Simplifying Small Business Accounting: 11 Easy Steps to Streamline Your Finances Running a small business can be challenging, and the last thing you want is to complicate your accounting processes unnecessarily. In this blog post, we will guide you through 11 straightforward steps that will help you maintain organized business finances, saving you time and […]
Canada Emergency Business Account (CEBA) Program
The Government Expands CEBA Loan Facility with Increased Forgivable Amounts For those who may need a refresher, CEBA (Canada Emergency Business Account) is an interest-free loan program that offers up to $40k, with $10k potentially forgivable if $30k is repaid by December 31, 2022. This program is accessible through regular banks or credit unions, with […]
Which is Better: Hiring an Independent Contractor or an Employee?
Incorporating Independent Contractors in a Company: A Cautionary Tale As businesses turn to outsourcing, downsizing, and economic cutbacks, they may find it advantageous to hire independent contractors to perform certain functions previously carried out by employees. However, merely labeling someone as an independent contractor is insufficient. The Canada Revenue Agency (CRA) scrutinizes the nature of […]
Stylish Economic Development Plan for Affordable Living
The 2022 federal budget proposes two significant policy initiatives aimed at promoting economic development and innovation. This is the first federal budget after the 2021 elections, and the finance minister is committed to driving sustainable and affordable economic growth. Chrystia Freeland, the Canadian deputy prime minister and minister of finance, released the 2022 federal budget […]
Tax Loss Harvesting Benefits for Your Portfolio
Tax loss harvesting may be a new term for many Canadians, but it’s a simple concept that can be easily understood with a few guidelines. In 2022, with the market being volatile and fluctuating, it’s the perfect year to recover losses. Tax loss harvesting involves selling underperforming assets for less than their purchase price to […]
Selling a business to Family Members in Canada
Selling a businessUnder the old tax laws in Canada, selling a business or its shares to family members resulted in significant tax implications for the business owner. However, recent amendments to the Income Tax Act (ITA) have alleviated this burden. The passing of Bill C-208 in June 2021 has provided substantial tax relief for owners […]
Tips for Establishing Your Company’s Fiscal Year
What is a Fiscal Year and How to Choose the Right One for Your Company? A fiscal year, also referred to as the financial, tax, or accounting year, is the designated 12-month period that a company follows to report its financial information. This period can either be a calendar year or a customized year. It’s […]
“The Ultimate Guide to Business Plan Development: Steps to Create a Successful Plan”
Starting a business is an exciting endeavor, but it’s important to have a solid plan in place before you dive in. A business plan is a document that outlines the objectives, strategies, and tactics for achieving success in a new venture. In this article, we’ll explore the key steps involved in developing a business plan. […]
Five Tips Tactics to Grow Your Accounting Firm
Are you overworked due to the increasing demands of your business? Managing clients, practice management, and business development demand tremendous work and time. These challenges can hinder the growth of your business and potentially cause you to lose business to competitors. To streamline business demands and work towards increasing revenue in the current market, we […]