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As the end of the year draws nigh, it is time for business owners everywhere to start contemplating some end of year tax planning tips to not only ensure that they can maximize their tax deductions and reduce taxes payable, but to streamline the tax filing process in the New Year. Even if you are Read More

There are many employees out there to whom the promise of self-employment aka freelancing aka independent consulting (all of whom are ultimately small business owners) seems extremely appealing (particularly with a comfortable pair of pajamas). You might crave the feeling of accomplishment that i Read More

Ready or not, the holiday season is upon us and the end of the year is fast approaching. While it is quite a nice time of year (cold weather notwithstanding) there are many additional stresses –purchasing the perfect Christmas sweater, managing the logistics of family holiday time, making travel a Read More

As the year draws to a close, many small business owners are taking stock of their business, basking in their successes and trying to comprehend their mistakes. Unfortunately a big picture view does not always immediately reveal itself– a thorough understanding of your business requires at least s Read More

Almost all accounting software geared to small business owners and freelancers have built-in invoicing modules that integrate with your accounting. This is very useful when doing your books as you don’t have to worry about entering your invoicing manually and it allows you to track your accounts r Read More

If you are self employed or a small business owner, you have probably discovered that keeping track of your accounting and finances can be time consuming and occasionally frustrating. Unless you are an accountant, you’re never really sure if you are doing things correctly. Consequently, you proc Read More

Most small business owners have periods when they are swamped, which can be problematic if they are not able to handle it. In the interest of avoiding premature hair loss and ensuring that your business continues its unabated growth, below are some simple, yet fundamental strategies, to help you c Read More

The deadline to file our tax returns is quickly approaching, resulting in slight feelings of panic for some individuals and small business owners. As someone who provides tax services for a living, I have found that (like with many things) the stress is far more manageable when you know exactly wh Read More

There are essentially two types of tax returns for small businesses and the self employed. If you are an unincorporated sole proprietor or a partnership, you are required to fill out the statement of business activities (T2125) on your personal tax return also referred to as the T1. If you are in Read More

Investment in capital items such as computers, furniture, equipment and cars can cause confusion for small business owners. Since these are purchases that affect the cash flow of the business, it seems that they should be accounted for as expenses just as you would reflect office supplies or rent. Read More