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New COVID Recovery Benefits Announced

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Last updated: Nov. 30, 2021 
Update: The federal government recently proposed an extension to the Canada Recovery Caregiving Benefit (CRCB) and the Canada Recovery Sickness Benefit (CRSB) until May 7, 2022. The proposal also includes an increase to the maximum duration of benefits for CRCB from 42 to 44 weeks and CRSB from 4 to 6 … Read more

How to manage your taxes if you are self-employed [7 tips]

How to manage your taxes if you're self-employed

Last updated: Nov. 19, 2021 
If you’re self-employed, you already know how stressful tax preparation and filing can be – keeping track of receipts, staying up-to-date on the Canada Revenue Agency’s policies, and ensuring you’re capturing all of your deductions and expenses. Luckily, we have 7 tried-and-true tax tips that will help you stay on track throughout … Read more

5 cash-flow mistakes small business owners make

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Last updated: Nov. 19, 2021 
When small business owners find themselves facing unexpected shortfalls or can’t pay bills during slow months, it’s a sign that they’re not monitoring their cash flow. For a business, running out of cash is like getting stuck in quicksand: you sink deeper and deeper into the red as you borrow from … Read more

7 simple ways to organize your receipts

Last updated: Nov. 19, 2021 
Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a small … Read more

TFSA limit for 2021 announced

TFSA Limit Money Investing

Last updated: Nov. 18, 2021 
Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage of … Read more

Do I have to make tax instalment payments?

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Last updated: Nov. 9, 2021 
If you’re an employee and your employment is your main source of income, there’s a good chance you won’t have to make quarterly instalment payments since your employer is required to withhold payroll deductions. But if you earn income that doesn’t have tax withheld on it, like self-employment, rental or investment … Read more

How to keep audit-proof mileage logs that lower your taxes

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Last updated: Nov. 3, 2021 
A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can avoid … Read more

COVID-19 Update: Canada Emergency Wage Subsidy Program

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Last updated: Oct. 27, 2021 
Update: The government is proposing to continue COVID-19 business support programs until May 2022 for organizations hit hardest since the start of the pandemic or most affected by public health restrictions.  Further information will be made available shortly. What is the Canada Emergency Wage Subsidy? The Canada Emergency Wage Subsidy (CEWS) … Read more

The New Canada Recovery Hiring Program (CRHP)

CRHP Program Text Image

Last updated: Oct. 27, 2021 
UPDATE:  The federal government recently announced a proposal to extend the Canada Recovery Hiring Program to May, 2022.  Further information will be made available shortly. The Canada Recovery Hiring Program (CRHP), which was introduced during the federal budget has officially launched. The program provides a subsidy of up to 50 per … Read more