One of the biggest stress factors in running a business is undoubtedly finances. The last thing that any small business owner wants to see, is a rejected small business loan. This can be very discouraging – but getting rejected can be an opportunity to learn. Remember that you are allowed to apply again as [...]
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 can often be confusing for new business owners. Take the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) for example – not everyone is required to charge it, and in some provinces it is combined with the retail tax into the HST. GST is a 5% tax on most goods and services. [...]
Small businesses are on the rise as more people opt to work and create financial stability, for themselves. Owning a small business can be a big challenge. According to Innovation, Science and Economic Development Canada, between 2014 and 2018 an average of 97 640 businesses were created every year and 89 227 businesses disappeared. That [...]
You’ve just come up with a great business idea and now you’re looking to develop it and take it further. Most likely you’ll need to finance your start-up, and this is usually one of the biggest challenges. Start-ups have expected losses for the first several years, and traditional debt financing is most likely not [...]
Starting a business in today’s economic environment and financial turmoil created by COVID-19 is everything but easy. The Canada Small Business Financing Program (CSBFP) creates the opportunity for small businesses to apply for loans by partnering with financial institutions, thereby sharing the risk with lenders. The majority of financial institutions participate in this program. [...]
If you’re a small business – whether you’re just starting out or have been operating for a while – it’s essential to understand that good money management is integral to the overall success of your business. You might be thinking, “Hmmm, I’ve always been good with money.” That’s great. But managing your personal finances is [...]
