What is Business Coaching?

By | February 24th, 2021|Accounting, Business Coaching|

If you're an entrepreneur there's a good chance you've heard about business coaching, you know a business coach, or someone you know has worked with a business coach. But do you know what this service is and how your business can benefit from it? There are all kinds of business coaches. A business coach can help you with anything from clarifying your vision for the business to running its day-to-day operations. The coach you hire and the services you need depend on you, your business, and your goals. Business Coaching Benefits The benefits of working with a business coach are as [...]

Why Don’t You Love Your Business Anymore?

By | February 14th, 2021|Accounting, Business, Business Coaching|

Remember when you first started your business? You were so excited about it that you were constantly telling people about it, and you jumped out of bed, eager to start your day. But somewhere along the way, that excitement turned into a sense of obligation. Right now, you don't love your business, you wish you could get a break from it.  This is totally normal, and happens more often than you think. Many entrepreneurs start their businesses with a lot of hope and positivity. Once they see all the things that go into running a successful business, they realize it’s much [...]

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Do You Need to Issue a T2200?

By | February 5th, 2021|Accounting, Taxes|

Have you heard the news about the special opportunity for employees working from home to claim home office expenses this year? As an employer, it’s important you know about these updates. You may need to help your employees by issuing a T2200, if necessary. A T2200, Declarations of Conditions of Employment, is a form that employers usually fill out so employees can claim certain out of pocket expenses. However, given the major move to work-from-home status due to the COVID-19 pandemic, the Canada Revenue Agency (CRA) is simplifying things for employers and employees for the 2020 taxation year.  T2200 Highlights for [...]

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Working with an Accountant Can Do These 5 Things for Your Business

By | January 25th, 2021|Accounting, Business|

As a business owner, you’re probably aware that you should be working with an accountant. But did you know accountants can help you with more than just tax and financial statement preparation?  In addition to helping you with the usual tax and accounting work, working with an accountant can save you time and money, help you reach your goals and reduce stress, as well as point out strengths and weaknesses in your business. Here’s a more in-depth look at how working with an accountant is good for your business.  1. Save Money People are sometimes reluctant to hire an accountant because [...]

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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. [...]

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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 [...]

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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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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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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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