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More Blog Posts
CRA Review and CRA Audit – What’s the Difference?
When it comes to dealing with the Canada Revenue Agency (CRA), taxpayers often find themselves navigating through a maze of complex terminology. Two commonly misunderstood terms are "review" and "audit." CRA Review A CRA review is an assessment carried out by the...
How to Send Automatic Invoice Reminders in QBO
Everyone loves to get paid but no one likes having to chase clients to pay up. This is where a simple one-time setup in QBO to allow for automatic invoice reminders will be a real time save. First, you need to turn on the automatic invoice reminder feature (steps 1-4)...
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
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...
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....
