As a small business owner in Canada, it is important to understand the tax laws and regulations that apply to your business. This includes knowing what expenses are deductible, how to keep accurate records, and when to file your taxes. In this blog post, we will outline some key things that you need to know…
In today’s digital age, small businesses face tough competition to stay ahead in the market. The rapid advancement of technology has made it necessary for businesses to keep up with the trends to remain relevant. One of the latest innovations that can help small businesses is the use of ChatGPT. ChatGPT is an artificial intelligence…
Well, it’s that time of year again – the end of the year! I hope this year was fruitful for you and your business, despite the many obstacle you may of been faced with during these crazy Covid-times we live in. If you are reading this post, you are likely a business-owner, and wanting to…
Yes, the end is near. After April 30/2021, the only paper around here will be in the bathroom! Unfortunately, we will not be accepting your paperwork anymore. There are many 21st century ways to digitize all those bills, receipts, invoices, and bank/credit card statements. Here are 3 simple ways you can still get us what…
Apply now for the BC Recovery Benefit, a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals. You have until June 30, 2021 to apply. As of writing this post, the website was very slow. Stay calm, and keep trying. You’ll eventually get through…
The Canada Emergency Business Account (CEBA) was launched earlier in 2020 to help businesses get through COVID-19 tough times. Originally the program allowed business owners borrow $40,000.00 interest free if paid back by Dec 31, 2022. If you did, the government forgave you $10,000.00 of the loan! As of today, the CEBA program has been…
If you are like me, you’re probably pretty tired of listening to the media every day reporting depressing news about COVID-19. In all of the negative, there are a few positives to report. This is one of them… The Government of Canada announced a $40,000.00 loan to small business back in the Spring of 2020…
I recently came across a number of receipts from a client who took transit, Uber, and taxi cabs from his home to his office and back. Can these expenses be considered a travel deduction to the company? Answer: Yes but… The “but” part pertains to something called a taxable benefit to the employee or director…
The CERB has been extended again through to the end of September 2020. Those of you who are eligible can collect for another 4 weeks totalling 28 weeks. The Canada Emergency Response Benefit (CERB) is a taxable payment for those employed and self-employed Canadians that are directly affected by COVID-19. You need to re-apply for…
Does anyone send faxes anymore? I still do! In fact, CRA still requires faxes when I need to submit documents to support a client claim. I came across this “free” fax service for iOS that allows you to send a fax from your iPhone, without having to have a dedicated fax machine or phone line.…