Good Compliance Habits for Small Business
Getting all your ducks in a row doesn't have to be a chore. Done right, it's almost like breathing ... you aren't even aware you are doing it.
Check out the latest articles below ... right after the intro.
Beyond the Spreadsheet ... Because Life Happens
Make this the year you incorporate self-care into your daily routine so you are around for your family!
- 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, easy, and healthy 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.
Enjoy Your Visit! Laura
The Blog Feed Starts Here
Sep 09, 2026
Why Was GST Introduced in Canada? | Backgrounder
Why did Canada introduce GST/HST? Learn what tax it replaced, why the change mattered, and how GST/HST works as a value-added tax.
Continue reading "Why Was GST Introduced in Canada? | Backgrounder"
Sep 09, 2026
Canada U.S. Tariff Timeline 2025-2026 | Updates for Canadian Small Biz
Track Canada–U.S. tariff changes by date and sector, what’s in effect now, and simple next steps for Canadian solopreneurs (records, pricing, suppliers).
Continue reading "Canada U.S. Tariff Timeline 2025-2026 | Updates for Canadian Small Biz"
Sep 08, 2026
What’s Next? Building a 10-Year Plan in an Era of Trade Uncertainty
No one can predict how CUSMA's next chapter unfolds ... or the current trade war. Business owners can build a strategic plan based on today's economic and trade realities.
Continue reading "What’s Next? Building a 10-Year Plan in an Era of Trade Uncertainty"
Sep 05, 2026
What Is a Certified Professional Bookkeeper? And Why It Matters
What does CPB mean after a bookkeeper's name? Find out what the CPB designation tells you about a bookkeeper's knowledge, standards and current standing.
Continue reading "What Is a Certified Professional Bookkeeper? And Why It Matters"
Sep 05, 2026
Certificate vs Certification | Why the Difference Matters
Certificate vs. professional certification: What’s the difference, and what does each tell you about a bookkeeper? The distinction matters when you’re hiring one.
Continue reading "Certificate vs Certification | Why the Difference Matters"
Sep 02, 2026
Bank Of Canada Holds Interest Rates Again: What It Means for Self-Employed Canadians
Bank of Canada held interest rates steady at 2.25% for a seventh straight decision.
The central bank's tone has shifted since the last announcement. Growth actually came in stronger than expected, with GDP up 3.3% in the second quarter and unemployment easing to 6.4% in July. But the risk picture sharpened too. New US tariffs and Canadian counter-measures are now in effect following the breakdown of trade talks between Canada and the United States. The ongoing conflict in the Middle East continues to keep energy prices elevated. Together, these are pushing inflation risk higher rather than settling it near the Bank's 2% target.
For self-employed Canadians, the immediate impact is the same as last time: borrowing costs are staying put for now. That's still welcome news if you're carrying a loan or line of credit. But the underlying story has moved from "wait and see" to something closer to "watch closely." If tariffs and energy prices keep pushing inflation higher, a rate hike isn't off the table the way it seemed a couple of months ago.
That makes this a good moment to keep a close eye on cash flow, manage expenses carefully, and stay on top of your bookkeeping. It's easier to adjust when you can see clearly where you stand rather than reacting after the fact.
As economic conditions continue to evolve, maintaining accurate financial records will help you make informed business decisions, meet CRA reporting requirements, and be prepared for whatever comes next with interest rates or the broader economy.
I'll continue to monitor Bank of Canada announcements and share updates that matter to Canadian small business owners.
Source: Bank of Canada News Release, September 2, 2026, Bank of Canada maintains the policy rate at 2¼%.
Aug 28, 2026
Prescribed Interest Rates Hold Steady For Q4 2026
The CRA's prescribed interest rates remain unchanged for the fourth quarter of 2026.
As a home-based solopreneur, these rates touch your life in two different ways.
(1) If you owe the CRA money, interest accrues and compounds daily. So paying your unpaid tax balance down quickly saves you real money.
(2) It also has tax planning opportunities for income splitting.
Click here to see the rates for overdue taxes, shareholder loans, and spousal loans.
