Blog Posts

Do you allow customers to pay you later? Let’s say in 10, 15, or 30 days? If you do, your business is extending credit that could make or break your cash flow. Savvy business owners (regardless of size), use the 5 Cs of Credit to protect their business from loss.  Character If you live in Read more

Your bookkeeper works for you. You are their client, but you are also the boss! This can be a very challenging truth when you are not sure how to supervise or approve the important bookkeeping work that you are paying for. Even if your bookkeeper is a contractor, you must still determine if their work Read more

Introduced in 2021, this incentive allows for eligible businesses to claim depreciation more aggressively on eligible capital property. The goal is to encourage the growth of small businesses in Canada by providing a method of reducing taxable income. How is this accomplished? Depreciation reduces taxable income and thereby, usually the associated tax owing. It is Read more

Have you tried using the budget function in your cloud accounting software? Xero, and some other cloud account software subscriptions, allow you to enter a budget (create from scratch or import from Excel), and then pull reports over the course of the year to assess how successfully your organization is meeting its pre-established goals. Your Read more

What is the UHT Return? The Underused Housing Tax Act came into effect on January 1, 2022 and is an annual 1% tax on the ownership of vacant or underused housing in Canada (based on taxable value but fair market value can be elected). While the tax usually applies to non-resident, non-Canadian owners, it also Read more

Tax audits (we will be discussing requests for information, not in-person audits) do not have to be a big deal. They are performed routinely by regular people (CRA agents do actually have families and small businesses of their own!), and who can be very helpful. It is important to remember that the job of the Read more