Blog
Navigating Cross-Border Small Business Tax Obligations
Expanding your Ontario-based small business into the United States can be an exciting prospect, offering access to a vast and diversified market. However, doing business across... / Read more
Is Your Small Business Audit-Proof? Tips from Accounting Experts at KKCPA
Especially in the nuanced financial landscape of Ontario, the last thing you want is to find yourself unprepared when the Canada Revenue Agency (CRA) comes knocking. Here at... / Read more
Our Top Quick Tips for Managing Small Business Finance: The Ultimate Guide
If you're looking to keep your small business robust and profitable, financial management is a skill you can't afford to overlook. At KKCPA, we bring our years of expertise to... / Read more
Navigating the Tax Maze of Employee Gifts and Staff Parties
Employee gifts and staff parties are considered by business experts - and smart business owners - to be essential ways for Ontario-based businesses to show appreciation and build... / Read more
Protecting Yourself from CRA Scams: Essential Tips from KKCPA
In today's world, where mobile phones and the internet play a significant role in our daily lives, the risk of fraud has increased exponentially. Among these fraudulent... / Read more
What Does It Really Cost to Hire an Employee in Canada in 2023?
Growing a business in Canada's dynamic market is an exciting journey, and adding new employees is often a vital part of that growth. But before you post those job ads, it's... / Read more
Why Do Small Businesses Need Financial Statements?
"Why do we need financial statements?" is one of the most common inquiries an accountant ever hears from small business owners. It's a question that might seem straightforward,... / Read more
Navigating Payroll Pitfalls: Top Ten Mistakes Small Businesses Make
Journeying into the realm of small business entrepreneurship in the Waterloo Region, Ontario, carries more than its fair share of challenges. Among the myriad of tasks at hand,... / Read more
Avoiding Common Accounting Mistakes: A Guide for Ontario Small Businesses
As a small business owner in Ontario, managing your finances effectively is crucial for long-term success. However, navigating the complexities of accounting can be challenging,... / Read more
Understanding and Managing Your Business’ Current Liabilities
In the world of small business, effective financial management is the key to not only surviving but thriving in a competitive market. At the heart of this financial mastery is... / Read more
Navigating the Fintech Revolution: Harnessing the Power of Technology for Your Small Business
As the world becomes increasingly digitized, financial technology, more commonly known as fintech, is revolutionizing the way businesses handle their finances. For Canadian small... / Read more
10 Cost-Effective Strategies for Ontario Businesses to Boost Advertising and Marketing Efforts
In today's competitive business environment, effective advertising and marketing are essential to achieving visibility and generating revenue. However, budget constraints often... / Read more
Cutting Costs for Success: Effective Ways for Small Businesses to Save Money this Summer
As the summer season unfolds, small businesses have ample opportunities to get creative with cost-saving strategies. Navigating the ebbs and flows of cash flow during this time... / Read more
10 Ways An Accountant Can Save Money for Small Businesses Beyond Tax Time
While most people associate accountants with tax preparation and financial audits, they offer a range of services that can save money for small businesses throughout the year.... / Read more
Small Business Accounting: Terms You Need to Know
Starting a small business can be an exciting and challenging journey. While accounting may not be the reason you decided to start your own business, it plays a crucial role in its... / Read more
Strategies to Offset Credit Card Processing Costs for Canadian Small Businesses
The rising costs of credit and debit card processing pose a challenge for Canadian small businesses. With average processing fees ranging between 1.5% and 3.5%, it is becoming... / Read more
Outdated Financial Practices: The Hidden Drain on Small Businesses
As a small business owner, you are faced with many challenges that require thoughtful decisions and strategy. One area that requires particular attention, and can often be a... / Read more
The Big Benefits of Engaging a CPA Firm for Small Business Payroll in Ontario
In the business ecosystem, small and medium-sized enterprises (SMEs) serve as the backbone, accounting for a significant percentage of employment and economic activity. In... / Read more
Ontario Employer’s Guide to Tips and Gratuities: Everything You Need to Know
Are you an Ontario business owner managing tipped employees? Deciphering the legal web of tips and gratuities can seem like a daunting task. Getting things wrong could not only... / Read more
5 Accounting Mistakes That Can Put Your Small Business at Risk
