CRA says… No Log Book, No Vehicle Expenses!

CRA has amped up their reviewing and auditing of small business and self employed individuals that claim vehicle expenses on their tax returns.   You must have a mileage log, no exceptions.   There is no getting around it.   I personally have had clients be refused their entire vehicle expenses including lease, insurance, maintenance, parking, 407 etc., […]

Feeling the Sting of Bank Fees?

Are you feeling the sting of bank fees? Many people are – especially customers of big banks, who often charge overdraft fees as high as $45. Those most vulnerable to fees: Young adults, who tend to rely on debit cards for the smallest of purchases (seven out of 10 young adults say they would use […]

Top 10 Ways to Reduce Your Tax Bill

Did you know? There are a number of ways to reduce the amount of tax you owe, and keep more money in your pocket at tax time. The Canada Revenue Agency (CRA) can help you learn more about the various credits and deductions you may be entitled to and that can save you money when […]

The Do’s and Don’ts of Bookkeeping

BOOKKEEPING DO’S 1. Prepare monthly financial statements. 2. Reconcile bank accounts at least monthly when statements are received. 3. Keep an eye on your monthly cash flow. 4. Have a plan when it comes to calculating payroll. 5. Use professional resources such as your financial coach, bookkeeper, accountant and lawyer for financial advice and tax […]

Keep Your Bookkeeping on Track

Small business owners are so involved with other aspects of their business that they often neglect keeping accurate bookkeeping records. Up to date books are essential for the long term growth and sustainability of your business. Some of these tips may sound trivial, but you will be surprised how often they can be neglected, and […]