Tax News

The Simplified Home Office Expense Deduction

ON January 14, 2021

One of the major changes wrought by the COVID-19 pandemic was the large number of Canadians who began to work remotely from home. By the end of March 2020, the number of those who had transitioned to working at home had nearly reached 5 million. Over time, many of those workers made their way back […]

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How to Eliminate Stress with Bookkeeping

ON December 28, 2020

Most of us could stand to reduce the amount of stress in our lives, especially after the year that 2020 has been. Eliminating stress in our business and personal lives is possible, allowing for more enjoyable work and home experiences. Here are some ways that bookkeeping can lift the weight of stress from your shoulders: […]

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Small Business Habits to Crush Debt

ON December 13, 2020

For many people today, debt is not only common, but also normal, and some small business owners accept it as part of doing business. Certain life and world events, such as those we have faced in 2020 can make debt all but unavoidable. Until you can find a way to get yourself out of debt, […]

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Choosing the Right Pay Period for Your Small Business

ON November 27, 2020

When starting your small business, you probably anticipate hiring new employees at some point. Once that time arrives, will you be ready? Paying your employees involves more than simply handing out a paycheque; you will need to make some decisions about payroll and setting the right pay period. First off, let’s look at the basics. […]

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Financial Planning for a New Business

ON November 15, 2020

Getting a new business up and running involves a lot of planning and decision-making. The early days of a business tend to be fast-paced and energetic. Unfortunately, sometimes this flurry of activity causes new business owners to underestimate the actual costs that they will incur. As a result, they run out of steam and the […]

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Pros and Cons of a Business Partnerships

ON October 30, 2020

When starting your business in Canada, you will have a variety of choices to make, including whether your business will be a sole proprietorship, a corporation, or a partnership. Choosing the right business structure will depend on your current needs as well as your long-term goals and several other factors. If you have one or […]

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How to Start a Business in Canada

ON October 16, 2020

Events of this year left many Canadians with much time on their hands. Forced closures of many businesses and changes in operations for many more resulted in countless workers re-evaluating their work lives. Some found that they enjoyed working from home at their own pace or their own schedule, while others realized that they were […]

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Filing 10 Years’ Worth of Personal Tax Returns (Or More)

ON September 28, 2020

It is relatively common for people to dislike doing their taxes, and that can, unfortunately, be one of the reasons they neglect to do so. Some might even miss a second year, or a third. Still others might go as long as a decade or more without paying their taxes. If you have not filed […]

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Registering for the GST Retroactively

ON September 14, 2020

As a small business owner, or self-employed individual, you are probably aware that once your sales reach 30K, you need to register for the GST/ HST. Back in 1991, the GST was added to the Excise Tax Act, replacing the manufacturer’s sales tax (MST). At the time of its introduction, it was 7%, but in […]

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Which Canadian Business Structure is Right for You?

ON August 27, 2020

As an entrepreneur in Canada, you are faced with an important decision: how do you want to run your company? You have a couple of options available to you. You might choose to run it as a sole proprietorship, for example. Alternately, as part of a group, you might choose a co-operative structure. Or maybe […]

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