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
Wrap up the year Year-end checklist for Canadian businesses “It would be so nice, come tax time, to not spend an entire week trying to find things — and instead just send it off.” That’s the goal of this checklist. A little bit of work in December and January saves you the lost week in
Year-End Checklist for Canadian Small Business Owners Read More »
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
Got a letter from CRA? The difference between a review and an audit, and what to do next Read More »
Write it off Online business expenses you can claim in Canada If you’ve ever thought “I’m probably leaving money on the table because I don’t really know what I can claim,” you’re not alone. It’s the thing we hear most from Canadian business owners, right after “taxes scare me.” Here’s the short answer. You can
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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. Bookkeeper A 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
Bookkeeper Vs. Accountant Read More »
Starting a business in Canada? Here’s what to sort out first Before you take a single dollar, five things need to be in place: A name you can legally use A decision on sole proprietor or corporation Your registration A separate business bank account A simple way to track the money from day one None of
Starting a Business in Canada: What to Set Up First Read More »
Nice try Funny tax deductions people ask about (and what you can actually claim) Every bookkeeper has a list. Not of clients — of questions. The ones that start with “okay, hear me out…” and end with a very hopeful look. We love these questions, honestly. Asking is always better than guessing. So here are
Funny Tax Deductions People Ask About (and What You Can Actually Claim) Read More »
Choosing accounting software How to pick the right one for your Canadian business “My business is booming, but I have no idea where my money is going. What should I do first?” Start with a system. And for most growing businesses, that means proper accounting software. Here’s the short answer. For most Canadian small businesses,
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