Good Compliance Habits for Small Business

Pieces of the puzzle for Canadian bookkeeping compliance are coming together here. Check out the latest articles below.

Small  Daily  Habits  Can  Move  Mountains


Make this the year you incorporate self-care into your daily routine
So you are around for your spouse and kids!

Make this the year you incorporate self-care into your daily routine so you are around for your spouse and kids!

  • Establish clear work boundaries and follow them by outlining your availability and response times to alleviate any confusion. You deserve one full day off a week to recharge your batteries, maybe even two days in a row.
  • Remember every once in a while to stop, stretch, and JUST BREATHE!
  • Think about reinstating recess this year if you work indoors. Get outside for 15 minutes to let natural light energize you.
  • Eat breakfast. Don't have time? Try out Dr. Will's fast and easy breakfast smoothie.
  • Stay hydrated by drinking water to stave off fatigue and concentration issues.
  • Schedule exercise time three times a week (maybe try a HIIT routine; they are quick and effective).
  • Reach for progress not perfection with your business work habits as well as with your diet routine by making choices that are just a little bit better based on where you are now
  • Striving for thirty (30) plant points a week makes improving your diet easy. Incorporate a variety of plant based foods (nuts, seeds, oils, whole grains, legumes, beans, fruits, and vegetables) into your existing eating habits to have a healthier gut biome. You'll feel better which means you'll get more done with less effort.



Apr 18, 2024

Year-End and Tax Preparation | Simple Tax Compliance Method

Simple Cash Management System

If you keep your books solely for year-end and tax preparation purposes, tax experts suggest you establish this simple method to meet this requirement.

Continue reading "Year-End and Tax Preparation | Simple Tax Compliance Method"

Apr 13, 2024

Business Record Retention in Canada | Data Storage Considerations

Feeling zen after getting all your ducks in a row

It's a balancing act. The CRA and PIPEDA both have guidelines for business record retention, but they serve different purposes. Data storage location is discussed.

Continue reading "Business Record Retention in Canada | Data Storage Considerations"

Apr 11, 2024

How to Register for PST in BC | A Guide for Small Business Owners

Businessman with all his ducks sitting in a row

Learn how to register your small business for PST in BC, Canada, with my step-by-step instructions.

Continue reading "How to Register for PST in BC | A Guide for Small Business Owners"

Apr 06, 2024

How to Register for GST HST in Canada | Step-by-Step Instructions

Getting all your ducks in a row initially requires discipline before it becomes habit

Get ready to register for GST HST in Canada easily with step-by-step instructions to walk you through the process. Learn when voluntary registration might be...

Continue reading "How to Register for GST HST in Canada | Step-by-Step Instructions"

Apr 05, 2024

Basic Canadian Income Tax Compliance | Index

Basic small business tax primer focusing on three aspects of Canadian income tax compliance - (1) self-employed tax, (2) CCPC tax, (3) employee personal tax.

Continue reading "Basic Canadian Income Tax Compliance | Index"

Apr 04, 2024

How Are Sole Proprietors Taxed In Canada | Marginal Tax Rate Explained

Payroll taxes in Canada

Knowing how sole proprietors are taxed provides motivation to have audit ready books. You're in a high risk group for getting audited. Learn about your marginal tax rates as well.

Continue reading "How Are Sole Proprietors Taxed In Canada | Marginal Tax Rate Explained"

Mar 29, 2024

Canadian Sales Tax Rates | GST HST Reporting Options

Businessman looking for Canadian Sales Tax Rates

Overview and history of sales tax rates in Canadian provinces and territories includes GST HST PST QST. Explores 3 GST/HST reporting options.

Continue reading "Canadian Sales Tax Rates | GST HST Reporting Options"

Mar 23, 2024

Small Business Bookkeeping | Basic Bookkeeping

Bookkeeping online data entry

Small business bookkeeping is an age old system designed to keep financial records in an organized way. Technology has made it easier than ever to learn.

Continue reading "Small Business Bookkeeping | Basic Bookkeeping"

Mar 22, 2024

Understanding Input Tax Credits | Canadian Sales Tax

A women's reaction to a tax refund

What are input tax credits? How do you qualify to claim ITCs for your business? How do you claim your ITCs? Which calculation method should you use?

Continue reading "Understanding Input Tax Credits | Canadian Sales Tax"

Mar 22, 2024

What is Capital Cost Allowance (CCA)? | Common CCA Rates

What you should know about CCA

Find out what is capital cost allowance and why you may not want to make a full CCA claim on your tax return every year. Learn more ...

Continue reading "What is Capital Cost Allowance (CCA)? | Common CCA Rates"

Mar 18, 2024

Taxpayer Bill of Rights | Insight into Small Business Rights

Taxpayer disagrees with CRA assessment

The impact of the Taxpayer Bill of Rights on small businesses levels the playing field; allows small business to understand their obligations, defend their ...

