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Why have I been asked to fill out a W-8 BEN-E form?

If you are Canadian Company providing services to US Companies that has been asked to fill out a W-8 BEN-E form you may be wondering why. You may also be wondering how to complete it. This article walks an active business and Canadian corporation in Canada offering consulting services to a US company on completing this form. This is only relevant to non-financial entities such as a management consultant. What is it? The W-8 BEN-E form is provided by the IRS (the US Federal Tax Agency similar to the Canada Revenue Agency). It is used by foreign entities to document their [...]

By | November 29th, 2019|Uncategorized|Comments Off on Why have I been asked to fill out a W-8 BEN-E form?

Getting your Personal Finances in order with Xero

Have you ever thought of using Xero to manage your personal finances? Well you are not alone. I have a few clients who have loved Xero so much that they have decided to us it to manage their personal finances as a personal finance app. If you have decided to do this, I have a few recommendations on how to optimize what you are getting from it. Talk to your accountant about a reduced price plan. Xero partners have access to accounts not available to the public which have reduced functionality but may fit your needs. The basic Xero account is [...]

By | November 12th, 2019|Uncategorized|Comments Off on Getting your Personal Finances in order with Xero

Going Paperless through Cloud Accounting 

Go paperless in your small business. Set it up the right way using cloud accounting software you will come to love.   Step 1) Get off the desktop solution and sign up to a cloud accounting software like Xero and Quickbooks Key advantages: Access invoicing on the go and connect your bank accounts for an automated download of your transactions. You can also easily add a pay button to your invoices. This will get you paid faster and save you time while also getting better clarity on your business. Step 2) Stop using cheque’s - Look for other payment methods like credit [...]

By | November 5th, 2019|Uncategorized|Comments Off on Going Paperless through Cloud Accounting 

The new CIBC Smart Banking Platform and the new Xero bank feed connection (as well as other benefits)

We in the Xero community have been waiting years for a direct bank feed. Many other countries around the world already had this and we were jealous. For the average business owner and user of Xero, there are a few key things they may like to be aware of. These include: multi-user options; domestic EFTs; and Xero direct bank feed. There are many other services offered in the platform but we have focused on these as the most beneficial. Multi-User Well the new platform offers some benefits (other than the bank feed), including multi-users which allows for permissions and better process. The [...]

By | October 28th, 2019|Uncategorized, Xero|Comments Off on The new CIBC Smart Banking Platform and the new Xero bank feed connection (as well as other benefits)

A Letter to My Kids – 3 Things I Hope to Teach My Kids About Debt and Finances

A letter to my children on what I see wrong in the world with finances and debt and how I hope to teach them to do better. Dear Kids, I realize now I was lucky. Grandma and Grandpa taught me a lot about finances without really realizing it. They taught me how to save and how to never spend more than you can afford. Grandpa hated any kind of debt (still does!). That rubbed off on me in a big way. Now I see and chat with a variety of people who weren’t as lucky and are learning finances the hard [...]

By | May 27th, 2019|Uncategorized|Comments Off on A Letter to My Kids – 3 Things I Hope to Teach My Kids About Debt and Finances

Not-For-Profit – Challenge #3 – Budgets and Cash Management

How to make your Not-For-Profit make more IMPACT with less administration – Budgets and Cash Management In our last two blogs, we discussed two challenges facing not for profits recruitment and compliance, and now we will tackle budgets and cash management.  We want to show you some technologies that can help you overcome the troubles around budget and cash management in your not for profit. Let's face it, people are busy. You want to ensure you are setting your management and directors up for success. Some may say, well it’s a not for profit and we can’t spend the money on software. To [...]

By | May 13th, 2019|Accounting, Not for profit|Comments Off on Not-For-Profit – Challenge #3 – Budgets and Cash Management

Not for profit – Challenge #2 – Financial and Regulatory Compliance

How to make your Not-For-Profit make more IMPACT with less administration – Financial and Regulatory Compliance In our last blog, we acknowledged how tough running a not for profit can be. We identified three main obstacles which are: Recruitment of both Staff and Directors; Financial and regulatory compliance; and Budgeting and cash management. In this article we are going to explain how current technology can help you tackle the second challenge of financial and regulatory compliance. Meeting your obligations - Financial and Regulatory compliance for your not for profit The regulations and rules of compliance can be complex for not for [...]

By | May 6th, 2019|Accounting, Not for profit|Comments Off on Not for profit – Challenge #2 – Financial and Regulatory Compliance

Not-For-Profit – Challenge #1 – How to recruit

Major Challenges Faced by All Not For Profits in Canada Running a not for profit today can be a tough go. There are a lot of amazing not for profits out there that are all making this word a much better place. But running these not for profits (including society’s and charities) can be very difficult. Many face a lot of challenges in their operations. The main challenges are generally: Recruitment of both Staff and Directors; Financial and regulatory compliance; and Budgeting and cash management. In this article we are going to explain how current technology can help you solve the [...]

By | April 29th, 2019|Accounting, Not for profit|Comments Off on Not-For-Profit – Challenge #1 – How to recruit

Quick Tips: Starting Up and Starting Strong

Start lean. Spend smart and be flexible. If you don’t spend much at the start you won’t have to make a bundle to get out of the red. This makes it much easier to start a successful business. Start with Xero Accounting Software. Okay, we are biased here as Xero experts.  But with discounts for new sign ups and reasonable monthly fees, there is no excuse for tracking your finances on a spreadsheet. Let Xero do the heavy lifting!  You can take pictures of receipts on the go and match them to your credit card transactions. You can also invoice and [...]

By | March 28th, 2019|Accounting|Comments Off on Quick Tips: Starting Up and Starting Strong

Do I charge GST / HST on my remote services?

We work with a lot of consultants and the question often comes up “Do I need to charge GST / HST on my consulting services that I perform for clients in another country (usually the USA)?” The simple answer is no! In Canada, the Canada Revenue Agency deems the place of supply for services to be the location that your client is based even if you perform the work remotely (in Canada). However, there are some exemptions and it does depend on the type of service you are providing. On the Canada Revenue Agency website, they clearly indicate that most goods and services [...]

By | March 8th, 2019|Accounting|Comments Off on Do I charge GST / HST on my remote services?