Tax and bookkeeping, in plain English.
Written for owner-managed Canadian businesses — the questions that actually come up, answered without the jargon.
26 posts
TaxWhy do I owe taxes on uncollected revenue?
Accrual accounting taxes revenue when you invoice, not when you're paid - so you can owe tax on money you haven't collected. How to manage it.
Tax6 Tax-Saving Strategies for Gym Owners Before Year-End
Six moves gym owners can make before fiscal year-end to cut corporate tax: equipment write-offs, prepaid expenses, and timing reinvestment.
Case StudiesHow We Saved an OnlyFans Creator $60K in Sales Tax
A Canadian OnlyFans creator faced $60,000 in CRA sales tax. We cut it to $6,000 - here's how export rules apply to global fan income.
NewsBrian's recap for Intuit Connect 2024
Brian's notes from Intuit Connect 2024 in Las Vegas: what was announced, what actually mattered for Canadian firms, and what he'd skip.
BookkeepingWhen Do You Need a GST/HST Number? The $30,000 Rule
You must register for GST/HST once revenue passes $30,000 in four quarters. Why your employment income doesn't count toward that threshold.
Payroll5 Vacation Pay Facts Every Employer Should Know About
How much vacation Canadian employees are entitled to, when it accrues, and how vacation pay is calculated. Five facts employers get asked.
TaxCRA Voluntary Disclosures Program (VDP)
The CRA's Voluntary Disclosures Program can waive penalties and interest on an unfiled or incorrect return. Who qualifies, and how to apply.
Case StudiesRVezy: Cloud Accounting Through a COVID Pivot
How an Ottawa RV rental marketplace rebuilt its finance function mid-pandemic and got CFO-ready processes without hiring a CFO.
TaxThe Importance of Filing Your Taxes On Time
Filing late costs 5% of your balance plus 1% a month, and double that if you were penalized in the last three years. Deadlines and penalties.
TaxWhat Makes a Minute Book Important for Your Business
The OBCA and CBCA require every corporation to keep a minute book. What belongs in it, where it has to live, and the risk of letting it lapse.
Bookkeeping4 Accounting Mistakes to Avoid for Your Business
Four accounting mistakes that quietly cost small businesses money, and the habits that prevent them. Written for owners doing their own books.
BookkeepingHow Much Will Bookkeeping Cost For My Small Business?
What small business bookkeeping costs in Canada - DIY, in-house at roughly $44k a year, or outsourced - and how to choose without overpaying.
TaxClaiming Childcare Expenses in Canada
Form T778 claims childcare costs against income. Who claims when parents are separated, which expenses qualify, and the deduction limits.
BookkeepingRetail Business Credit Cards
Why retail owners should stop putting business purchases on a personal card, how reimbursements should work, and the deductions it costs.
TaxWhat is the purpose of T2200? And why do I care?
A signed T2200 from your employer is what lets you deduct home office costs. Who needs one, the T2200S short form, and the 50% test.
BookkeepingWhy you should hire an outsourced CFO - 3 benefits
An outsourced CFO brings senior financial insight without the salary. Three concrete benefits, and how to tell when it's worth the cost.
TaxDo You Qualify for the Disability Tax Credit? CRA Rules
The CRA approves the DTC on how a condition limits daily living, not on diagnosis. The 90% test, the 12-month rule, and what it's worth.
BookkeepingGuide to Mileage Tracking
What the CRA expects in a business mileage log, and how to keep one without a paper notebook. Includes app options for self-employed drivers.
TaxHow to report dividends on a T5 Information Return
A T5 reports dividends paid to shareholders. When you need to file one, the last-day-of-February deadline, and salary versus dividends.
PayrollT4 employee records: what they are and how to file them
Canadian employers must give every employee a T4 by the end of February. What the slip reports, how to file it with the CRA, and common errors.
TaxSelling Your Principal Residence
Gains on a principal residence are generally tax-free, but you still have to report the sale. Schedule 3, Form T2091, and the penalty if you don't.
BookkeepingWhat Accounting and Bookkeeping Cost Small Businesses
What Canadian small businesses actually pay for bookkeeping and accounting, how the two differ, and what drives the price up or down.
BookkeepingWhat Are Input Tax Credits (ITCs)?
Input tax credits recover the GST/HST you paid on business purchases. What qualifies, what the CRA needs on file, and when you can claim.
PayrollWhat is a TD1 Form?
Every new employee signs a TD1 so you withhold the right amount of tax. What the Personal Tax Credits Return covers, and how payroll uses it.
TaxYearly obligations for Canadian businesses
The five filings every Canadian corporation owes each year: T2, T5, T4 summary, GST/HST return, and the annual return. With deadlines.
TaxWhat Is an Annual Return? (And Why It's Not Your Tax Return)
Every federal corporation files an annual return with Corporations Canada, separate from its T2. Due 60 days after your anniversary date.