Managing Growth

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Keep Your Business and Personal Finances Separate

February 26, 2014 by

Many business owners make the mistake of combining business and personal finances, using personal funds to pay for business expenses or business funds to cover personal expenditures. While it may not seem like a big deal when you’re doing it, commingling business and personal finances can leave you with a tangled mess to unravel at
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Applying for a Business Loan: What the Bank Will Consider

February 10, 2014 by

Applying for a business loan can be a daunting endeavor, however it is often a first step towards obtaining the necessary funds to support business growth. Below is a list of factors which are likely to be considered by your bank’s credit department when determining the risk profile of your business and ultimately whether to
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Restructuring Your Customer Lists

February 5, 2014 by

An annual review of your customer list to rank them is a valuable management task. Knowing when you should eliminate customers from your base can be difficult but is important to ensure your business is operating efficiently and profitably. Some indicators to keep in mind when assessing your customers are: Negative attitude or low profit
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Business Financing Options

January 31, 2014 by

The success of your business is dependent on the time and effort that has been invested by you—however, funding is also a critical factor which allows you to provide the fuel for your business. The following are some financing options available to start-ups and small-to-mid size businesses: Personal Savings Obtain the finances from your personal
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Using accounting tools to monitor your business progress

January 29, 2014 by

Even before your business began operating, chances are you developed a business plan to help you establish your business’ purpose, set goals and plan an initial course of action. Over time, your business has evolved and hopefully, you understand how and why those changes have occurred. Having an accounting firm that can help you track
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Can I Scan Tax Documents Like Gas Receipts?

August 31, 2013 by

If you do a lot of traveling, or commute into Toronto for work, you’re going to accumulate a lot of gas receipts for tax purposes. Anyone who has had to keep gas receipts knows how quickly they can fade. So, many of our tax accounting clients ask us if it’s acceptable to scan their records
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What are the Benefits of Being or Hiring an Apprentice?

August 27, 2013 by

Many young students and potential employees are looking to enter the workforce. Some businesses are looking to grow or are expecting seasonal growth during this time of year and there are great opportunities not just for those looking to get hired but for those doing the hiring too—particularly when it comes to apprentices. Grants and
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Ontario’s Penalties for Business Tax Evasion Are Steep

July 31, 2013 by

Accounting firms in Toronto and the rest of Ontario cringe when they read things like this. Earlier this month, the Canada Revenue Agency (CRA) announced a jury found a Toronto man guilty of four counts of evading personal income taxes and four counts of failing to remit the Goods and Services Tax (GST). Najam Mahmood
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Distinguishing Between an Employee and Contractor

July 9, 2013 by

In TBT Personnel Services Inc. vs. Canada, the Federal Court of Appeal revisited how the law distinguishes between an employee and an independent contractor. The impact of an employee determination The employer is required to pay employer portion of Canada Pension Plan and Employment Insurance Premiums and must remit source deductions on a regular basis.
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