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small business tax planning
March 21, 2023

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

March 13, 2023

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

March 6, 2023

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

February 27, 2023

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

February 20, 2023

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

tax mistakes
February 15, 2023

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

February 7, 2023

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

January 30, 2023

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

January 23, 2023

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

tip and taxes
January 16, 2023

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

January 9, 2023

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

January 2, 2023

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

2023 financial resolutions
December 27, 2022

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 tax Canada
December 20, 2022

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

2023 tax changes
December 12, 2022

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

December 5, 2022

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

November 28, 2022

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

November 22, 2022

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

outsource your accounting
November 14, 2022

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

business receipts
November 8, 2022

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

balance sheet
October 31, 2022

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

October 25, 2022

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

October 11, 2022

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

October 3, 2022

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

September 27, 2022

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

September 20, 2022

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

September 13, 2022

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
September 2, 2022

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

August 24, 2022

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

August 16, 2022

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

August 11, 2022

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

August 2, 2022

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

July 25, 2022

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

July 22, 2022

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

July 10, 2022

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

July 1, 2022

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

June 28, 2022

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

June 25, 2022

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

June 16, 2022

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

accounting mistakes
June 8, 2022

Accounting Mistakes Likely to Cost Small Businesses a Lot of Money

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

May 30, 2022

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

money matters canada
May 27, 2022

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

May 18, 2022

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

May 9, 2022

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

May 5, 2022

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

rental property investing ontario
April 29, 2022

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

overdue invoice
April 20, 2022

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

April 5, 2022

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

March 28, 2022

Small Business Accounting: Terms You Should Understand

Hiring an accountant will relieve you of the worry of accurate bookkeeping, payroll, and taxes, allowing you to focus on other more important things. Delegating financial... / Read more

March 28, 2022

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

small business canada taxes
March 21, 2022

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. Most accountants take giving the answer to this... / Read more

outside sales
March 21, 2022

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

Crypto and Canada Taxes
March 14, 2022

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

organize reciepts for tax
March 4, 2022

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

February 24, 2022

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

February 23, 2022

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

February 21, 2022

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

medical expenses tax
February 17, 2022

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

canada tax return new citizen
February 3, 2022

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

January 26, 2022

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

January 26, 2022

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