About Michelle Cornish

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

Do I Have to Keep a Mileage Book?

By | March 1st, 2020|Business, Taxes|

Yes, you do! But please don't stop reading. There are important things you need to know about keeping track of your business mileage. If you have a vehicle you own personally but also use for business, you must keep a vehicle expense logbook (also known as a mileage book).  Why a Mileage Book is Important You can only deduct vehicle expenses for the portion of expenses that relate to your business.  Keeping track of all your trips (both personal and business) is the only way to know how to split vehicle costs (such as fuel, insurance, repairs, and maintenance) between business [...]

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Fintech: What It Is and What to Watch For

By | February 15th, 2020|Technology|

Fintech is financial technology. It's the integration of technology with financial services. While some people are nervous about financial technology, it’s likely that a number of things you already use are fintech. Fintech is less regulated than traditional banking which provides a lot of opportunities and ease of use but brings risks and challenges as well. Common Examples of Fintech  PayPal is likely one of the most commonly used fintech on the market, but things are advancing so quickly there are new apps and programs coming out all the time. Other fintech includes: Crowdfunding like Kickstarter and Patreon, Mobile payments,  Blockchain [...]

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The Benefits of Paying Wages

By | February 1st, 2020|Taxes|

An important part of tax planning is determining if you will pay yourself wages out of your company. There are a number of benefits to paying wages, including increasing deductions in your company, contributing to your retirement, and receiving additional tax credits. Here's a breakdown of the advantages that come with paying yourself wages. Reduce Corporate Taxes  When you pay yourself wages out of your company, you can claim a deduction against your company's income.  For example, if you have $95,000 net profit in your company, and you decide to pay yourself $25,000 in wages, your company's income is reduced to [...]

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Using Xero’s Cash Coding Feature to Save Time on Your Bookkeeping

By | January 18th, 2020|Accounting, Xero|

Innovations in cloud accounting have made bookkeeping a breeze. At Virtual Heights Accounting, our favourite accounting app is Xero. You can do everything from invoicing to producing professional financial reports. It’s also easy to keep your records current.   Not only can you link your business bank account to Xero, but you can also do a number of additional things in Xero that further speed up the bookkeeping process. One of those tweaks is using cash coding.  What is Xero’s cash coding? The cash coding feature in Xero allows you to process bookkeeping transactions in bulk. The screen is more compressed than [...]

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Why Do I Have to Pay Instalments and What Happens if I Don’t?

By | December 18th, 2019|Business, Taxes|

The requirement for corporations to pay corporate tax instalments is the same as when individual taxpayers have income tax deducted from their paycheque every payday. Just like tax payments sent in on behalf of taxpayers by their employers act like a credit against the amount of tax owing at the end of the year, instalments made by corporations reduce their tax bill when they file their tax return.  What are instalments? Instalments are tax payments you pay before filing your tax return. Even if your company doesn’t meet the requirement to pay instalments, you can do so voluntarily to avoid a [...]

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