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
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
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
We are now entering one of the hardest seasons for many businesses and the ongoing pandemic is not making it any easier. The effects of COVID-19 are causing many businesses to experience additional financial challenges this holiday season. The Canada Revenue Agency (CRA) has many support benefits available to help business owners stay open during
The Canada Emergency Wage Subsidy (CEWS) is a wage subsidy program offered by the Federal government to employers. The main purpose of CEWS is to help employers keep their employees on payroll during the pandemic so they do not have to rely on Employment Insurance. When CEWS originally started back in March, not all businesses
The COVID-19 pandemic has had a significant impact on businesses, workers and communities across the country. We have put together a list of different subsidies, grants and loans available to help out those businesses who are in need during these trying times. *Please note that this information is current as of May 25. 2020.
Sunny days and soaring temperatures are a sure indication that Summer is definitely here! More some, Summer means lazy days at the cottage and family road trips. For business owners, Summer means that the calendar year is already more than half over and most businesses are already entering their third quarter. For bookkeepers, it means