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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

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