Every year during tax season, we hear the same familiar sigh from clients: “I’ve been so busy all year — and now that it’s tax time, I can’t find half my receipts!” The truth is, tax season itself isn’t the problem — poor preparation is. In this article, we’ll walk you through five common tax-season pitfalls business owners often overlook — and how to avoid them. 1. Mixing Personal and Business Accounts: A Red Flag for the CRA Many entrepreneurs, for convenience, use personal

Almost every new entrepreneur we meet asks the same question: “Should I register a corporation, or just start as a self-employed individual?” At first glance, this seems like a simple choice — but behind it lie important considerations around taxation, liability, and business growth. There’s no absolute right or wrong answer, but understanding both options will help you decide which is best for your current stage and future goals. 1. Sole Proprietorship — Simple but Limited T

Many new entrepreneurs breathe a sigh of relief once their company registration is complete, thinking, “ Finally, it’s done. ” However, from a tax and compliance perspective, incorporation is only the starting point of your business journey. What truly determines your company’s long-term stability are the next few steps you take. 1. Open a Dedicated Business Bank Account You might think, “Can I just use my personal account for now?” The answer is: it’s strongly discouraged. M

We’ve worked with many small business owners, and they often share a common frustration: “Our income looks good on paper, but after taxes, there’s almost nothing left.” This doesn’t mean you’re not running a successful business — it means you may not have planned your taxes and cash flow strategically. In Canada, small business owners who understand a few simple principles of tax optimization and cash management can often retain 10–20% more of their profits every year. 1. Ste

When starting a business, many clients ask us the same question: “Should I register a federal corporation, or is an Ontario corporation enough?” This isn’t simply about which option is better , but which one is right for your current plan and future direction. Through this article, we’ll help you clearly understand the differences, impacts, and practical considerations between these two registration paths. 1. Your Business Scope — Where Do You Plan to Operate? If your custome

According to the latest announcement from the Canada Revenue Agency (CRA), several important updates and deadlines will take effect for the 2025 tax season. These changes are not only essential to ensure a smooth filing process, but they may also impact your after-tax income. Below are the key highlights and important reminders: 1. Personal Income Tax Deadlines Remain Unchanged The personal tax filing deadline remains April 30, 2025.For self-employed individuals, the deadli