Should I lease or buy a car?

After becoming a licensed driver, the dream for many is to own their own car, their dream car. In an ideal world, we’d buy it with cash, but purchasing a car outright is not feasible for everyone, even for those who can afford it. If you are planning on purchasing a vehicle and debating between buying and leasing, here are some advantages and disadvantages to help with your decision. Advocates [...]

September 20th, 2021|Tax|

What is a Personal Service Corporation?

Tax advantages are one of the primary reasons individuals incorporate their business, but if the CRA classifies your business as a "Personal Service Corporation" it may set you back. In a previous article, we outlined the benefits and drawbacks of incorporating your small business. Incorporating your business not only saves money during tax season but also protects your personal assets and reduces your liability. However, as a one-person company, the [...]

August 31st, 2021|Accounting|

Should you incorporate your business?

Incorporating is a major business decision. With pricey setup fees, paperwork, and regular reporting, it isn’t a straightforward choice to make. Yet some businesses feel the legal and tax advantages, along with other pros, outweigh the cons. Other business owners may not find it beneficial, especially with the work required to remain legal. However, if you would like to know if you should incorporate your business, we will walk you [...]

August 3rd, 2021|Accounting|

Choosing The Right Small Business Accountant

Selecting the right accountant is up there will picking the right auto mechanic and financial advisor. There is a high level of trust required between both parties and pressure put on the relationship. Having the right small business accountant on your side is so vital to your financial health and ultimately your business success. Thanks Xero for sharing some advise - we've picked out the best bits. Enjoy. Top tips [...]

June 22nd, 2021|Accounting|

5 Tax Saving Tips

Navigating the tax system here in Canada is a real challenge. Most business owners don't know all the credits and deductions available to them.  It's important that you sit down with your accountant and financial advisor to do tax planning. In this article we have provided 5 Tax savings tips that could help reduce your tax bill and retain more income. Use TFSAs and RRSPs Savings plans that offer tax-advantages [...]

December 28th, 2020|Tax|
Go to Top