Working with an accountant has advantages that extend beyond the end results. Let's say that despite an increase in sales, firm X's turnover was $50,000 in FY2020 and only $30,000... / Read more
10 Essential Financial Ratios for Small Business Owners
Whether you're a budding business owner or an experienced entrepreneur seeking to elevate your company's growth, monitoring financial ratios can be crucial for assessing your... / Read more
The Ultimate Guide to Organizing Your Receipts for Tax Deductions
As tax season has moved on, you've no doubt been thinking about the documents you needed to file your taxes accurately and avoid any potential issues with the Canada Revenue... / Read more
How to Navigate the Tax Maze When Buying a Second Property in Ontario
For many Canadians, owning a second home can be an excellent investment. It could be a second home, a rental property, or an investment property. Of course, we might be... / Read more
Tax-Saving Strategies for Family Businesses: A Step-by-Step Guide
Small family-owned businesses play a crucial role in the Canadian economy, driving job creation, economic growth, and innovation. Despite their significant contributions, these... / Read more
Reduce Bad Debts and Improve Cash Flow with Effective Receivables Management
As a small business owner, managing your receivables is a critical aspect of financial management. Receivables refer to the money owed to your business by customers or clients who... / Read more
The Ultimate Guide to Small Business Employee Time Tracking in the Digital Age
In today's fast-paced business world, small businesses need to maximize efficiency and productivity to stay competitive. One essential aspect of running a successful operation is... / Read more
Tax Planning for Canadian Small Businesses: Unlocking the Benefits
Tax planning is an essential aspect of financial management for small businesses. In Canada, the tax system can be complicated, making it all the more important for entrepreneurs... / Read more
Why Outsourcing Your Accounting Can Save You Time and Money
Let's face it: accounting is known as a boring subject in the business world. If you own a small business, you'd rather talk about your goods and services than your debits and... / Read more
Moved for Work? Tax Deductible Relocation Expenses Explained
Moving at any time, for any reason, generally entails a wide range of worries, along with lifestyle changes and frequently significant financial expenditures. But can you claim... / Read more
Freelance Taxes in Ontario: What You Need to Know Now
As a freelancer, your friends and family probably often believe you that your life is much easier than theirs as an employee. No boss breathing down your neck, no long commute and... / Read more
What Airbnb Hosts Need to Know About Their Finances at Tax Time
Is there a large spare room in your house that you're not using? Do you have a mother-in-law suite but no mother-in-law in residence currently? Have you converted your attic or... / Read more
Don’t Let These Tax Return Mistakes Cost You Money
Do you want to save the most money on your taxes and avoid making the most common mistakes that people make when they file their taxes? Or you have already filed your tax... / Read more
Why You Need a Small Business Accountant All Year Long, Not Just at Tax Time
Small businesses often face the challenge of managing finances and keeping track of their expenses and revenues. While it may be tempting to handle accounting tasks in-house, it... / Read more
Love and Taxes in Canada: A Married Couple’s Tax Guide
If you got married or started a common-law partnership last year, you've probably already made some significant changes in your life. You've learned how to deal with problems as a... / Read more
K.K. Chartered Professional Accountant’s Big List of Small Business Tax Deductions
s a Canadian small business owner, you're constantly looking for ways to save or make money, all while dealing with the never-ending to-do list that comes with running a business... / Read more
What You Need to Know About Tips and Your Taxes
Tips are a way to express gratitude for a job well done, whether you work for someone else or for yourself. Tips are often a real income booster for those who wait tables, cut... / Read more
Self Employed in Canada? What You Should Know About Taxes You May Owe
Increasingly Canadians are taking advantage of an increase in side job and freelance opportunities to boost their income while retaining the freedom to establish their own work... / Read more
Top 10 Red Flags for a Small Business CRA Audit
Every business or individual dreads a letter from the Canada Revenue Agency (CRA) notifying them that they are going to be subject to a CRA audit. Approximately 60,000 such... / Read more
Financial New Year’s Resolutions You Can Actually Keep
2022 is drawing to an end, and the holidays are almost done. If you're like the majority of Canadians, you'll be considering how to make new year's resolutions that will help you... / Read more
Capital Gains and Taxes: What You Need to Know in 2023
