Home office claims are one of CRA’s favourite things to review — and one of the easiest to get wrong. Here’s what self-employed Canadians can actually claim, and the three rules that catch people.
Home office expenses: what you can actually claim, and the part everyone gets wrong Read More »
If you run an online business in Canada, sales tax is one of those things that feels fine to ignore — right up until it isn’t. You cross a revenue line you didn’t know existed, or a customer asks for your GST number, and suddenly you’re not sure whether you should have been charging tax
How to Charge GST/HST for Your Online Business in Canada Read More »
As the year draws to a close, it’s the perfect time to organize your tax documents and ensure a smooth transition into the new year. Whether you’re a seasoned business owner or new to the online business world, these tips will help you streamline your year-end tax preparation. Download 5 Tips to Get Your Tax
5 Essential Tips to Simplify Year-End Tax Preparation for Your Online Business Read More »
Identify and Stop Money Leaks in Your Business As fall progresses, it’s the perfect time to identify money leaks and plan for the upcoming business year. These small leaks might go unnoticed, but they can accumulate over time. Imagine a bucket with tiny holes—while you might not see the water dripping out, collecting it in another bucket
Stop Money Leaks: Save Hundreds of Dollars with These Simple Fixes Read More »
Wondering how to collaborate with a bookkeeper or accountant without meeting in person? You’re not alone. Many online business owners initially question how virtual bookkeeping works. In the past, tax time meant gathering piles of paperwork to hand over to your accountant. But what happens when everything is digital? How do you track digital receipts, income,
Virtual Bookkeeping: Managing Your Finances Without In-Person Meetings Read More »
Getting Your Records Ready for Your Tax Professional When it comes to preparing income taxes, business owners often face a choice: tackle it themselves or hire a professional. For many, enlisting the help of a bookkeeper or accountant is the most practical option. Tax laws can be complex, and mistakes can be costly, so why not
Preparing Your Records for Tax Season: A Guide for Online Businesses Read More »
Recently, I joined a conversation about tax audits and the common fear surrounding them. It became clear that many people are anxious about audits due to the unknowns involved. Unless you’ve experienced one, it’s hard to know what to expect. So, what might trigger an audit? Here are some common factors that could prompt the Canada
Worried about an audit? Top 7 Triggers Explained 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 »
