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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

Did you know that as an employee, you may be able to claim certain work-related expenses on your personal tax return? Many Canadians overlook this opportunity, but employment expenses can help reduce your taxable income and save money at tax time. Eligible Employment Expenses Employees can deduct a variety of expenses if they meet specific criteria. Common examples include: Home office expenses  – such as a portion of utilities, rent, or office supplies, if you are required t

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

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...

When running a corporation, one major decision shareholders face is how to pay themselves: salary or dividends. Both options have pros...