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Unincorporated Small Business and Self Employed owners are fortunate to be in an age where preparing tax returns have been significantly simplified. Not only are calculations automated, but contemporary tax software provide interfaces which make input of data fairly straightforward. Tax software Read More

The recent release of Facebook's S-1, the financial filings that are required to be publicly available prior to filing an IPO, has created a media frenzy. The report has been dissected and analyzed extensively, financial news networks can’t seem to stop talking about it and it seems that people who Read More

There are three primary ways in which you, as an owner-manager, can withdraw funds from your corporation. You can pay yourself a salary, you can declare a dividend or you can borrow money from the corporation. When you borrow money from your own corporation the Canada Revenue Agency (CRA) has put Read More

I met with a small business owner recently who had just purchased a retail business and was looking for a new accountant. It seems that the current accountant was reviewing her books on a quarterly basis, preparing financial statements and doing the year-end tax returns – all typical accountant st Read More

The self-employed lifestyle holds great promise when you first embark upon it, however you quickly find yourself doing things that you would never have dreamed of. You are expected to take on role of salesperson, market researcher, accountant, lawyer and social media expert, while not getting paid Read More

At first glance the calculation of total sales/revenues seems fairly straightforward. Add up your total sales (or ideally have your accounting software do it for you) and voila – you have your gross sales. There are, however, several types of adjustments that need to be made depending on the natur Read More

When starting a business, it can be confusing and a little overwhelming to keep on top of the different types of tax filings that need to be submitted and the timing on each one. Documents received from the government are not always clear as to what needs to be done, particularly if you are not fa Read More

The Canada Revenue Agency (CRA) has specific criteria for what qualifies as a charitable donation and not all good acts qualify for a tax benefit. Growing a moustache (although not without its costs) or supporting your charity case brother-in-law, are generally not considered to be a charitable don Read More

The results of his attitude of saying “Yes”, which he is trying to inspire in others through his show and latest book "Shatner Rules", have contributed to a fascinating, multi-faceted career and, perhaps unexpectedly, have led to a very diverse set of properties and holdings Read More

As a small business owner, business blogger and service provider to other small business, I’m always looking for resources that will help me improve my own business, and provide insight into the latest developments, innovations, tools and guidance on financial and tax matters. Over time, I have bo Read More