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
Tools To Keep Your Small Business Safe
Are you among the small businesses that have not put thought into Worker’s Compensation and the Occupational Health and Safety Act? If you haven’t, remember, it’s not only the law but the right thing to … Read more
Link to Canadian Tax Packages for All Years
Each package includes the guide, the return, related schedules, and the provincial or territorial schedules, information, and forms (except Quebec). Click here to access this resource on the government of Canada website.
Bookkeepers and Accountants Are Not the Same
Your successful small business needs both a bookkeeper and an accountant. And there’s a reason why they won’t be the same person. While some skilled bookkeepers and accountants may, in fact, be capable of doing … Read more
Can You Negotiate Lower Prices From Your Vendors?
Missed opportunities result from complacency. Occasionally questioning the prices you pay for products and services makes sense for businesses of all sizes. The trouble is that small businesses are more likely to lack the skills … Read more
Are You Unknowingly Part Of The Underground Economy?
“Can’t I just pay my employees with cash?” We still hear some version of this question now and then. Moonlighting or “working under the table” is the basis for the underground economy in Canada. According … Read more