The difference between the purchase and selling values of capital properties, as determined by the Canada Revenue Agency, is essentially what is meant by the terms "capital gains"... / Read more
Biggest Tax Changes Canadians Need to Know in 2023
Tax season is approaching, and, as is the case every year, new changes have been implemented for the 2022 tax year that may affect your circumstances and your tax return,... / Read more
What Bloggers, Vloggers and Content Creators Need to Know About Taxes
Over the past decade there's no doubt that many content creators have made a transition by being considered 'hobbyists' to become serious, high earning professionals. With that... / Read more
Small Business Invoicing Guide and How to Send an Invoice
A vital component of the success of any organisation is the payment of the invoices they send. Many businesses issue invoices and bills to be paid to customers and clients, and... / Read more
CRA Audit Triggers and How to Avoid Them
While an audit may appear to be an arbitrary and unfair punishment from the universe, there are actual justifications for why one company or person is chosen over another. The... / Read more
Top 5 Signs You Should Outsource Your Accounting Now
Should you outsource your accounting or not? That's a question all small businesses have to face sooner or later. If you're like the majority of business owners and managers, then... / Read more
Top Tips for Keeping Business Receipts Organized
It's crucial to keep receipts for all expenses whether you're a small business owner, someone who is self-employed and deducting business expenses on your tax return or an... / Read more
How – and Why – To Boost Your Business Balance Sheet
If you are a small business owner, growing your business is, of course always going to be one of your most pressing top of mind concerns. However, understanding just where your... / Read more
Popular Canadian Tax Deductions and Credits in 2023
Although the deadline to file is still months away, smart Canadians are already thinking about filing their taxes, and ways in which they may be able to reduce their tax bill... / Read more
9 Costs Small Business Owners Should Never Skimp On
If you run a small business or are a startup owner, you constantly have one eye on the balance sheet. It can occasionally seem as though you are tossing money into a black hole.... / Read more
How Small Businesses Can Save Money in Their First Year
Many entrepreneurs and new business owners quickly discover that the financial realities of running a business don't always meet initial assumptions when looking into their... / Read more
Why Hiring an Accountant for Freelancers Is a Great Investment
Taxation and death. There is nothing more definite in life than these two truths, but when it comes to paying taxes, there are lots of things you can do to make the process as... / Read more
Top Tips for In-House Vs. Remote Employee Management
In the past, most jobs were performed in-house for businesses. Employees came to work at a set time, spent X hours at their desk, went home at their appointed hour, and the cycle... / Read more
Recurring Payments for Small Businesses: Should You Offer Them?
Does your small business do business with the same customers every month? Many small businesses do. If so, since the success of your business relies heavily on you, it makes sense... / Read more
How To Pay Yourself as a Canadian Business Owner
You should give serious consideration to how you withdraw funds from your business enterprise. Usually, there are two options for doing that: a salary or an owner's draw. Let's... / Read more
Can You Afford to Hire an Employee?
Even if you have managed to run your business so far as a single person operation, the time will come when adding an employee, or employees, will become the best way to move it... / Read more
How to Use Invoice Payment Terms to Protect Your Business
Payment terms specify how, when, and how your customers or clients will pay your business. Or when they should, at least. Invoice payments are frequently accompanied by payment... / Read more
How to Effectively Follow Up on Past Due Invoices
Nearly all small business owners have experienced the stress of a past due invoice. According to research, more than a quarter of small firms report payment delays of more than 30... / Read more
Should Your Small Business Be Charging GST/HST?
Have you recently launched your own business? Congratulations! According to Statistics Canada, you are now one of the 3 million and counting Canadians who have chosen to work for... / Read more
Why Small Businesses Still Need to Practice Physical Financial Record Keeping
If you are starting and building your own business, there are literally a 1,001 things to do, and you certainly have lots of hats to wear. One of those is often part-time... / Read more
Understanding – And Preventing – Retail Card Not Present Fraud
The continuing rise of online shopping brings a whole new level of convenience to people’s lives, and enabling thousands of Canadians to run a retail business from the comfort... / Read more
Do Canadian Social Media Influencers Need to Pay Taxes?
