About Michelle Cornish

Michelle Cornish is an author and former CPA from Enderby, BC.

Your Year End Business Checklist

By | January 15th, 2021|Accounting, Business|

As an entrepreneur with an incorporated business, you likely know you get to choose your year end date. This year end business checklist information is useful at any time of year, not just the end of a calendar year. It’s intended to help you organize your books and records to make sure your year end financial statement and corporate tax return preparation goes smoothly.  First of all, let’s back up a bit and discuss your year end date, in case you’re a new entrepreneur and haven’t gotten that far yet. What Date Should You Choose for a Year End? Not December. [...]

New Year Resolutions for Your Business

By | January 5th, 2021|Accounting, Business, Business Coaching|

The start of a new year is often when business owners take stock of what went well during the previous year and what they'd like to improve during the upcoming year. Many people make New Year's resolutions for personal habits such as eating better and saving more money, but it’s fun to make new year resolutions for your business too. 4 New Year Resolutions for Your Business Here are a few things we commonly hear our clients saying they'd like to do differently as part of their new year resolutions for business. Open those brown envelopes from the Canada Revenue Agency [...]

Organize Your Business for the New Year

By | December 30th, 2020|Accounting, Business|

Have you caught yourself saying, “Next year, I’ll be more organized”? I know I have!  According to Go Skills, the third most common new year’s resolution is: get organized. When you’re a business owner, it’s essential to organize your business so you don’t get behind in important tasks like invoicing customers and paying suppliers. One way to organize your business is to use systems. Systems are a set way of doing things. This can be a specific set of procedures, templates for documents you create over and over, or even tools like software and apps.  The main benefit of having systems [...]

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Share Your Experience with Your Business in 2020

By | December 16th, 2020|Business|

No one could have predicted what a crazy year 2020 turned out to be. A number of businesses rallied and pivoted to continue operating through these hectic times. Whether it was completely revamping your business or making the necessary changes to meet constantly changing health and safety regulations, we’d love to hear how you managed in business in 2020. To that end, we’ve created a form to make sharing your experience with us easy, and we would love your contribution. Based on what you have to say, we’ll be putting together future blog posts highlighting key things clients did in their [...]

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Employee vs Contractor: What’s the Difference

By | December 11th, 2020|Business, Taxes|

The question of whether someone who works for you is an employee or a contractor is an important one. It’s the difference between someone being your employee or being self-employed. If handled incorrectly, there can be penalties for you as a business owner, as well as the worker.  The Canada Revenue Agency (CRA) provides a very detailed guide on the question: employee vs contractor. We break down the key things you need to consider below. Employee vs Contractor You might be wondering what difference it makes. Employee vs contractor, so what? The main concern is a person’s eligibility for employee benefits [...]

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How to Hire an Accountant

By | November 30th, 2020|Accounting, Business|

So, you’ve started a business, and now you’re stuck. You’re facing one of the most common questions business owners ask when starting out. How do you hire an accountant? Sure, you can ask your friends, but what if their business is in a different industry than yours? What if they don’t have a business and use their accountant only for personal taxes? You want to make sure you find an accountant who will understand you and your business goals. By following these tips, you’ll have no trouble finding the accountant who’s right for you. Hire an Accountant: Your Ultimate Guide There [...]

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Office Parties While Working Virtually

By | November 25th, 2020|Business|

With pandemic restrictions tightening up again across the country and globally, many businesses will be working virtually as we head into holiday season. That means office Christmas parties will be traded for safer ways to celebrate the holidays with employees and coworkers.  Working Virtually Shouldn’t Be Isolating Not everyone enjoys working virtually, especially when they thrive on connecting with their peers face-to-face. For that reason, it’s even more important to check in with your employees and see how they are doing. Make a point of scheduling one-on-one video calls with your staff so they can voice any concerns they have. Show [...]

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Understanding the Risk of a Personal Services Business

By | November 18th, 2020|Accounting, Taxes|

It's important to consider the risk of a Personal Services Business (PSB). If the Canada Revenue Agency (CRA) declares your corporation a PSB, you could lose most of your tax deductions. Worse, you may be on the hook for a large tax bill to make up for tax deductions claimed in previous years. What is a Personal Services Business? The CRA considers a business to be a PSB when it exists to provide services to another entity (person, partnership, corporation, etc.) that an officer or employee of that entity would normally perform—essentially an incorporated employee.  To ensure your company stays on [...]

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What You Need to Know About 2020 T4 Preparation

By | November 10th, 2020|Accounting, Taxes|

Due to the Covid-19 pandemic, employment income reporting on 2020 T4 slips will be a bit different in 2020. To validate Covid-19 benefits claimed by taxpayers, the Canada Revenue Agency (CRA) is turning to employers for help. When to File 2020 T4 Slips As a reminder, the T4 slip must be completed if you withheld payroll deductions such as Canada Pension Plan, Employment Insurance, Provincial Parental Insurance Plan, or income tax from an employee's pay. Any employee paid more than $500 during the year will also require a T4 slip. Employment income is reported during the year it was paid, not [...]

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Essential Accounting and Finance Tasks . . .

By | October 25th, 2020|Accounting, Business, Taxes|

And when to do them. When it comes to making sure your business is running smoothly, there are a number of essential accounting and finance tasks you don't want to miss. If you haven’t already done so, consider adding these tasks to a checklist or system to make sure they don't get forgotten. While there are many accounting and finance tasks to be done on a regular basis, today, we're highlighting essential tasks you can complete weekly, monthly, and annually to keep your business healthy and growing. Weekly Accounting and Finance Tasks Although these tests are labelled as “weekly,” some of [...]

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