While we all might think we have a pretty good grasp on how to maintain our personal and business finances, the fact is that bookkeeping is a complex and detail-oriented task that is best left to the professionals. Here are the top five reasons why you shouldn’t do your own bookkeeping. 1. You might make
As a small business owner, do you know when your business should start collecting HST? The Canadian Revenue Agency (CRA) states that you have to register for an HST account if: You make taxable sales, leases, or other supplies in Canada And you are not a small supplier This could be confusing, especially
Congratulations! You have decided to start a new business venture or are planning to grow your existing small business. This can be a daunting task but with the recent pandemic, many people have been moving away from their previous careers and are looking at being their own boss. We have put together some tips to
If you’re a small business owner, you may be wondering about the pros and cons of incorporation. Of the few different ways you can structure your business, incorporation has many advantages for small business owners. Read on for some of the key advantages of incorporation to help set your business on the right path. Protection
Many entrepreneurs who are just starting out make a similar mistake with their business. Their main focus is to try and save money by doing as much work as possible by themselves. While this might seem like a good idea in the short term, doing your own books could actually be detrimental to your growing
People working in the trades are in very high demand and often busy working long hours to keep up. For some tradespeople, this means that they do not have the time or even energy to sit down after a long day to balance their books, organise the payroll, deal with tax obligations and make their
With all the excitement of tax season, we didn’t get around to summarizing this year’s Federal Budget. Rest assured that our team is fully updated on all of the latest changes, benefits, credits and more. Find out more about the Government of Canada’s plan to finish the fight against COVID-19 — and ensure a resilient
Have you filed your 2020 taxes yet? Or are you one of the many procrastinators that is putting off filing until the last minute? While last year’s tax filing deadline was extended due to the pandemic, this year things are back to normal. This means that you must file your personal income taxes before the
If you collected COVID-19 related benefits last year, you might notice when you do your taxes that you owe much more than in previous years. This is mainly due to CERB payments and some of the earlier benefit payments. These benefits did not have any taxes taken off of them, which means that they must
When the pandemic hit, the Canada Revenue Agency (CRA) adopted measures to help Canadians cope with the global crisis. To do this, they extended both the deadlines for filing taxes and to make any payments that were owed. The CRA also did not charge penalties or interest on tax returns filed by September 1, 2020.