Imagine yourself an Instagram influencer with thousands of followers. You have been a personal shopper and stylist for many years, and you produce and share fashion-related videos... / Read more
Top 10 Common Credit Score Myths Exploded
Far too many people don't really understand credit scores. Which is forgivable really, as they are not always easy to decipher. In addition to learning the facts about the credit... / Read more
Choosing the Right Payment Processor for Your Business in 2022
There is no such thing as an ideal payment processor. The best one for your business is influenced by your specific goals, priorities, and budget. But choosing the right one(s) is... / Read more
Days Sales Outstanding: What It Is and Why It Matters
The term "days sales outstanding," or DSO, refers to the typical number of days it may take a business to collect payment for a transaction. The majority of businesses should... / Read more
Reaping the Benefits of Keeping Managed Accounts
Every business needs three financial statements: a profit and loss (or income) statement, a cash flow statement, and a balance sheet. These documents, when combined, provide key... / Read more
Top Tips for Business Owners to Borrow Money With Confidence
It's critical to feel at ease with the lending process when you're ready to borrow money for your business. It's more than simply securing a loan when it comes to deciding which... / Read more
6 Important Reasons to Keep Personal and Business Finances Separate
If yours is a young small business, while it may appear to be more convenient to maintain your personal and business funds in the same account, it is more efficient in the long... / Read more
Employee or Contractor – How to Tell the Difference
Are the people who work with you employees or contractors? It's critical to know the answer because getting it wrong can be costly and result in issues with the Canada Revenue... / Read more
The Pros and Cons of Petty Cash Systems
There are a few procedures small businesses can follow to ensure they’re managing petty cash expenses correctly. By following these steps, you can take full advantage of this... / Read more
How to Build and Establish a Better Business Credit Score
Establishing a strong business credit reputation is one of the most crucial components of the early stages of running a small business in Ontario. Furthermore, having good company... / Read more
Should You Buy a Rental Property as an Individual or a Corporation?
It is critical for anyone seeking to accumulate wealth, attain financial independence, and/or retire early to develop streams of passive income, which are sources of income that... / Read more
Credit Management – How to Get it Right Every Time
Effective credit management is an important process that begins with getting to know your customers before selling to them and ends only when you've been paid. Here we are going... / Read more
Top 5 Cash Flow Mistakes Small Businesses Make
When small business owners experience unanticipated cash flow gaps or are unable to make invoices during sluggish months, it's a sign that they aren't keeping track of their cash... / Read more
Why You Should File Your Taxes on Time This Year
Don't worry if you still need to file your taxes this year; you're not alone. Even if you try not to file your taxes at the last minute, it's sometimes unavoidable - especially... / Read more
What Tax Deductions Can Commission Employees Claim?
Certain tax deductions are often available to commission employees that are not available to salaried employees. This is because commission employees are frequently compelled to... / Read more
What You Need to Know About Cryptocurrency and Canadian Taxes
When Bitcoin and cryptocurrencies first became popular, many people saw their investments in them - and maybe their use of them - as something separate from the rest of their... / Read more
Top Tips For Organizing Your Small Business Receipts
On top of the (many) challenges of running your own business, keeping track of your expenses and keeping records can feel burdensome. It may not be at the top of your priority... / Read more
Are You an Employee or an Independent Contractor for Tax Purposes?
Your work status has an impact on your eligibility for employment insurance as well as your rights and obligations under other statutes including the Income Tax Act and the Canada... / Read more
Small Business and Freelancer Tax Audits: What You Need to Know
According to the CRA, audits are required in order to ensure that Canadian tax legislation is followed. And it is not just very wealthy individuals or big businesses that can be... / Read more
Small Business Tax Deductions You May Be Missing Out On
In Canada, the average small business owner pays more than 42% of their revenue in taxes. To begin with, that's a substantial sum of money. Second, no one wants to pay the Canada... / Read more
Tax Deductible Medical Expenses – What You Can Claim
Here we are going to go over the basics as they relate to Canadian taxes and medical expenses for the 2021 tax year. What is Considered a Medical Expense for Tax... / Read more
Tax Return Dos and Don’ts For New Canadians
New to Canada? Welcome! If you're new to the country, you can expect lots of friendly, welcoming faces, a strong enthusiasm for hockey, free healthcare, and, of course, our... / Read more
Top 6 Reasons Small Business Owners Should Hire a Tax Professional This Year
If you learned that millions of people attempt DIY-surgery each year, you'd be shocked, if not outraged, that anyone would take such a risk with something so complicated. Every... / Read more
Your 2021 Tax Return: What You Need to Know
We are now entering what is technically the third year of the COVID-19 pandemic, and this marks the second tax filing year that may see Canadians tax returns affected by the... / Read more