If you are thinking about upgrading from your current accounting system or spreadsheet or starting your new business venture with accounting software, QuickBooks Online is a good way to go. It is perhaps the most well known accounting software and, having used both the desktop and online versions for many years, it can be a great tool for anyone who wants to track their self employed/small business finances. When you have made your decision, you will have to determine which version of QBO to get. This requires that you understand what features are necessary for your business ..read more

As we approach the new year, it is time to start thinking about a subject near and dear to your heart i.e. taxes (insert appropriate emoji). Below are the deadlines that all small businesses need to know for 2025 ..read more

As the end of the year approaches, some of us find ourselves overwhelmed by top 10 lists, the shopping masses and endless renditions of Christmas Music.  Businesses tend to experience a slowdown, which makes it the perfect time for small business owners to take a closer look at their overall business, financial and tax situation.  When you are not buying gifts for your customers, family and friends, a review and analysis of your business will allow you to optimize your current financial situation, implement some beneficial changes that can help avoid last minute tax preparation stres ..read more

If you are self employed or a small business with annual sales between $30,000 and $400,000, it might make sense to select the Quick Method of reporting your GST/HST and QST, which is essentially a simplified method of reporting sales taxes . While regular reporting of sales taxes requires that you calculate all amounts collected and paid on eligible expenses, the quick method (or simplified method as it is also referred to)requires the application of a single reduced rate to your sales while GST/HST and QST paid on expenses is not deductible. The key details of the Quick Method and its suitab ..read more

When embarking on a new business venture one of the first decisions that has to be made is the type of legal structure best suits the needs of the new business. In Canada there are essentially two choices - business registration (sole proprietorship or partnership/unincorporated entity) or incorporation.  Like many small business decisions, the answer in not necessarily straightforward and depends on the business owner’s specific set of circumstances ..read more

Deciding to transition from being an employee to self-employed business owner/freelancer/independent contractor. can be a significant life event. It can certainly be exciting as you relish the thought of greater freedom, flexibility and the ability to exercise your creativity in ways that you cannot when you are an employee. However, there is also a great deal of uncertainty, both professionally and financially. And while you cannot control the outcome, understanding where the uncertainty might come from will help you be much better prepared ..read more

So, if you have ever been an employee in Canada, you have received a paycheque. The salary or hourly rate is decided upon by you and your employer. Your employer is then responsible for calculating the deductions required by Revenue Canada (and Revenue Quebec for QC based employees) and remitting them to the revenue agencies. They must also complete the T4s (and RL1s in Quebec) for the full year and give them to the employees by February 28th of the year following the year of employment (regardless of termination date during the year) and ensure that they give them to you so that you can compl ..read more

Whether you have just started your business venture or have a couple of years under your belt, navigating GST/HST can be confusing and stressful. There’s is lots of information on the internet but hard to know if it is trustworthy or comprehensive. Consequently, it's easy to make mistakes that results in time wasted or worse, unnecessary interest, penalties and letters from the government. From registration errors to missed deadlines, you can avoid these mistakes with the right knowledge. In this post, I'll walk you through the five most frequent GST/HST mistakes I’ve seen (in my fairly extens ..read more

Whether you're just starting out or a seasoned business owner, it is imperative to understand the financial health of your business.  This can be done via a variety of different types of analyses. In terms of the big picture and overall performance of your business, the reports that are collectively referred to as the financial statements are the most crucial .  The financial statements typically comprise three reports: the balance sheet, profit and loss statement and statement of cash flows.    Some of you might be intimidated by the technical terminology of accounting.&nb ..read more

So, what exactly is an accounting system? At its core, an accounting system is a method of organizing your financial data. There are various types of accounting systems out there, ranging from complex enterprise solutions to simple small business accounting software like QuickBooks. You can even use a spreadsheet if your business is straightforward with minimal transactions. The key is to have some system in place to manage your finances effectively. Now, let’s explore the five reasons why every small business, including yours, needs an accounting system ..read more