Continue reading "Prescribed Interest Rates Hold Steady For Q4 2026"
Aug 26, 2026
Canada Announces Cross Sector Counter-Tariffs
Canada's cross sector counter-tariffs go into effect September 8, 2026. I have created a table summarizing the 893 tariff items totalling $27.6 billion.
The counter-tariffs are Canada's response to the U.S. Section 338 50% tariffs blocking Canadian businesses from the American market. They aim to do the reverse ... restrict U.S. businesses' access to the Canadian market. This levels the playing field for Canadian businesses.
The items selected for counter tariffs are expected to have minimal effect on consumers in the short term. Unlike previous U.S. tariffs, the 338 tariffs will affect mainly SMEs (small medium enterprises).
Continue reading "Canada Announces Cross Sector Counter-Tariffs"
Aug 23, 2026
How Tariffs Impact Canadian Small Business | An Introductory Primer
A practical primer on how tariffs impact Canadian small business. Covers basics, compliance, cash flow effects, and actionable steps to dealing with tariffs.
Continue reading "How Tariffs Impact Canadian Small Business | An Introductory Primer"
Aug 22, 2026
Section 338 Tariffs: What They Mean for Canadian Home-Based Businesses
An explainer: What Happened covers the facts. What It Means covers the practical impact on home-based businesses. What to Watch Next covers what could change.
Continue reading "Section 338 Tariffs: What They Mean for Canadian Home-Based Businesses"
Aug 22, 2026
Section 338 Tariffs Are In Effect
Breaking News:
Talks broke down between Canada and the U.S. late Friday night. Section 338 tariffs are in effect as of 12:01 a.m. Eastern Time on August 22, 2026. Unlike previous tariffs, CUSMA goods are not exempt.
Prime Minister Carney has said Canada will retaliate dollar for dollar. The government will introduce additional measures to support Canadian workers and businesses in the coming days.
Source: PMO, "Statement by Prime Minister Carney on Canada-U.S. trade negotiations". pm.gc.ca August 21, 2026
Aug 21, 2026
Tracking Canada's Trade Deals | What's Signed, What's Not
"Tracking the trade deals and economic opportunities Carney has brought home from his travels abroad."
Continue reading "Tracking Canada's Trade Deals | What's Signed, What's Not"
Aug 17, 2026
Cheating the System: How Transshipment Works
Not every rerouted shipment is trade diversion. Learn how transshipment works, why businesses do it, and how Canada's rules tell the two apart.
Continue reading "Cheating the System: How Transshipment Works"
Aug 09, 2026
Common T2 Schedules
I've compiled list of common T2 schedules that may be applicable to an average small business in Canada. We will look at schedules 1,2,3,4,6, 7, and 11.
Aug 08, 2026
Understanding Your T2: Tax Terms Explained For Small Business
Practical explanations of the tax terms you'll see on a Canadian T2 return. Written for small business owners, not tax specialists.
Continue reading "Understanding Your T2: Tax Terms Explained For Small Business"
Aug 08, 2026
How To Make A CRA Payroll Payment Under Protest
Disagree with a CRA payroll assessment? Pay the balance under protest to stop interest while you file a formal dispute. One example, step by step.
Continue reading "How To Make A CRA Payroll Payment Under Protest"
Jul 30, 2026
The Concierge Desk | Because Some People Just Belong Here
Some visitors do not need a map. They have been here before. They know what they need or they are happy to browse until something catches their eye.
Continue reading "The Concierge Desk | Because Some People Just Belong Here"
Jul 29, 2026
The Six Stages of a Trade Deal | Explainer For Canadian Solopreneurs
Why does it take the Prime Minister years to land a signed trade deal? An explainer to the six stages every trade agreement goes through.
Continue reading "The Six Stages of a Trade Deal | Explainer For Canadian Solopreneurs"
Jul 27, 2026
How Tariffs Actually Move Supply Chains | A Case Study
Why did U.S. auto exports to Canada fall 22%? This case study explains why businesses optimize globally, not politically ... and how supply chains change.
Continue reading "How Tariffs Actually Move Supply Chains | A Case Study"
Jul 24, 2026
U.S. Section 301 Tariffs Take Effect
The United States has replaced its temporary baseline tariffs with new Section 103 tariffs that took effect on July 24, 2026. For most Canadian businesses, this is primarily a change in the legal authority behind tariffs rather than a new tariff being introduced.
