Apr 24, 2023 | Small Business
For Ontario based companies that sell products and/or services, once sales exceed $30,000, GST/HST (Goods and Services Tax/Harmonized Sales Tax) must be collected from customers and remitted to the CRA and as such, the business must register for a GST/HST account. The...
Mar 21, 2023 | Bookkeeping, Income Tax, Personal Finance, Small Business
Updated February 29, 2024 We prepare a lot of tax returns, so we have seen it all. Many forget or don’t even realize they may be eligible to claim tax deductions or credits. So here is our list of the top 10 most overlooked tax deductions and credits (in no particular...
Mar 17, 2023 | Small Business
We hear this question a lot. There are two ways a business owner gets paid – salary or owner’s draw. Salary A salary is when you put yourself on the payroll and deduct the necessary taxes from each pay, just like paying staff. It is rigid yet...
Mar 3, 2023 | Income Tax, Personal Finance
Upon the death of a loved one, the executor will have a list of responsibilities to fulfill, including closing the file on tax obligations and debts. The executor must first inform the Canada Revenue Agency and Service Canada of the death. This is to ensure that all...
Feb 17, 2023 | Bookkeeping, Quickbooks Online, Small Business
QuickBooks Online is a great place to keep a list of all your customers in one place. It’s super easy to add new customers and to manage your customer list. Ensuring the accuracy of your customer list is important as it’s directly tied to your invoicing. The...
