corporation (KMPR)

Here’s an example of a well-established firm. Kemper Corporation is an insurance company that offers property, casualty and health insurance services. This stock is not one that can be bought and sold by the masses. It has a market capital of over $5B and almost 10,000 employees. The stock fell to $55 after reaching $80 per share in February. However, it rebounded quickly from that plunge. The rally was short-lived as the shares fell below $60 again, but stopped at the $55 mark in May. The stock reached new highs of 2020 in the first week after traders spotted the double bottom and reacted quickly.

Example 3: Bluegreen Vacations Corporation, (BXG).

The coronavirus wreaked havoc on every industry, but the travel sector was the hardest hit. Bluegreen Vacations Corporation received a 60% haircut during the crisis. The stock reached its initial bottom in March, and the support level was tested again in May. After hovering around the $3 mark in May, the stock climbed back to $4 in June. It never retested the support level created by the double bottom. BXG has a long way to recover, but traders who are skilled would have made a 100% profit if they bought the stock when this support level was confirmed.

Tips For Trading A Double Bottom Pattern

A double bottom pattern, like any technical trading signal is not a guarantee of riches. Trading signals can be misleading. Don’t try to find them. These are some tips to trade the double bottom pattern. Patience is a virtue. As you can see, the double bottom pattern is best for swing traders and not day traders. It can take weeks, if not months, for a double bottom to form before the breakout occurs. These trades are not for the faint of heart. Keep your faith in your trade and keep it going until the chart becomes negative. Position sizes should not change – Sometimes traders get caught up in the gambling mindset and try to double their trades or push more capital into failed trades. Do not allow your emotions to cause you overtrade or alter the size of your position. You can take some time off the screen. The double bottom pattern is a slow reverse of a downtrend. This is good news for traders, but it doesn’t require your attention 24/7. You don’t have to be anxious about a trade that doesn’t pay off for several weeks. Double bottom patterns are a good trade. You’ll have plenty of breaks, which is great for your mind.

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