Canada-wide Toll Free:

Legal & Compliance

5 mistakes business owners make at tax time

Mistakes at tax time business owner stressed at desk fbc

Last updated: Feb. 25, 2022 
Many business owners don’t know what deductions they can claim, or how important it is to keep their personal and business finances separate. They don’t have time to keep track of all the rules and CRA regulations, so sometimes they end up making mistakes that cost them precious time, and … Read more

Choosing the right business structure

Last updated: Oct. 8, 2021  Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: Oct. 8, 2021  Keeping a minute book is a legal requirement for all Canadian incorporated businesses. It is used to fulfill the requirements of the Canada Business Corporations Act (CBCA) by documenting the corporation’s activities. Minute books can be subject to government review to ensure your business is in compliance. What is a … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 5, 2021  After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is … Read more

COVID aid paperwork must be in order as audits loom

man writing on paper

Last updated: Jul. 10, 2020  Canada’s accumulated deficit with all the COVID-19 related emergency spending programs will most likely top a trillion dollars for fiscal year 2020-21, up from $685.5 billion last year, according to government estimates. Many of those programs were, and if still available, continue to be extremely useful in providing a financial … Read more

How the Sharing Economy Impacts Your Taxes

Cottage on the lake

Last updated: May. 8, 2019  The sharing economy is a kind of shadow economy, where private individuals share products or services, either for free or at a cost. Sharing economy arrangements are typically conducted online, through a community-based website. The sharing economy is hardly new. For thousands of years people have shared their assets, but … Read more

How Cash Flow Management Prevents Legal Problems

How Businesses Can Manage Cash Flow

Last updated: Feb. 6, 2019  When you run a small business, one of the most important things you’ll find yourself doing on a periodic basis is tracking the amount of cash going in and out of your business – or in accounting jargon, cash flow. However, as an entrepreneur you’re to juggling many responsibilities all … Read more