Our Blog
Featuring tips and information to support you and your small business.
Safeguard Yourself When ID is Lost or Stolen
There is a lot of information available about protecting yourself from identity theft. However, if you ever have had your identity stolen, there is unfortunately not enough support and resources available. With technology and artificial intelligence growing leaps...
10 Essential Accounting Terms Every Small Business Owner Should Know
As a small business owner, it's important to have a basic understanding of accounting terms and concepts. Knowing these terms can help you make informed decisions and better understand your business's financial performance. Here are some of the most common accounting...
When to Register for GST/HST?
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...
Top 10 Most Overlooked Tax Deductions and Credits
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 order). 1. Ontario...
How to pay yourself as a business owner
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 provides a...
Filing the Final Tax Return for Deceased Person
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...
How to Add and Manage Customers in QBO
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...
New Tax Rules and Changes for 2023
As a new year begins, here are some of the tax rules and changes to keep in mind. First-Time Home Savings Account (FHSA)The FHSA is a new tax-free savings vehicle for first-time home buyers to save up to $40,000 tax-free towards the purchase of a first home in Canada....
Tracking Profitability using Projects Feature in QuickBooks Online
As a business, you track the profit and loss of your business as a whole but what about tracking profitability on each job or project? Construction and project based businesses are best suited to take advantage of QuickBooks Online Projects. The Projects feature...
6 Ways to Improve Your Cash Flow
Cash flow is extremely important for any business to survive. At its simplicity, you need money to keep coming in so that you can pay your bills on time. Therefore, it is vital to create and maintain practical business practices in order to keep the cash flow...
