The Canadian tax system is constantly evolving to reflect economic and social realities. This makes it important for Canadian tax payers to stay informed on the latest tax changes and how they affect your household income. 2024 Tax Season has already kicked in and If you file your taxes on paper you might have received your income tax package already. The below changes will have an impact on your tax returns as well as your overall take-home pay. Key takeaways from this article; Tax penalties have been increased to 10%, the highest since 2001. Tax brackets have shifted and many contributio ..read more

How a Small Business Owner should account for client deposits commonly known as down payment. This article explains important concepts business owners need to know about recording client deposits, charging HST/GST, and whether to treat such fees as income or not. You may be wondering if you should charge sales tax on client’s deposits and whether this money should be considered revenue. Meet Pam. Pam is a talented interior designer who runs her interior design firm in Downtown Toronto. Lately, her business has been growing, and she has started charging customers deposits before starting a pro ..read more

Running an interior design business is not as easy as it looks to the outside person, but you as a professional interior designer already know this. While getting help to manage operations is never a bad idea, as the business owner, it is ultimately your responsibility to understand everything that makes your business successful. This article explores the key performance indicators (KPIs) across three crucial domains: finance and operations, project management, and customer attraction. Finance and Operations: Cashflow Without a doubt, one of the most important KPIs in ANY business is cash flow ..read more

In the dynamic business world, balancing quality with cost-effectiveness is a delicate art. However, with strategic planning and a keen eye for efficiency, small business owners can navigate the challenge of reducing operating costs without sacrificing the quality that sets them apart. Small business owners should always be looking for ways to reduce their expenses and/or increase revenues to keep their business thriving. Cutting expenses down isn't easy, it requires creativity and trying out new things that you may have never considered. For what is worth, let laying off employees be a measur ..read more

Running an interior design business is not as easy as it looks to the outside person, but you as a professional interior designer already know this. While getting help to manage operations is never a bad idea, as the business owner, it is ultimately your responsibility to understand everything that makes your business successful. This article explores the key performance indicators (KPIs) across three crucial domains: finance and operations, project management, and customer attraction. Finance and Operations: Cashflow Without a doubt, one of the most important KPIs in ANY business is cash flow ..read more

Tax season can be stressful and many Canadians seem to get caught off-guard by the deadlines. Understandably so, in the hurry to file, many tax payers forget valuable deductions and credits hence shrinking their tax refund cheques.  Work-Related Clothing: Sorry to break it to you babe, your pink Manolo-Blahnik and pinstriped power suit don’t qualify here. Certain work-related clothing expenses however, can be claimed as tax deductions. This includes uniforms, safety gear, and specialized clothing required for the job. If your employer does not reimburse these expenses, you may be eligible ..read more

As a serial entrepreneur, my journey took an unexpected turn when I decided to dive deep into the intricate world of financial statements. My bookkeeper and business consultant at Topspin Finance Inc. always pushed me to get interested in understanding the numbers and showed me what that could mean for my business. As much as I dreaded accounting, I was keen to expand my business and hopefully attract investors. The newfound curiosity transformed into a game-changing revelation that not only enhanced my understanding of the business but also played a pivotal role in propelling its growth. In t ..read more

What is a virtual CFO (chief executive officer)? Also known as fractional CFO or online CFO, a virtual CFO (vCFO) refers to an expert finance professional hired by a business owner, usually part-time and remote to guide them in making sound business decisions. A virtual CFO performs the same role as a traditional CFO except in a remote/virtual environment and for multiple clients. When a business starts, the role of strategy, forecasting, raising capital, financial analysis, etc. lies with the business owner among many other hats like operations, manufacturing, supply chain, HR, accountant, an ..read more

Today’s digital world has made money transfers and payment of goods and services easier than ever. However, these are not mostly free and either the receiver or the sender must pay transaction fees. Checks, however, while less common than they used to be, are still widely used as a method of payment. Paper checks are inexpensive and effective for most people. Writing checks is however not something a lot of people do every day. It’s not surprising that a lot of young people have not written a check before. Writing a check is easy and this article gives a step-by-step guide on how to accurately ..read more

Hobbies are activities and interests done in one’s leisure time and most times for pleasure and relaxation. Whether it is reading a book by your favorite author or cooking a new recipe or you can write a killer poem, it’s not something that you went to school for or you must do to pay your bills. Hobbies are something you do simply because you want to do and enjoy doing it.  Wouldn’t it be amazing if you could get paid to do the things you love? Things you could have done anyway?  Imagine earning money during your free time without feeling like you had to work? You could spend it tra ..read more