Before you gather a single receipt, decide how you’re going to file. It sounds backwards, but where your return ends up changes what you need to pull together at the start. Doing it in tax software, handing it to a professional, or filling in the forms yourself each asks for slightly different pieces in slightly
How to file your taxes as a sole proprietor: DIY, tax software, or hire someone? Read More »
Three form numbers come up the moment you start a business in Canada, and most people can’t tell you which one applies to them. Here they are in one breath: the T1 is the personal return every Canadian files; the T2125 is the business schedule that sits inside your T1 if you’re a sole proprietor;
Somewhere around year two or three, this happens to almost every growing business owner I work with. You’ve just scraped together the money to pay last year’s tax bill, probably because you didn’t set it aside as you went, and then a letter arrives from CRA asking you to start paying this year’s tax in
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 »
Tax season is not the hard part. The hard part is February, when you’re trying to find twelve months of Shopify reports, Stripe payouts and receipts you’re fairly sure were in your email somewhere. Every stressful tax season I’ve seen started with a business owner doing a year’s worth of gathering in one weekend. Think of
Getting your books tax-ready: the monthly habits that make tax season boring 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 »
