What Is A TFSA?

A TFSA is a Tax-Free Savings Account. The Tax-Free Savings Account differs from most methods of saving money in a way that you can probably guess at – it’s tax-free! That means contributions to the account are tax-free. What’s more? Withdrawals from the account are also tax free. In this way, TFSAs differ substantially from other types of investments like … Read More

Why Clients Need Detailed Records Come Tax Time

  Accounting and bookkeeping are intimately linked and bookkeeping is the art of keeping detailed records. Dedicating resources to proper bookkeeping is essential to understanding one of the core elements of your business: how much money is coming in and how much money is going out. That should establish that it’s important to keep detailed records at all times, but … Read More

When Should An Employee Be A Contractor?

Whether you’re just starting your first business or you’re operating a giant multinational company, keeping costs down is important. Payroll is one of the biggest expenses for any business, so it makes sense to constantly evaluate who you’re employing, what you’re paying them, and what kinds of benefits you’re offering. You’ll also want to look at the cost of hiring … Read More

What To Know When Automating Client Processes

Advances in information technology have created a surge of automation in recent years and the trend shows no signs of slowing. From self-driving cars to self-checkouts, automation is changing the way we live and work. There are a lot of advantages to automation but there are certain things you should keep in mind when you’re automating client processes. There’s an … Read More

What Is An RRSP?

piggy bank in front of a chalk board

An RRSP is a Registered Retirement Savings Plan. RRSPs were created by the Government of Canada in order to encourage people to save money for retirement. There are a lot of different reasons they want to encourage this behaviour. The first is that when you have access to a lot of wealth when you retire, you’ll be less reliant on … Read More

Invoicing Tips To Get Paid Sooner

According to a recent report by Sage, 1 in 10 invoices are paid late. The report further finds that these late invoices are costing small and medium enterprises (SMEs) about three trillion dollars, globally. That seems like a huge number (it is), but for context, it’s the result of 10% of invoices being paid late. SME owners understand the impact … Read More

The Right Tools For The Job: Tools & New Businesses

New business owners face a host of challenges, but the most pressing is usually this: you only have so much money to grow your business, and to get more money, you need your business to grow. This means you have to spend wisely in the first few months of going into business, which might mean you avoid purchasing software or … Read More

How Is A Company Valued?

  Determining the value of a company is incredibly difficult and there’s no one right way of doing it. One reason it’s hard is because there are so many moving parts to a company – assets, liabilities, revenue streams, stakeholders, etc. Another reason is because value is inherently subjective; a woodworking company is worth far less to me than it … Read More

How To Save For Your Child’s Education

There is solid evidence that getting post-secondary education is one of the most valuable investments you can make in yourself or your child. There’s no doubt that some degrees lead to better returns than others, but the evidence is very clear that having a degree is one of the most consequential factors in what your lifetime income will be. With … Read More

Do You Know How To Invest In Yourself?

We invest in all kinds of things – rental properties, the stock market, startups run by friends and family. Being able to invest in financially viable enterprises is a wonderful thing, but there might be one thing that’s even better: being able to invest in yourself. Now, it’s true that whenever you’re invested in a project that you think will … Read More