As a business owner, you have the option of taking a salary or dividends from your company. Both have benefits and drawbacks that you should consider before making a decision. Here’s a breakdown of each option to help you decide which is best for you. The Difference Between a Salary and Dividends A salary is
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
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