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When is the Right Time to Start Charging GST?

As a business owner, it is important for you to be making the right sorts of decisions for the future, and this involves giving plenty of thought to improving your sales and the amount of revenue that you accrue. There are a few things you need to consider with this, and one of the main ones is considering whether you should be charging GST on your sales. Goods and Services Tax (GST) is a sales tax

By |October 15th, 2020|Categories: Bookkeeping, Business Tips, Tax|0 Comments

Business Budget Cuts You Can Make Once CEWS is Over

The past seven months has been pretty awful for businesses all across the globe, and Canada has been no exception. With so long spent under lockdown, a lot of companies are expecting heavy losses, and are going to need to get creative to save money now that lockdown restrictions have been eased. Getting the economy back on track is great and everything, but there are issues to contend with too - on November 21st the government

By |October 14th, 2020|Categories: Business Tips, Tax|0 Comments

5 Finance Tips for Small Business Owners

If there’s one thing we’ve all learned in the past few months, it’s the importance of being better with our money. This means you need a business action plan that will help you take charge of your money and allow you to stay afloat in the uncertain economic times to come. The ‘money stuff’ might not seem like the most exciting part of the job, but take it from us, it’s essential! Your business needs to

By |October 14th, 2020|Categories: Business Tips|0 Comments

Comparison of small business accounting software

If you are serious about making the best financial decisions for your small business, you are going to need to use accounting software. Take it from us, this software is so important and essential for your company, and you need to use it to help you get a better handle on your company finances right now. In times of turbulence, these can be invaluable options for helping you make the right accounting

By |October 14th, 2020|Categories: Accounting, Bookkeeping, Business Tips, Technology|0 Comments

CERB, Work Income and Taxes – The Do’s and Don’ts

The Canada Emergency Response Benefit (CERB) provides COVID-19 job-affected citizens with money to get by. Any income from employment will not be clawed back, but if you earn more than $1,000 per four-week period, you are not eligible for the CERB for this period. There is a worrying misconception that all funds received are for spending. It is critical to note that next year, the government will take some of it back as per their CERB

By |September 29th, 2020|Categories: Work Income and Taxes|0 Comments

Tips for small business owners to avoid tax surprises in 2020

The world of business ownership has gotten a little crazy lately, and we understand that it can be easy to take your eye off the ball as a business owner. This is why it is so important to try to remain focused on business finances and what is impacting them. Tax is not something that just goes away, and you need to make sure it’s a key part of the financial considerations you make for your

By |September 8th, 2020|Categories: Accounting, Business Tips, Tax|0 Comments

Having A Tax-Friendly Summer: Deducting Summer Activity Expenses – Don’t Forget The Receipts

As the heat of the day increases so does the heat on your bank account. You need to work, the kids need to play. Summer camp to the rescue. There are ways of dropping the temperature via tax relief via Dependent Care Credit but keep your receipts!  Equally important is to make sure that the activity or service provider is an approved deduction to avoid disappointment. You and your spouse (if married) must be working or

By |August 21st, 2020|Categories: Deducting Summer Activity Expenses, Tax|0 Comments

COVID-19: Canada Emergency Business Account Update

Here’s an update for our fellow Canadians; Bill Morneau, Finance Minister, announced on Twitter that the expanded Canada Emergency Business Account (CEBA) applications are available through the large banks in Canada. What Is CEBA? It was on April 9 of this year that the government released the news that the Canada Emergency Business Account (CEBA). The CEBA provides zero-interest (to some degree) pardonable lending, which can reach the value of up to $40,000 for those small

By |July 21st, 2020|Categories: Accounting, Tax|0 Comments

How virtual accounting can benefit small businesses impacted by COVID

Small business owners have been hit hard by coronavirus, and this has led a lot of entrepreneurs to have to rethink their approach and the way they do business. We understand how tough it can be, especially when you are trying to achieve financial security and keep the business in good health. This means taking the right financial steps, but it can be tough to know exactly what those are these days. One thing is sure,

Is your Product or Service Profitable?

One of the key elements of running a successful business is to determine if your product or service is profitable, and, if so, how profitable? Well, lucky for you guys, we have plenty of tips and ideas that will help you to work this out and make the right decisions for your business moving forward. Check out our advice for figuring out if your product or service is profitable right now!   Understand your products The

When is the right time to hire a bookkeeping service?

Let’s be honest, nobody likes having to sort out their finances (well, except us accountants!), but it’s a business necessity! These days entrepreneurs and small business owners have more opportunity than ever to grow their companies and run the businesses they want to run. But, as you will doubtless be aware, cash is King, and money makes the (business) world go round! You can’t run a successful company without having a handle on the company’s money,

Cash Flow Hacks During Times of Trouble

Business finances can be tricky to stay on top of - hence why you’re checking out our site, right?! But, the more you can do to have processes in place that help with better business cash flow, the more you will be able to get through times of trouble. With the COVID 19 pandemic causing global issues for business owners, here are some awesome hacks you can use to improve cash flow for your company! Better

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