Most letters from CRA are not audits. About nine in ten of the ones I’ve handled for clients over the years were reviews, and a review is one question about one thing on one year’s return. You answer it, you send the receipts, it closes. The fear is almost always bigger than the letter. I learned
Got a letter from CRA? The difference between a review and an audit, and what to do next Read More »
A potential client recently asked me whether business owners should draw a salary. My response was, “it depends.” However, I firmly believe that business owners should compensate themselves for their contributions and growth, rather than working for free. You’re a Supplier Too There are numerous reasons why paying yourself is crucial. Many, including myself, follow the Profit
When Should I Start Paying Myself a Salary? Read More »
Why You Shouldn’t Hire a Bookkeeper For Your Business Right Away As your business grows, many will suggest outsourcing financial management to a bookkeeper to save time and reduce stress. However, this might not be the best choice for your business or your finances. Contrary to popular belief, hiring someone to manage your money might not
Do You Really Need a Bookkeeper? Discover When to Hire for Your Business Read More »
What Your Online Business Can Actually Write Off If you run an online business in Canada, you can write off your software subscriptions, equipment, website and hosting, platform and payment-processing fees, professional development, coworking space, and a portion of your home office. The ones people miss most often are processing fees, business use of a
Expenses You Can Write Off For Your Online Business — And the Ones Most People Miss Read More »
Bookkeeper Vs. Accountant ~ Who Should I Choose? The answer? It depends on you and your business! Let’s break down some of the differences between the two.BookkeeperA bookkeeper is there for your day to day financial tasks. They will get your systems set up, teach you, train you, and help you be organized as you run your
Bookkeeper Vs. Accountant Read More »
As the new year begins, it’s the perfect time to set your business goals in motion. Whether you’re leaving your 9-5 behind or launching a passion-driven side hustle, starting with the right legal and financial structure is crucial. Many entrepreneurs dive into their ventures with enthusiasm but overlook the importance of a solid foundation. Without it,
Many business owners delay hiring a bookkeeper until they find themselves overwhelmed or facing issues with government taxes, such as sales or payroll. To help you avoid these pitfalls, we’ve compiled a list of 35 ways a bookkeeper can streamline your operations and save you money. Identify Your Key Areas of Need Don’t wait until it’s too
35 Ways a Bookkeeper Can Save Your Business Money and Boost Efficiency Read More »
A Day in the Life: Humorous Tax Deduction Requests Recently, I had an amusing day that I thought I’d share. I’m part of a Facebook group for bookkeepers and accountants, and the top post of the morning was titled “Funny Things Clients Have Asked to Deduct as Business Expenses.” It started off entertaining and only got
Humorous Tax Deduction Requests: What You Can Actually Write Off Read More »
Are These Your Questions?”How do I choose the right software to manage my business finances?””I need to start tracking my business finances but don’t know where to begin.””My business is booming, but I have no idea where my money is going. What should I do first?”If these questions sound familiar, you’re not alone. Many business
How to Choose the Right Accounting Software for Your Business Read More »
