Sole Proprietor, Partnership, or Corporation: Which is Best?

By | April 30th, 2021|Accounting, Business|

Unfortunately there isn’t a simple answer to the question, “Should I set my business up as a sole proprietor, partnership, or corporation?” As with many accounting and income tax considerations, the answer depends on your unique situation.  Of course, if it’s just you in the business, then you won’t be able to use the partnership structure. Each of these three main ways to structure a Canadian business has their own advantages and disadvantages. Let’s take a quick look at all three.  Sole Proprietor A sole proprietor is the easiest form of business to set up. There’s really nothing you need to [...]

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Things to Consider When Running Your Business from Home

By | April 20th, 2021|Accounting, Business|

Running your business from home has some fantastic tax saving opportunities. But depending on your business, this might not be enough to make it worth your while. Working from home can impact your life more than you might think. If you have a family, it will also impact the lives of your family members.  Here are a few things to consider when thinking of running your business from home.  Type of Work Many services are easily done from home, especially those that only require a computer and some software for you to be able to do your work. Unless you have [...]

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How to Get Started with Xero

By | April 7th, 2021|Accounting, Business, Xero|

Have you been looking into accounting apps, but you don’t know where to start? We love and recommend Xero, because of its ease of use and high functionality. With Xero, you can do everything from sending invoices to monitoring your company’s key performance indicators.    We’re also a Xero Certified Partner, so if you want to save even more time, skip to the bottom for a major shortcut to getting started with Xero! Choose a Plan Xero currently has three levels of plans available to the general public. The plan you choose will depend on your needs. For example, the Starter Plan [...]

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