Interest Earned on a business Bank Account !! Choosing where to deposit your operational cash is one of the most critical foundational decisions you will make as an entrepreneur. For decades, Canadian business owners had only one real path: walking into a local brick-and-mortar branch to open an account. Traditional banks held a monopoly, meaning they could charge high monthly fees while paying absolutely zero interest on your working capital. Today, the financial landscape l

Borrowing money from your incorporated company might seem like a straightforward way to access funds. However, mixing personal and company finances can lead to complex legal and financial consequences. This post explores what you need to know before taking a loan from your company, including the key differences between personal and company funds, tax implications, proper documentation, repayment terms, and alternative options. Financial documents and calculator on desk . Can

In business, finance and budgeting are not just important; they are vital. A firm grasp of these concepts can mean the difference between thriving and merely surviving. Learning to manage your finances effectively can lead to smart decisions, improved profits, and healthier growth. In this post, we will explore essential finance and budgeting strategies that every business owner should know to achieve lasting success. Understanding the Basics of Business Finance Before we exp

Managing finances is a critical part of running a successful small business in Canada. Proper bookkeeping helps you keep track of your...

If you're a business owner in Canada trying to manage your finances, you might be exploring the benefits of QuickBooks. This popular...

Managing employee payroll can often seem daunting for small business owners, despite being a straightforward task. However, with the right approach, it can be simplified significantly. Understanding Payroll Calculation and Payment Methods Software In-House Using software solutions like QuickBooks and Sage can greatly enhance your payroll process. These tools offer robust payroll modules that facilitate the use of timesheets. You can allocate employee hours by job, project, or

Payroll Automation setup by Bookkeeper greatly assists the end user Understanding Payroll Automation Many small business owners in Ontario wonder if the cost to automate payroll is worth the price. The answer may surprise you. At Orillia Simcoe Bookkeeping, we put automated payroll to the test. A Case Study: Dan the Carpenter Dan, a local carpenter in Orillia, wanted to manage his payroll effectively. Previously, he relied on the CRA account and used a payroll calculator to p

By understanding home office expenses, you can unlock the potential tax savings hidden in your home workspace. In Canada, you can deduct...

It adds up fast -- let's break down what you're really paying. What should I mark up my employee’s labour to a client? If you're paying...

Installments: What are they? Why do I owe them? Why Am I Getting HST Arrears Notices? HST Remittances I'm a yearly filer for HST. I file...

Navigating the world of tax payments can be challenging, particularly in a country as diverse and complex as Canada. Understanding the...