Continue reading "Taxpayer Bill of Rights | Insight into Small Business Rights"

Mar 09, 2024

Canadian Prescribed Interest Rates | Shareholder Loans

Shareholder Loans

Quarterly prescribed interest rates issued by CRA for overdue & overpaid taxes and taxable benefits. Spousal interest payments are due annually by January 30th.

Continue reading "Canadian Prescribed Interest Rates | Shareholder Loans"

Mar 07, 2024

How To Cancel Your GST HST Account | Financial Impact

Financial impact of closing your GST HST account

Careful before you cancel your GST HST account as there will be a financial impact. Find out what that is before you close your GST/HST account.

Continue reading "How To Cancel Your GST HST Account | Financial Impact"

Mar 06, 2024

Maintaining the Corporate Minute Book | The Annual Filing

Corporate Minute Book in Canada

Basic information on maintaining the corporate minute book and your annual registration requirements ... also referred to as The Annual Report / Filing.

Continue reading "Maintaining the Corporate Minute Book | The Annual Filing"

Mar 04, 2024

Canadian Home Based Business and Taxes | Questions and Answers

Home Based Business and Taxes

Home based business and taxes Q&A ... some frequently asked questions and answers for the work from home (WFH) business owner who does their own bookkeeping...

Continue reading "Canadian Home Based Business and Taxes | Questions and Answers"

Mar 02, 2024

Company Owned Vehicles | Canadian Taxable Benefits

Employee using company owned vehicle

Should employees have a company owned vehicle? What are the compliance implications for the employer? What are the personal tax implications for the employee?

Continue reading "Company Owned Vehicles | Canadian Taxable Benefits"

Feb 26, 2024

CRA Non-Business Travel Rates for Canadians

Sole proprietor using his personal vehicle for business

CRA's simplified method for non-business travel can be used for trips relating to medical expenses, moving expenses, and the northern residents deduction.

Continue reading "CRA Non-Business Travel Rates for Canadians"

Feb 24, 2024

Home Office Expense Deduction | Self-Employed in Canada

Home Office

The home office expense deduction has strict criteria that must be met to claim the self-employed work space expenses on your T1 return. Find out if you qualify.

Continue reading "Home Office Expense Deduction | Self-Employed in Canada"

Feb 23, 2024

Understanding Your Investment Tax Slips | T3 T5 T5008

Plan for retirement by diversifying your income

A quick guide to understanding your investment tax slips. What's the difference between a T3 and T5 slip? A T5 and T5008? Who declares a dividend before payout?

Continue reading "Understanding Your Investment Tax Slips | T3 T5 T5008"

Feb 20, 2024

Can CRA Forms Be Electronically Signed | Form T183

Electronic signature on a business contract

Can CRA Forms Be Electronically Signed? It is the taxpayer's choice to sign traditionally or electronically. Accepted forms are T183, T21...

Continue reading "Can CRA Forms Be Electronically Signed | Form T183"

Feb 03, 2024

How To Pay Employees With Cash | Casual Employment

Canadian-payroll-record-keeping.jpg

Learn how to pay employees with cash properly to protect your business while accommodating the employee. CRA has a strict definition of casual employment.

Continue reading "How To Pay Employees With Cash | Casual Employment"

Feb 01, 2024

CRA and the Underground Economy | Cash Under The Table

Cash under the table

Dealing in cash thrives in the underground economy. Here's what to do when your customer wants to do "cash under the table". Legal tax planning tools are dis...

Continue reading "CRA and the Underground Economy | Cash Under The Table"

Jan 29, 2024

How To Write-off Business Vehicle Expenses | Self Employed in Canada

Self-Employed Individual Working From Their Car

Business vehicle expenses for self-employed sole proprietors are claimed on tax form T2125. If you use your personal vehicle for business, let's see how ...

Continue reading "How To Write-off Business Vehicle Expenses | Self Employed in Canada"

Jan 29, 2024

T4 Slip Boxes 24 and 26 | Difference Between Paid vs Earned Income

Handing your money over to the taxman

Common questions about T4 slip boxes 24 & 26. What an employee can do if they don't receive their slip on time. A tip for BEFORE you prepare your T4 slips.

Continue reading "T4 Slip Boxes 24 and 26 | Difference Between Paid vs Earned Income"

Jan 22, 2024

7 Key CRA Mileage Log Requirements | Don't Lose Your Tax Deduction

Track your vehicle expenses for mileage logbook

The Canada Revenue Agency (CRA) requires meticulous tracking of mileage for the purpose of business deductions. Here are 7 key mileage log requirements.

