How Long Should You Keep Tax Records?

Filing your taxes comes with its own set of stressors, but what do you do with the paperwork when you’re finished? Most business owners already know that they should hold onto their tax returns and supporting documents for a set period of time. However, very few people know just how long to keep that paperwork available. They also aren’t sure … Read More

Personal Tax Credit Changes for 2017

There was a lot on the chopping block this year. Let’s find out if your favorite tax credit made the cut for 2017. New Tax Credits The Canada Caregiver Amount is new for 2017. It replaces all these tax credits from prior years: • The Family Caregiver Amount • The Caregiver Amount or • The Amount for Infirm Dependents aged … Read More

Top 3 Tax Surprises for Sole Proprietors

We meet many small business owners for the first time during tax season.  It isn’t unusual for them to have incomplete knowledge of their income tax responsibilities in regards to their business.   These are the top three things that surprise them the most to learn. 1.  CPP Contributions When you are self-employed, CPP contributions are calculated on your tax return. … Read More

Punch Through Your Business’s Growth Ceiling

Growing businesses inevitably hit a point known as a growth ceiling. In other words, they are maxed out. Processes that worked before are now too clunky or inadequate, resources are fully tapped and staff are getting worn out. Perhaps customer service is beginning to suffer. The classic reasons for a fear of success have come to fruition. So now what? … Read More

Is Online Accounting Right For You?

Online accounting is a great option for many businesses. But is it right for yours? Let’s take a look at some of the benefits and challenges of working in the cloud. A good accounting system adds value to your business, not cost. Yes, you have to be compliant with stakeholders and the CRA, but our goal is to design performance … Read More

What Is My Business Worth?

If you think the answer is “X times earnings”, this article is for you. For owners, the question of business value may come up if it’s time to sell, if there is a divorce, if a partner wants to exit the business, or if a valuation is required by CRA. Business value depends on many factors and there is an … Read More

Is It Time To Incorporate? 5 Things To Consider

If you are wondering if it’s time to incorporate your business, you aren’t alone. It is one of the most common questions we get. Most business owners know that incorporating can provide them with protection from creditors and that there is some sort of tax benefit. Beyond that, it gets murky. Like most questions, the answer as to whether or … Read More