Set Yourself Up Now to Save Money Next Tax Season
So you’ve just completed your 2020 tax filing – congrats! While it may be tempting to put away the endless receipts and slips and not think about taxes for another year, don’t do it! While the deck may be stacked against small businesses, there are still many tax breaks available to keep hard-earned money in […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan (PART 2)
A Letter to Small Business Owners: Hope that you are all keeping well and safe as we progress through this crisis. We wanted to reach out to you again because you likely would have seen some of the Federal government’s announcements over the past few days as it attempts to bolster its Economic Response Plan for […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan
A Letter to Small Business Owners: Hope that you are all doing well in spite of this COVID-19 crisis. What a situation this is… We just wanted to take a moment to let you know that we continue to be fully operational and are ready to assist you with any of your tax/accounting needs. We […]
The Best Money Mindfulness Tips to Improve Your Life
Did you know Canadians, on average, spend 7 hours a week worrying about their finances, according to a report by Capital One Canada! That’s a lot of time spent unproductively. If only a fraction of that time was spent on learning self-control, the rest of it could have been spent being more productive! The fact […]
Even Royals Can’t Escape the CRA!
The news of Prince Harry and Meghan Markle deciding to split their time between the UK and Canada has certainly been making headlines this month. And while the royal couple have their hands full with their move, it’ll be very important for them to set themselves up for success come tax season, should they become […]
Don’t Sprint – It’s a Marathon!
Be organized and take your year-end statements one step at a time Just like the T2 corporate tax return you might think that your business’ “Year End Financial Statements” are a one-time task to be completed at the end of every year; however, running a business and fulfilling your legal obligations of keeping records comes […]
The Trap of One
Becoming too reliant on one employee, one vendor, one customer, or one marketing avenue is a common pitfall of businesses. Consider the lesser risk of having 100 customers paying $1,000 each than one customer paying $100,000. The same rule applies to employees, vendors, and the number of ways to attract new customers. In business, diversity […]
Driving your Costs Down
If you have one of the more than 25 million road motor vehicles registered in Canada, then you should make sure your car is driving your costs down. Deducting automobile costs is a very important part of tax planning for many small businesses, one that comes with many rules and restrictions. Generally, any expense incurred […]
Pick Up that Fork
Writing Off Eligible Meal and Entertainment Costs A common expense business owners may be able to write-off are a portion of meals and entertainment costs. It’s an important tool to make sure you are minimizing your tax obligation. However, it can also be disastrous to get wrong (hello unexpected tax bill and penalties!) Always work […]
How to Choose the Right Accounting Firm
A compatible accounting firm is integral to a business’s success. The truth is that accountants, CPAs, and tax preparers are not all the same. Most accountants spend the majority of their time with their clients’ monthly bookkeeping work, tax filings, and mundane compliance work – all of which take time away from paying attention to […]
The 2 Sets of Numbers Every Business Owner Must Know
Tracking the critical numbers and indicators in your business is one of the best, and most important things you can do as a business owner. What is not measured cannot be improved, but in keeping a financial dashboard that tracks core figures, you can carve a niche for your business that fosters a competitive advantage. […]
How Systemizing can Reduce your Stress
One of the most important things a business owner can do is systemize operations for the long-term, considering how things might function in the owner’s absence. Ensuring that your business operates like a finely tuned machine will increase your stability and reduce your stress! First you need to answer the question: what are the systems […]
Gross versus Net Income
In business, where gross refers to the total income, net refers to income after all expenses, overheads, taxes, and interest payments are deducted. The difference in value between these two amounts can be significant. As the head of your business, it is important for you to know: The difference between your gross and net income; […]
What is income splitting and how do I use it to maximize returns?
One of the keys to tax planning in Canada is the concept of income splitting. This is the process of maximizing income taxed at lower rates and minimizing income taxed at higher rates. While the federal government has already eliminated some forms of income splitting, and is currently exploring actions to further limit this, there […]
5 Things Small Businesses Can Do Now To Save Money Come Tax Season
As the old saying goes, there are only two sure things in life: death and taxes. For many small businesses, this has become more of a reality than ever. The federal government has recently proposed changes to the tax code which are sure to negatively affect many corporations. In fact, these changes could even result […]
Daily, Weekly, Monthly: What to do to Maintain Accounting Records for Your Small Business, and Rake in the Benefits!
Often the most time consuming and stressful part of running a small business is the process of keeping clear and accurate financial records. Even those who manage to keep their books organized can find it challenging to use them strategically in their business decision-making. As a result, many small business owners simply throw all of […]
Setting up an Effective Accounting System
Every business needs an effective accounting system. Many business owners overlook the logical method of tracking their revenues and expenses by “profit centers.” A financial reporting system should be set up such that it has the ability to generate reports that provide a breakdown of revenues and expenses by type of service provided or type […]