Salaries and Taxes for Your Small Business – Some Planning Required
Often, as business owners, we don’t want that huge tax bill at the end of the tax season. Some decide they want to just pay themselves a salary so they can pay taxes as a … Read more
Starting a Small Business? You Need a Plan!
Have you considered becoming a business owner? It’s always recommended that you understand the need in your preferred industry. This helps you uncover who your completion is and whether a new business can hold a … Read more
How to Deal with Uncollectable Accounts
It has been a rough year with Covid-19 being the center of attention for not only our personal lives but for small businesses struggling to get back on their feet. Sometimes these unexpected events cause … Read more
One Big Reason to Ensure Your Financials are Up To Date
Many business owners have told me about their challenges with keeping up with their bookkeeping, about constantly being “behind”. No matter if you are a sole proprietor or own a corporation, if you don’t have … Read more
How Do You Know When To Borrow Money For Your Business?
Following your business plan helps you make decisions about borrowing. You know, that document you created when you first started your business? You never did one, you say? I don’t know how many times I … Read more
Struggling To Pay That Tax Bill Every Year?
Quite often, as sole proprietors, we have the tendency to want to spend what we bring into our accounts. Yes, even someone as disciplined as myself still sees the cash in the account and the … Read more
15 Tips to Make Your Bookkeeping Paperwork Easier To Manage
Whether you do some, all or none of your own bookkeeping tasks, accuracy depends on maintaining detailed records. Misfiled and lost transaction records can cost you money because (a) legitimate expenses incurred may not be … Read more
More Money In Your Pocket And Better Decisions
As sole proprietors, we tend to mix business and personal expenses together on the same accounts, bank or credit card. I cannot stress how important it is to keep them separate! Open a bank account, take … Read more
Handling Payroll for Your Small Business
It is a very time-consuming task to take on doing payroll for your employees. You have to learn the rules for holidays, commissions, T4’s and ROE’s. Have you ever done up an ROE for someone? Oh … Read more
Why Would CRA Ever Audit Me?
I am often asked the question: what reason would CRA ever have to audit me? This is my opinion but it could vary in many ways: If you owe them money. Did you forget to pay … Read more
Rewards, Gifts and Bonuses Have Tax Implications
It’s nearing the end of the year… I know, where does the time go? I have no idea where summer went! Often business owners like to give bonus gifts, rewards and so on at Christmas … Read more
How to Charge Sales Tax for Different Provinces in Canada
Are you a business that does business with other provinces in Canada? A client brought it to my attention that they were uncertain what they should be charging for sales tax. The bottom line is … Read more