Why Do Businesses Struggle To Profit From Growth?
Why are some companies able to expand their business with incredible success, while others struggle to profit from growth?.
COVID-19 Wage Subsidy for Business
As part of the COVID-19 response plan, the Federal government is providing a 3-month wage subsidy that allows businesses to reduce the amount of payroll deductions required to be remitted to the CRA.
COVID-19 Update for Businesses and Individuals
On March 18, 2020, the Canadian government announced a new set of economic measures in a response plan to support the Canadian economy during the COVID-19 global pandemic.
5 Steps to Boost Your Profits
A question that business owners often ask themselves is: How can I make more money? And often their instinctive answer is: Increase revenues. However, increasing revenues makes sense only if it can boost your profits.
13 Tips to Maximize Your Personal Tax Refund
With your personal tax filing due date approaching, here some of the common items you should consider in order to maximize your personal tax refund.
Rules to Deduct Automobile Expenses
Many business owners use their cars for business and personally incur expenses in doing so. If this applies to you, you’ll want to be able to deduct automobile expenses against the related income.
Streamline Your Business With Better Financial Processes
Having efficient financial processes will help streamline activities while giving you the critical information you need, when you need it.
6 Ways to Reduce Expenses in Your Business
There are a variety of tactics you can employ to reduce expenses in your business and prepare for unforeseen costs that crop up over the course of the year.
Using Working Capital to Monitor Business Health
Businesses could go bankrupt if they are not profitable, but that’s not the main cause. They go bankrupt because they run out of cash and can't meet their payment obligations as they come due.
T4 and T5 Deadlines Are Coming Up
If you have employees or paid dividends last year, you are required to file a T4 or T5 with the CRA. Both T4 and T5 deadlines are coming up.
How to Take Control of Your Cash Flow
Phrases like “Cash is king” and “Cash is the lifeblood of your business” emphasize the importance of cash in running a successful business.
TFSA and RRSP Reminder
As we are near the end of January and tax season around the corner, I would like to remind you about the two tax savings opportunities: TFSA and RRSP.
New Year’s Resolution for Your Business
Since cash is the lifeblood of your business, it makes good sense to review the overall financial health and see where you can make improvements. Here are 9 useful tips that will help you.
2020 Corporate Tax Rates Update
As we begin a new year, it’s wise to stay informed about the latest tax rates. Here are the latest combined 2020 corporate tax rates.
What Is Your Corporate Tax Instalment Obligation?
Corporate tax instalments are advance payments made to the CRA to cover taxes for the current tax year. The required amount and due date will vary.
How to Choose a Fiscal Year-End Date
There are a number of factors that you should consider to determine the optimal fiscal year-end date for the business.
Shareholder Loan and Its Tax Implications
When a shareholder borrows from the business and does not repay within a year, the loan will be included as income on the shareholder’s personal tax return.
FAQ for Business Expense Tax Deduction
You may have specific questions about the different types of expenses. We will go over a list of FAQ for business expense tax deduction.
Does Your Business Need to Charge and Collect Sales Tax?
Charging and collecting sales tax is part of your duty for doing business here in Canada. Customers pay GST/HST, while businesses are responsible for collecting the tax.
Year End Personal Tax Planning Tips
Taking some time to review your financial affairs may yield significant tax savings. Here is a list of common year end personal tax planning tips.
A List of Common Business Expenses You Can Deduct
Maximizing business deductions can help you lower the tax bill. Let's go over a list of common business expenses you can deduct.
What are the Criteria to Deduct Business Expenses?
To ensure business claims are legitimate, you need to to understand the criteria to deduct business expenses. We will go over the 4 criteria used by the CRA.
How to Claim Back Sales Tax Paid on Business Purchases
If you are running a business here in Canada and you are registered for the GST/HST, you can claim back the sales tax paid on business purchases.
Year End Business Tax Planning Tips
Some tax strategies can be applied immediately, while others require you to plan ahead of time. Here are 7 year end business tax planning tips.
5 Steps to Create Financial Projections for Your Strategic Plan
How does a business owner know if a strategic plan is worth pursuing? This is where financial projection comes in.
Income Splitting Rules You Must Be Aware Of – TOSI
TOSI was made effective to eliminate the tax benefits of income splitting where the recipient has not made sufficient contribution to the business.
3 Ways to Decide If You Should Invest in a New Project
Before committing to any major investment, it’s crucial to assess if it makes sense from an economic point of view.
Planning for Your Cash Flow Needs
Cash is the lifeblood of your business and cash flow planning is vital to business success.
4 Financial Indicators You Should Monitor
One skill that separates a financially intelligent business owner from an average entrepreneur is the ability to use financial indicators to make timely, well-informed business decisions.
Salary vs Dividend: What’s the Best Option?
The most common question asked by a business owner is - what’s the best option? Is it salary? Or is it dividend? What’s the difference between salary vs dividend? .
Should You Buy Real Estate Property Using a Corporation?
There are a few factors you need to consider that will determine if buy real estate property using a corporation is best for you.
Financial Projections for a New Business
The purpose of the financial projections for a new business is two-fold. Raise capital or for your own benefit.
How to Manage Receivables and Get Paid Faster
Managing accounts receivable is an inevitably part your business process, so you want to manage it effectively.
Improve the Invoicing Process for Your Business
Invoicing is an integral part of your business. Let’s go through some ideas about when and how to invoice well.
Building a Paperless Record Keeping System with Cloud Accounting
By getting control over the paper in your accounting, you will be able to focus on the tasks that bring value to your business.
Position Your Business for Growth with Cloud Accounting
With the ability to integrate with thousands of third-party applications, the possibility of cloud accounting is endless.
Tax on Selling Real Estate
When selling a property other than your principal residence, report the gain as business income or capital gains.
Can You Run Payroll In-House?
This decision comes down to one question: Are you equipped with the proper knowledge to manage payroll?.
7 Payroll Mistakes That Will Put Your Business at Risk
If you are not cognizant of your payroll obligations as an employer, the payroll mistakes could held your business financially liable.
Get Actionable Business Insights with Cloud Accounting
You need timely and relevant business insights to make a sound decision, which come from accurate financial data.
Employee vs Contractor – Why You Need to Know the Difference
As a business owner, you need to know the status of the worker because your obligations are going to be different.
Running Payroll – What is Your Responsibility?
As an employer, there are many payroll responsibilities you need to comply. We will explore each in detail.
What to do If You Haven’t Filed Tax Returns
Do you know that every year millions of Canadians feel the pressure of delinquent taxes?.
Is your small business in too much debt? Take these steps to fix it!
Spending money that you don’t have is the quickest way to be buried in a mountain of debt that will be impossible to climb over.
5 Factors to Consider When Selecting an Accountant for Your Small Business
How to Manage Your Taxes as a Sole Proprietor
Why You Should Be Considering Quick Method of Accounting for GST/HST?
Is it time to incorporate your business?
Payroll – What is your responsibility as a business owner?
Have you ever worked for another company before you started your business? You probably got paid every two weeks, you were issued a pay stub, you were paid a net amount after all payroll deductions and you received a T4.