Words of wisdom

How to Get Started in Your Canadian Business

entrepreneur tips Dec 31, 2018

 Do you have a business dream you’ve decided to make a reality?

That’s awesome!

One of my favorite things about teaching business to my University students, is hearing about their ideas.

It's why my business – my passion – is about helping Canadian entrepreneurs succeed, from building the foundation to growing success years into their business.

As a Certified Professional Bookkeeper, I built a successful bookkeeping firm, so I know exactly what it’s like to...

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Trust Exams: What to Expect

cra payroll trust exam Dec 31, 2018

Simply defined, a Trust Exam is when the Canada Revenue Agency sends someone out to look at how you’ve handled your Trust Money – that is, payroll and GST remittances that you’re holding in trust for those government taxes you owe.

Trust Exams are usually triggered for payroll issues, though they can be the result of GST issues as well.

 

They may be scary, but the you know there are penalties and interest coming.

 

If a Trust Examiner is sent out, it’s...

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Hiring a Subcontractor

cra employee subcontractor Dec 31, 2018

Disclaimer: The purpose of this blog is to provided a general sense of information. Everyone’s situations are unique; there is no one size fits all when it comes to employees, subcontractors, the work they do, labor laws and Canada Revenue Agency obligations. The information provided here is meant to be an introduction to the subject.For more detailed information, please visit CRA publication RC4110 and your local Employment Standards Office. You can also check out my webinar this...

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Writing off your home based expenses

What are the rules about writing off your home?

 

If you operate a business from your home, then you may be able to write off part of your house. The general rule is that it:

  1. It is your main (principal) place of business
  2. You use the space only to earn your business income, and you use it on a regular and ongoing basis to meet your clients, customers, or patients

The expenses you can write off include:

  • Utilities (heat, power, water)
  • Rent
  • Mortgage interest
  • Home insurance
  • Property...
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8 Things To Do in the First Year of Business

entrepreneur taxes tips Oct 15, 2018

 You’re welcome.

I say that because everything on this list I learned the hard way during my first year in business.

Not every lesson came hard, mind you; I ran my own bookkeeping business after all, so I came equipped with a lot of the tax know-how.

Nonetheless, when you’re running a business, you’re hard at work everyday.

Often times, we only learn when we encounter a situation that makes us realize we don’t know the thing we need to know.

 

This list is...

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How to Properly Write Off Your Vehicle In Your Business

 

The vehicle can be one of your best write offs in your business.  It can also be your worst.

What makes it one way or the other? Well, first it is the option which you choose to write it off.  The age of the vehicle makes a difference.  Where you travel make a difference.

Everyone's situation is unique.

Read this blog or watch the webinar.

Reading isn't for everyone. If you want to watch the video "on demand" webinar, click here.

Let's start with those pesky kilometers.

...
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Bookkeeping Technology: Making Your Right Choice

bookkeeping taxes Sep 16, 2018

 

Disclaimer: Different strokes for different folks, as they say.

The opinions expressed herein are just my own. These are based on my experience running a bookkeeping firm with hundreds of clients over the course of ten years. No two accounting professionals are alike; we all work with different methods and systems, and it is not my intention to discredit or throw shade on anyone else or any technology they prefer to use.

This is merely a starting point for entrepreneurs to gain...

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How to track expenses for your Direct Sales business

As a direct seller, it can be confusing about what is actually an expense.

Your home, your car....even your receipt at the craft store yesterday. They are all mixed together with personal purchases and business purchases.

Sometimes...it's just confusing.

We all know that any money we make has to be declared to the Canada Revenue Agency at the end of the year.

But did you know that your confusion on expenses today will cost you on taxes tomorrow?

Direct Sales Expenses

There are some really...

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The Single Biggest Mistake Entrepreneurs Make (Part 2 of 2)

taxes write offs Sep 03, 2018

Thank you for joining me for Part 2 of our write off series!

 In our last article, we looked at The Single Biggest Mistake Entrepreneurs Make.

 If you haven't check out Part 1, you can do so right here.

 Let me first recap the definition of "write off".

 

A "write off" is an expense that is applied against revenues that reduces the amount of profit made, and the amount of taxes that are paid.


If you're not keeping your receipts, even for your smallest of purchases, then...

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The Single Biggest Mistake Entrepreneurs Make (Part 1 of 2)

Every entrepreneur has their own reasons for going into business.

 Some for personal wealth, others to provide the best they can for their families.

 Some do it to pursue their passions or fulfill a dream, others to leave a legacy.

 Regardless of the whys of the entrepreneurial spirit, there are tried and true methods to attaining that success – as well as all-too-common missteps.

 Especially this one.

 I owned a professional accounting firm for just over 10...

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