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One of the most common questions small business owners ask is how much they should set aside for taxes. While there is no single number that works for everyone, understanding the main factors that affect your tax bill can help you plan with confidence. Setting aside the right amount protects your cash flow, reduces stress during tax season, and keeps your business on track. The amount you need to save depends on a few key elements. Your business structure is one of the bigges

The holiday season is an exciting time for small businesses, but it can also bring financial challenges. Planning ahead and managing your finances carefully ensures that you finish the year strong and start the new year on the right foot. Here are some practical tips to keep your business financially healthy during the holidays. 1. Review Your Cash Flow Before the holiday rush, check your cash flow. Knowing what money is coming in and going out helps you make informed decisio

If you run a business, it’s important to know that the Canada Revenue Agency (CRA) may review your taxes more closely than regular taxpayers. Small businesses face a lower chance of audit, but medium-sized businesses have a significantly higher risk. The CRA now uses advanced digital tools to review business records, so staying organized is more important than ever. New rules also give the CRA more authority. They could visit your business, ask questions under oath, request d

Not all bookkeeping challenges look the same, and the solution your business needs depends on what’s happening behind the scenes. Many business owners fall behind on their books at some point, but understanding the difference between catch-up  and clean-up bookkeeping can help you choose the right service. Catch Up Bookkeeping: When You’re Simply Behind Catch-up bookkeeping is the best option when your books have fallen behind, but your records are still reasonably organized

It’s easy to think of your business and personal finances as two separate worlds—but the truth is, they’re deeply connected. The way you manage money in your personal life often sets the tone for how you handle your business finances. Strong personal financial habits can help you make better business decisions, improve cash flow management, and build long-term stability for both you and your company. Here are a few important ways your personal finances can influence your busi

When you run a business, structuring it correctly from the start is essential. The type of corporation you register affects how you’re taxed, what deductions you can claim, and even your risk of a CRA audit. we see many business owners overlook these details — creating more work and more tax exposure than needed. What are the main corporation types? In Canada, the Canada Revenue Agency defines several different corporation types: ⦁  Canadian-controlled private corporation (CC

If you’re a small business owner, employee, or an entrepreneur, understanding how to handle vehicle expenses for tax time is key. With the end of the year approaching, it’s a good moment to review how auto expense deductions work — and how to make sure you’re claiming them correctly. If you use a vehicle for work or business, you may  be able to deduct some of those costs — but the allowable deductions depend on how you earn your income. The rules for salaried employees diffe

Over the past 50 years, Canada’s Income Tax Act has expanded significantly, adding new layers of complexity with each budget, amendment,...

For many Canadian businesses, registering for  a Goods and Services Tax (GST) or Harmonized Sales Tax (HST) account is a necessary step...

When you incorporate a company, one of the fundamental steps is defining its share capital . This is the amount of money (or other...