Continue reading "7 Key CRA Mileage Log Requirements | Don't Lose Your Tax Deduction"

Jan 21, 2024

Is an Auto Allowance a Taxable Benefit? Tax Exempt?

CRA Auto Allowances

When is an auto allowance a taxable benefit and when is it tax exempt? Are there other vehicle deduction limits I need to be aware of?

Continue reading "Is an Auto Allowance a Taxable Benefit? Tax Exempt? "

Jan 18, 2024

Cell Phones and CRA | Internet Services and CRA

Self-employed man talking on his cell phone

What is CRA's position on cell phones and internet services required by sole proprietors to earn business income? Required by employees to perform work duties?

Continue reading "Cell Phones and CRA | Internet Services and CRA"

Jan 17, 2024

What is a CRA Audit Trail | Why You Want One

Learn how to create an audit trail

A CRA audit trail provides protection in the event of a tax audit. It can also protect your business against fraud or a dispute ...

Continue reading "What is a CRA Audit Trail | Why You Want One"

Jan 15, 2024

Self Employed Tax Deductions | Canadian Sole Proprietor

Don't put your feet up on your desk just yet!

A line-by-line review of T1 Schedule T2125 self employed tax deductions. Don't miss these tax savings opportunities for a sole proprietor.

Continue reading "Self Employed Tax Deductions | Canadian Sole Proprietor"

Jan 14, 2024

8 Common Tax Mistakes Self Employed Business Owners Make

Understanding Tax Audits in Canada

Avoid these 8 common tax mistakes that are scrutinized by Canada Revenue Agency auditors because they have limitations and are not fully deductible.

Continue reading "8 Common Tax Mistakes Self Employed Business Owners Make"

Jan 14, 2024

13 Non-Deductible Business Expenses For The Self-Employed

Learning the rules requires study time

Save yourself a lot of grief and don't claim these 13 non-deductible business expenses. Understand not every business expense is tax deductible.

Continue reading "13 Non-Deductible Business Expenses For The Self-Employed"

Jan 14, 2024

Tax Compliance for Small Business | Canadian Filing Deadlines

Anwers to your questions about GST HST

Tax compliance filing deadlines for small business owners - GST HST returns, payroll remittances, income tax returns and instalment payments, subcontractors

Continue reading "Tax Compliance for Small Business | Canadian Filing Deadlines"

Jan 12, 2024

CRA Subcontracting Reporting Requirements | T5018 vs T4A

Subcontractor Responsibilities

What are CRA subcontracting reporting requirements? Do you use slip T5018 or slip T4A? T1 line 10400 vs line 13500? Where do you code subcontractors expenses?

Continue reading "CRA Subcontracting Reporting Requirements | T5018 vs T4A"

Jan 08, 2024

Place of Supply Rules | Canadian Sales Tax

Sales tax frustrations

As of May 1, 2010, place of supply rules are based on customer location instead of supplier location. This means ...

Continue reading "Place of Supply Rules | Canadian Sales Tax"

Jan 07, 2024

CRA GST Invoicing Requirements | CRA HST Invoicing Requirements

CRA GST Invoicing Requirements

What are CRA GST invoicing requirements for a legitimate business receipt? What documents are not considered receipts.

Continue reading "CRA GST Invoicing Requirements | CRA HST Invoicing Requirements"

Jan 06, 2024

Payroll Tax Filing Deadlines | Canadian Bookkeeping

The CRA requires regular reporting and remitting of source deductions withheld from employee pay cheques. Find your payroll tax filing deadlines here.

Continue reading "Payroll Tax Filing Deadlines | Canadian Bookkeeping"

Jan 06, 2024

T4A Information Slips | Subcontractor Reporting Requirements

T4 Information Slip

T4A information slips preparation and reporting requirements for Canadian subcontractors. Check out what to do before you hire a subcontractor.

Continue reading "T4A Information Slips | Subcontractor Reporting Requirements"

Jan 06, 2024

GST HST in Canada | Canadian Sales Tax Guide

Business owner entering GST invoice into QBO

Information about GST HST in Canada and tips like the special 90% rule or how to calculate sales tax included in a purchase amount or ...

Continue reading "GST HST in Canada | Canadian Sales Tax Guide"

Jan 06, 2024

Canadian Payroll Tax Guide | CRA Employment Status Tests

Canadian Payroll Tax Guide

A Canadian payroll tax guide to walk you through your compliance responsibilities including the process for hiring an employee.

Continue reading "Canadian Payroll Tax Guide | CRA Employment Status Tests"

Jan 06, 2024

Understanding Tax Audits in Canada | Amending a Tax Return

Sorry this page has moved.

Reduce your fear of tax audits in Canada by understanding the process. It's your responsibility whether your return was prepared by a professional or not.

Continue reading "Understanding Tax Audits in Canada | Amending a Tax Return"