What does this mean for your small business?
For most Canadian home-based businesses, there is no immediate change. If you export to the U.S., continue to monitor which tariff rules apply to your products, especially if they don’t qualify under CUSMA or are already subject to sector-specific tariffs.
Why this matters for your bookkeeping
While today’s change may not affect your costs, it’s a reminder to:
1. Continue tracking import and export-related expenses.
2. Monitor supplier pricing for any changes.
3. Keep an eye on your margins if you sell into the U.S.
4. Stay informed about future tariff announcements that could affect Canadian businesses.
Read the full announcement here: Fact Sheet: USTR Section 301 Action in Response to the Failure of 60 Economies to Ban Imports Produced with Forced Labor
Jul 15, 2026
Bank Of Canada Holds Interest Rates: What It Means for Self-Employed Canadians
Bank of Canada held interest rates steady at 2.25%.
The central bank says Canada's economy is beginning to show signs of improvement, with economic growth gaining momentum and inflation expected to gradually ease after its recent increase. However, it also cautioned that significant risks remain, particularly due to the ongoing conflict in the Middle East and uncertainty surrounding U.S. trade policy. There's also a sign that businesses themselves are adapting. Despite CUSMA's shift to a yearly review cycle (instead of the fixed renewal businesses used to plan around), a growing share of companies say they've found ways to work through the uncertainty.
For self-employed Canadians, the decision means borrowing costs are staying steady for now. While that's welcome news for businesses with loans or lines of credit, it's still a good time to keep a close eye on cash flow, manage expenses carefully, and stay on top of bookkeeping.
As economic conditions continue to evolve, maintaining accurate financial records will help you make informed business decisions, meet CRA reporting requirements, and be prepared for any future changes in interest rates or the broader economy.
I'll continue to monitor Bank of Canada announcements and share updates that matter to Canadian small business owners.
Source: Bank of Canada News Release, July 15, 2026, Bank of Canada maintains the policy rate at 2¼%.
Continue reading "Bank Of Canada Holds Interest Rates: What It Means for Self-Employed Canadians"
Jul 04, 2026
CUSMA July 1 Review | What Changes For Small Business
See what the CUSMA July 1 review really means: the deal didn't end, the rules still hold, and tariffs remain the bigger issue for small business.
Continue reading "CUSMA July 1 Review | What Changes For Small Business"
Jul 02, 2026
CUSMA and the July 1 review
You may have seen a headline making it sound like CUSMA just ended. It didn't. July 1 was the agreement's first six-year check-in, and while the U.S. declined to renew it outright, Canada and Mexico both asked to keep it. The deal stays in force for another ten years with annual reviews, or, until a renewed agreement is reached. The rules you traded under before the review are the same rules you're trading under today. Nothing about your invoices, paperwork, or shipping changed overnight.
The real story is quieter and older than the headline. The tariffs are already in place on things like steel, aluminum, and autos. That's what's worth your attention, and I'm writing a full piece on what it means for a small business ... and what, if anything, you'd want to do about it. Watch for it here shortly.
Until then, don't panic. Don't make expensive moves on a headline. If you ship physical goods across the border, De Minimis shipping tariffs ended in August, 2025. That ship has sailed and hopefully you've addressed it.
Jun 07, 2026
Your Business Problem Finder | Canadian Home-Based Business Owners
Find the business situation that sounds most like yours. Each card points you toward a system or habit that helps you get a handle on it, at your own pace.
Continue reading "Your Business Problem Finder | Canadian Home-Based Business Owners"
Jun 05, 2026
When Economic Growth Doesn't Feel Like Prosperity | Solopreneur Canada
Learn the difference between GDP and GDP per capita, and why economic growth doesn't always translate into higher living and what it means for your business.
Continue reading "When Economic Growth Doesn't Feel Like Prosperity | Solopreneur Canada"
Jun 03, 2026
What the Recession Headlines Aren't Telling You
The story is more complicated than "economists say we're not in a recession." The technical two-quarter definition has been met. The BOC acknowledges that but..
Continue reading "What the Recession Headlines Aren't Telling You"