Tax Canada

Make sure to distinguish clearly between owner’s draws and salaries when recording transactions in your bookkeeping. Owner’s draws, as…

Complete your financial year by reconciling all accounts and recording adjustments by December 31st. Ensuring your books reflect actual…

Maintaining positive cash flow directly impacts your ability to cover expenses and invest in growth opportunities. Focus on accurate cash flow…

Develop detailed financial projections that incorporate existing data on your sales history, expenses, and market conditions. Use conservative…

Monitoring net profit margin reveals how effectively your business turns revenue into earnings after expenses. A healthy margin indicates…

Create a detailed revenue forecast based on clear market data and realistic sales expectations. Analyze seasonal fluctuations and adjust your…

Implement prompt invoicing protocols to accelerate cash flow. Sending invoices immediately after providing goods or services reduces delays…

Implement a clear petty cash policy that outlines authorized expenses, maximum limits, and reimbursement procedures. This prevents misuse and…

Maintaining accurate financial records is a legal obligation for small businesses in Canada. Keeping clear and organized records of income,…

Pay yourself through a combination of salary and dividends to maximize tax savings and cash flow. Structuring your payments this way allows…