by admin | Aug 5, 2020 | Bookkeeping, Business Advice, Business Strategy
As the owner and director of a small accounting business, I think that there is definitely a way in which bookkeepers, accountants and business owners can support one another while working together at an organization. While an individual can be both an accountant and...
by admin | Jul 8, 2020 | Uncategorized
The Canada Revenue Agency has the right to audit you, whether you are an individual, partnership, trust or corporation. This also includes charitable and not-for-profit organizations. The purpose of an audit is to ensure that you have been complying with the laws set...
by admin | Mar 29, 2018 | Accounting Tips, Small Business, Tax Tips
Incorporating a small business in general can provide some tax advantages such as: access to the small business deduction a potential deferral of taxes if profits are kept in the corporation access to the capital gains exemption on sale of qualified small business...
by admin | May 31, 2017 | Accounting Tips, Saving
Sleep on decisions Avoid making impulse purchases by promising that you will sleep on the decision. Set a limit. For example, you could tell yourself that any purchase over $200 requires 24 hours of decision making. Make mindful decisions Take a step back and make...
by admin | May 15, 2017 | Entrepreneur, Loans, Tax Tips, Taxes
As a small business owner and perhaps sole shareholder of your business, you’ve probably heard about an account called a shareholder loan. The company you own can loan you funds for various purposes. Sometimes this in the form of advances you take throughout the...
by admin | Apr 15, 2017 | Entrepreneur, Self-Employed
As an owner, shareholder and active employee of your incorporated business, one of the first questions you may have is how is my corporation going to pay me as a shareholder? There are two ways to compensate a shareholder, by either paying yourself (the shareholder) a...
by admin | Jan 19, 2017 | Accounting Tips, Bookkeeping, Entrepreneur, Mompreneur, Self-Employed
A meal or entertainment expense can be a number of different things. This type of expense can include activities like, dinners, lunches, drinks after work, coffees, going to a live performance, the opera, ballet, sporting event, office Christmas party, etc. However,...
by admin | Jan 13, 2017 | Accounting Tips, Bookkeeping, Self-Employed, Tax Tips
It can be easy to overlook specific accounting activities when running your business. The realty is – your busy! But if you keep these next few things in mind and on your daily checklist, they will keep you in the clear and complying with CRA. It is easy to...
by admin | Apr 19, 2016 | Accountant, Accounting Tips, Entrepreneur, Tax Accountant, Tax Tips, Taxes
A call from the Canada Revenue Agency (the CRA, sometimes known by the former name of Revenue Canada) can feel scary and intimidating. We understand. It’s one of the reasons having your taxes done by a professional and keeping records together and complete are...
by admin | Jan 26, 2016 | RESP's, Tax Accountant, Tax Tips
If you have children, and you’re already starting to save for their college or university education, you likely have a RESP – Registered Education Savings Plan. It’s a savings plan that allows the beneficiary to receive the funds to pay for education when they attend...
