Complete Your Sales Tax Returns Using Xero Reports and Never Miss a Deadline Again

By |2022-06-07T15:14:12+00:00May 31st, 2022|Taxes, Uncategorized, Xero|

Do you dread completing your sales tax returns every month? Are you unsure where to find the information you need? If you use Xero, you can save yourself the headache. You can use Xero’s sales tax reports to quickly and easily complete your tax returns. All that’s left after that is making sure you file them before the deadline. With so many compatible integrations, Xero can help with deadlines too. Continue reading to learn how to complete your sales tax returns with Xero reports and get them filed before the deadline.  Which sales tax returns can I complete using Xero reports? [...]

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How will inflation affect my business

By |2022-06-07T15:15:29+00:00May 19th, 2022|Business, Uncategorized|

Inflation is a big topic right now. How will inflation affect my business? Well, let's start with a basic explanation. What is inflation? Inflation is the decrease in purchasing power of money. It means that if inflation is high then $1.00 today will buy you less next week. We see this in the rising fuel prices, grocery bills, and other expenses at home and in our businesses as well. You may have already seen supplies for your business increasing. Inflation also tends to push up wages as you may end up having to pay your staff more to keep them. This [...]

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How to Choose the Best Tech Stack for Your Business

By |2022-06-07T15:14:55+00:00April 17th, 2022|Business, Technology, Uncategorized|

Technology is constantly advancing and changing. The best way to stay ahead of the curve and be on the cutting-edge of what your customers want is to stay up to date with the latest tech trends. However, this is easier said than done. Choosing the best tech stack for your business can be more challenging than it seems.  In this post, we’ll share a few tips for making this process easier. We’ll also explore some of the newest tech trends and give you a few ideas for incorporating them into your business. 1. What is a tech stack? A tech stack [...]

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Will Your Wise Account Trigger Foreign Income Verification?

By |2022-04-02T01:48:28+00:00March 25th, 2022|Uncategorized|

For those of you with a Wise account, you may have realized the perks of receiving money internationally and spending locally. With the ease of doing business virtually comes the possibility of international banking becoming a day-to-day occurrence.  Canadian tax laws set out certain reporting requirements when it comes to international banking. Having a Wise account is convenient, but there are key things to be aware of so you don’t get stuck with tax penalties.  What is a Wise Account? Wise recently changed its name from TransferWise. They set out to provide a better solution for international money transfers. In their [...]

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How to Do Your Own Bookkeeping – Part 1

By |2022-03-04T01:03:08+00:00February 9th, 2022|Uncategorized|

Have you ever wondered about how to do your own bookkeeping? Understanding how to do this yourself can be a valuable skill if you’re a solopreneur or if you are interested in saving money on business expenses. Before we get into how to do your own bookkeeping, there are a few terms and concepts you must be familiar with. The Foundation of Bookkeeping - Double-Entry Accounting Double-entry accounting is a method of recording transactions that requires every bookkeeping entry to have an opposite transaction. This method of accounting ensures your books and records are always balanced.  Having accounts that are in [...]

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7 Tips for Business Productivity

By |2022-01-20T22:02:59+00:00January 13th, 2022|Uncategorized|

With all you have to do in a day, have you ever wondered how you can improve your business productivity?  All entrepreneurs are busy. If you're a small business owner, especially if you're working on your own, you have a lot to do. Between managing emails, helping customers, and making sure everything is running smoothly it’s no wonder you end most days wishing you had more time.   The key to being productive in business isn't just about having more time. By managing your time more effectively, you will accomplish more. Here are seven tips to help you manage your time and [...]

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TD1 forms: How to fill out

By |2022-06-07T15:13:27+00:00December 21st, 2021|Payroll, Taxes, Uncategorized|

Have you been asked to fill out a federal or provincial TD1 form? This video shows you how to complete it. In this example, we use the BC form. You will complete the provincial form that your employer is a resident. That means if you are a remote employee that works from BC but you work for an Ontario company then you will have to complete an Ontario TD1 form. Also, remember to provide your employer with the email address that you would like to receive notification of e-pay stubs to (if they offer that) and also a void cheque. Side [...]

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Is the Profit First Way Right for You?

By |2021-11-25T03:13:27+00:00November 25th, 2021|Uncategorized|

Profit First isn’t just a book by Mike Michalowicz, it’s a whole business lifestyle that even includes a certification. The book was first published in 2014. Since then there have been iterations created for specific industries like dentists, micro gyms, contractors, and e-commerce sellers. Michalowicz has reframed the equation sales, minus expenses, equals profits so that it reads: Sales, minus profits, equals expenses. This is the gist of Profit First. Profit before expenses. It’s an alternative way of looking at a budget. You take the profit out of your sales then force yourself to budget your expenses based on what’s left. [...]

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How to File Your GST Return

By |2021-10-22T22:50:50+00:00October 22nd, 2021|Uncategorized|

The Goods and Services Tax (GST) Return is the form used to report the net GST your business owes the Canada Revenue Agency (CRA). It’s much easier to file your GST return if your bookkeeping is up to date. This makes filling out the GST return a matter of looking up the numbers in your accounting app. All the lines on the GST return are also boxes where you enter your numbers. Even if you will be filing your return electronically, it’s a good idea to use a form to calculate the GST you owe (or is owed to you) first. [...]

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How to Get Financial Help for Your Business

By |2021-10-24T09:53:00+00:00March 9th, 2021|Uncategorized|

Starting and running a business can be challenging financially if you don’t have the savings you need or don't know where to look for financial help. Thankfully, there are a number of initiatives specifically for Canadian businesses to help you get off the ground or keep your business going during difficult times. 4 Places You Can Get Financial Help for Your Business It can be hard to know where to look for financing for your business thanks to numerous online scams. Here are four legitimate sites you can check to see if your business qualifies for any of their funding or [...]

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