Health Spending Accounts – HSA – What they are and how they save you money. We all have medical costs, but for a small business what options do you have to make them business expenses instead of personal expenses and what is the tax benefit? There are 2 options available to companies to move […]
Bookkeeping is a necessary function for all businesses. If you are not well organized and do your daily operations correctly, it can be an expensive venture for a business. To make sure you are getting the most out of your bookkeeping money, here are some time saving tips for you! Always use business bank/credit card […]
ave you ever found yourself writing a business plan and thinking, “All I want is the money so I can start this business! Why do I have to go through all of this? Why won’t people just trust that this is a great idea, loan me the money I need to start, and let me […]
Companies typically give gifts to three groups of people: their clients, their employees and prospective large clients. Gifting is a must, so it should not be seen just as an expense but rather as an investment. You invest in building a relationship with clients and you invest in the happiness of your employees. Gifting can […]
Many accounting firms report a familiar trend every tax season. What is the trend, you ask? Clients announcing they have several years of returns to file or because they think, they owe money have not done their return. Either way this avoidance does more harm than good. The CRA view overdue items in two distinct […]
The taxman makes a lot of money in interest and penalties from taxpayers. The sad thing is that taxpayers often didn’t have to incur them, but many times they do just because they “didn’t know”. Here are some common ways that business owners will see penalties from the Canada Revenue Agency. You don’t file […]
Do you need a bookkeeper? Well, we have an interesting answer. I had an interesting conversation with a client this week and I wanted to share his perspective. He is a small consultant, with no employees. As we discussed his books we talked about his financial health and he asked me, “Do I really need […]
Rather than avoiding the CRA, why not utilize the online options open to you? You can track your income and previous years taxes, find out what entitlements you are able to receive and what your forecasted pension amount will be. Let’s look at how you can achieve this. Firstly, your income details can be found […]
