Are you still relying on spreadsheets to manage your business finances? While they may work for a while, as your business grows, so do the risks of errors, inefficiencies, and
Are you still relying on spreadsheets to manage your business finances? While they may work for a while, as your business grows, so do the risks of errors, inefficiencies, and
Let’s clear up the confusion! We’re breaking down some of the biggest bookkeeping myths that could be slowing down your business growth. From thinking bookkeeping only matters at tax time
Your financial statements are more than just numbers—they’re a powerful tool to gain insights into your business’s health and performance. Understanding and improving your financial statements can help you make
Understanding your financial statements is essential for making informed decisions and steering your business toward success. But which numbers should you focus on? Here are some key metrics to keep
Managing your business finances can feel overwhelming, but breaking it down into manageable tasks can make all the difference. Here are essential bookkeeping tasks you should complete monthly to keep
Running a business involves more than just providing great products or services. To truly succeed, it’s crucial to keep a close eye on your financial health. Essential financial reports offer
Summer is here, and it’s the perfect opportunity to revamp your business strategies and boost your savings. Here are some tips and strategies to help business owners maximize their savings
Growing a business is an exciting journey, but it comes with its own set of challenges. One effective strategy to overcome these hurdles and scale efficiently is outsourcing. In this
Managing your finances effectively is crucial for business success, and QuickBooks Online offers a range of subscriptions designed to meet the unique needs of businesses of all sizes. In this
As a business owner, knowing when to adjust your pricing can be challenging. Raising prices can be a powerful way to boost revenue, but it’s crucial to ensure your business
Teaching kids about finances is one of the most valuable life skills you can impart. Understanding money management early can set them up for a lifetime of financial success. Here
After the tax season wraps up, business owners should take several essential actions to ensure their financial health and plan for the future. Here are five key steps: With these,
In the world of business, gauging financial health is crucial for sustained success. Whether you’re a seasoned entrepreneur or a startup, understanding the markers of financial wellness can guide your
For business owners, setting financial goals is crucial for guiding the growth and sustainability of their ventures. Here are common financial goals that many business owners prioritize: Set your financial
Knowing how to manage finances in a small business can be very similar to running your own household finances—but also very different. Understanding these distinctions is key to both personal
Starting a business is an adventure filled with excitement and challenges. One of the smartest moves you can make early on? Establishing an emergency fund. An emergency fund isn’t just
Entrepreneurs, it’s time to talk about the game-changing power of a positive money mindset. Your attitude towards money can significantly impact your business’s growth and success. Here’s how to cultivate
As entrepreneurs, we’re always seeking signs that our business is on the right track. Understanding the health of your business is crucial to its long-term success. Here are key indicators
Budgeting is the backbone of a successful business, ensuring financial health and sustainable growth. Here are the five major things to consider when crafting your business budget: 1. Income Projection.
If you found yourself avoiding your books in 2023, and your books fell behind, and you were unclear about your profit margins, cash flow, and expenses—it’s time to outsource your
A cash flow shortage is the number one reason why small businesses fail, but even mid-sized and large companies need smart cash flow management to survive and thrive. Insufficient cash
In the ever-evolving environment of business, setting strategic goals is a key driver for success. As a business owner, it’s essential to navigate the path to growth with precision. One
Launching a new business venture in 2024? Congratulations on taking the plunge into entrepreneurship! To ensure a smooth takeoff, here’s a comprehensive checklist that will guide you through the crucial
Financial statements are an essential part of small business finances. They provide a snapshot of a business’s financial health and performance. Each one provides valuable information that can be used
The start of the year is a good time to take stock and plan your next business moves. Whether you’re a new entrepreneur, or reaching the next stage of growth,
Businesses can benefit from outsourcing accounting and bookkeeping services, allowing them to use professional expertise while reserving valuable time for their core business operations. Business owners need to choose the
As we approach the end of another month, it’s time to ensure your books are in tip-top shape. Here are some valuable month-end bookkeeping tips to keep everything in order.
With the holiday season just around the corner, it’s the perfect time to prepare for joyful celebrations. The holidays can be an exciting time for many, but they can also
The entrepreneurial journey can be a rollercoaster, and we want to help you stay on top of the ride. So, today, we’re sharing some valuable tips on how to combat
A January 11, 2023, BC Civil Resolution Tribunal case addressed a claim for wrongful dismissal. The employer filed a counterclaim in respect of a 50-hour discrepancy between the employee’s timesheets
The Canadian Federation of Independent Businesses (CFIB) released a report on January 10, 2023, focused on succession expectations for small businesses. It included the following survey responses: There are many
In a January 23, 2023 French Court of Quebec case, a commissioned salesperson deducted nearly $600,000 over 2015 and 2016, in sponsorship expenses of a professional cycling team in Canada.
Traders or dealers in securities must report to CRA the disposition of securities, such as publicly traded shares, mutual fund units, bonds and T-bills, of their clients on a T5008.
Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. In a February 6,
UHT is a 1% federal tax intended to apply to the value of vacant or underused residential real property owned by non-resident non-Canadians. However, many Canadian individuals and other entities
Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five changes that may impact
A November 25, 2022, French Tax Court of Canada case considered whether a taxpayer’s poker activity constituted a source of business income and therefore the winnings were taxable, as argued
A one-time tax-free payment of $500, announced in September 2022, is now available to low-income renters. The payment does not reduce other federal income-tested benefits. Eligible individuals must: Applicants must
The Canada dental benefit, announced in September 2022, provides up-front tax-free payments to cover dental expenses for children under age 12 without dental coverage. The program began December 1, 2022,
When selecting an individual to witness the signing of a legal document, consider the following.
CRA updated several administrative policies in respect of employment benefits. Two of the key changes relate to employee gifts and parking.
A September 12, 2022, Tax Court of Canada case reviewed the gain on a residential property purchased in 2007 and disposed of in 2011. The property was substantially rebuilt during
On December 6, 2022, the Auditor General of Canada released its report on COVID benefit compliance enforcement. The report reviewed a total of $210.7 billion in payments with the following breakdown among programs: The report indicated that
The idea of splitting income between a couple to lower your family’s overall tax payment has been around for a long time. The question is, is a spousal loan right
We all do it. We glorify productivity and being able to “manage it all ourselves”. Some say it’s woven into the fabric of Western culture. Others say it’s a generational
It is nerve-wracking to let someone else into your personal and business finances— even if that individual is a certified and highly-professional accountant. On one hand, you know you need
Take a moment and evaluate why you’ve chosen to receive care or services from your physician, your dentist or your lawyer. When you are seeking the help of professionals, you
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