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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

independent-contractor-vs-employee-
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 13, 2022

Why Outsource Your Hamilton Small Business Accounting?

Let's face it: in the business world, accounting has a reputation for being a dull subject. You'd rather discuss your products and services than your accounting debits and credits... / 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 28, 2022

What Airbnb Hosts Should Know About Their Taxes

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

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

February 10, 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

tax deductible moving expenses
February 10, 2022

Moving for Work? Tax Deductible Relocation Expenses Explained

Moving, in general, comes with a slew of different kinds of anxieties, as well as life changes and often significant monetary expenses. But, if you're starting a new job in a new... / Read more

gig worker taxes canada
February 3, 2022

Top Tax Filing Tips for Canadian Gig Workers

Many Canadians are taking advantage of a surge in freelance and side hustle opportunities to supplement their income while maintaining the freedom to set their own work limits and... / 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

taxes
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