Salary vs. Dividends: How Should You Pay Yourself From Your Corporation?
Quick Answer: Owner-managers of Canadian corporations can pay themselves through salary, dividends, or a combination. Salary is deductible to the corporation, creates RRSP contribu
Does Your Business Need a CFO? A Guide to Fractional CFO Services for Growing Companies
Quick Answer: A fractional (or part-time) CFO gives growing businesses senior financial leadership without the cost of a full-time executive. Where bookkeeping records what happene
Sole Proprietorship vs. Incorporation in Ontario: When Does It Make Sense to Incorporate?
Quick Answer: Incorporating can make sense once your business earns more profit than you need to live on. Profits left inside a Canadian-controlled private corporation can be taxed
Got a Letter From the CRA? What It Means and Exactly What to Do Next
Quick Answer: Most CRA letters are routine: requests for receipts, matching-program adjustments, or processing reviews. The worst response is to ignore them. Read the letter carefu
Payroll in Ontario: A Practical Guide to Your Obligations as an Employer
Quick Answer: Ontario employers must open a CRA payroll program account and deduct income tax, CPP contributions, and EI premiums from employee pay. They must remit those deduction
Personal Tax Filing in Ontario: Deadlines, Deductions, and Credits Most People Miss
Quick Answer: Most Ontarians must file their T1 personal income tax return by April 30. Self-employed individuals (and their spouses or common-law partners) have until June 15 to f
HST in Ontario: A Complete Guide to Registration, Filing, and Input Tax Credits
Quick Answer: In Ontario, the Harmonized Sales Tax (HST) is 13%. Businesses must generally register once their taxable revenue exceeds $30,000 over four consecutive calendar quarte
The T2 Corporate Tax Return: A Plain-Language Guide for Ontario Small Businesses
Quick Answer: Every corporation resident in Canada must file a T2 corporate income tax return for each tax year, even if it earned no income or owes no tax. The T2 is generally due
Behind on Your Bookkeeping? A Step-by-Step Catch-Up Guide for Canadian Business Owners
Quick Answer: Catch-up bookkeeping reconstructs missing or incomplete financial records so a business can file overdue tax and HST returns accurately. The process usually involves
Small Business Bookkeeping in Toronto: The Complete Guide for Owners
Quick Answer: Bookkeeping means recording and organizing every financial transaction your business makes, including sales, expenses, payroll, and HST, so your records are accurate,