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More Blog Posts
What’s the Difference Between a Tax Deduction and a Tax Credit?
Taxpayers often confuse the terms tax deduction and tax credit or think of the terms as being interchangeable. A tax deduction is not the same as a tax credit. Depending on the expense, it is considered either a tax deduction or a tax credit. An expense that is...
Staycation in Ontario and Receive a Tax Credit
If you’re itching for a break, the Ontario government has introduced a temporary tax credit on eligible accommodations for the period of January 1 to December 31, 2022. The Ontario Staycation Tax Credit provides a 20% personal income tax credit on accommodations...
Received COVID-19 pandemic benefits? Here’s what you need to know about your T4A slip
If you received COVID-19 income support from the federal government such as the Canada Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), the Canada Recovery Caregiving Benefit (CRCB), or the Canada Lockdown Worker Benefit, you will receive a...
Understanding Your Balance Sheet Report
A balance sheet summarizes a company’s assets, liabilities and equity at a specific point in time. Think of it as a snapshot of what your business is worth on a specific date. A balance sheet is organized into 3 main sections: Assets (what your business...
Why a Business Bank Account is Necessary
As a business owner, it’s important to keep your personal and business banking transactions separate. There are numerous reasons why business owners should open a business bank account: Accounting & Bookkeeping Your monthly bookkeeping will be easier to...
How to Track Mileage Using the QuickBooks Mobile App
See how easily you can track your business mileage using the QuickBooks mobile app. The app can automatically track your mileage using your phone's GPS, allows tracking for multiple vehicles, and easily categorizes between business and personal mileage. Watch...
2022 Canadian COVID-19 Government Support Programs
Updated January 18, 2022 The COVID-19 pandemic continues to blanket the world as we start 2022. Here are the latest government financial support programs available for Ontario businesses and Canadian individuals and businesses. For Businesses Ontario business...
How Your Money Mindset Influences Holiday Spending
Remember when your parents would tell you that “money doesn’t grow on trees?”. You probably didn’t realize it but your money mindset was already being shaped at a young age. Money mindset is your attitude or belief about money, and it dictates whether you have a...
Why Health Spending Accounts are a Win-Win for Small Business
It’s difficult to find good people and when you do, you want to do your best to stay competitive so that they will stay working with you. One strategy for a small business to consider is a Health Spending Account (HSA). HSAs are a great way for a business to provide...
Prepaid Credit Cards Teach Kids About Money Management
There are lots of apps out there that teach kids about money management. We all know the best way to learn is by actually doing. So it shouldn’t come as a surprise as money management apps for kids have taken the learning one step further -- by adding an actual credit...
