GUIDANCE FOR CREATIVES
GROWING A BUSINESS

Your hub for help with the day to
day stuff. We got you covered.

Get our 10 Steps to Great Cash Flow guide

Find what you need

Here’s what our clients have needed lately.

A pink piggy bank wearing a pair of oversized black-framed glasses, positioned next to a calculator, all resting on a pile of financial paperwork.
Accounting
Advice
Business
Financing
Money
Small Business

As a small business owner, you wear many hats—entrepreneur, marketer, and sometimes even accountant. One of the most critical skills you need to master is budgeting. A well-structured budget can help you understand your financial position, make informed decisions, and set your business up for long-term success. This blog post will guide you through creating

19 February, 2025

A woman in a starting position for a running race, crouching low on a track. The number '2025' is prominently displayed on the asphalt beneath her, indicating the year of the event.
Accounting
Advice
Business
Small Business

Starting in the spring of 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method of delivering most business correspondence. This shift reflects the CRA’s commitment to modernization, efficiency, and reducing paper waste. It also aligns with the broader government initiative to digitize services and enhance accessibility. While this transition

3 February, 2025

A young woman sits at a modern computer desk in a bright, open office, intently reviewing a large, colorful pie graph displayed on her screen. The workspace features minimalistic decor, with creative touches that enhance the airy atmosphere.
Accounting
Advice
Corporate Tax
Financing
Money
Small Business

As a creative freelancer, you can pursue your passions, but with that freedom comes the responsibility of managing your finances. Keeping your expenses is crucial for maintaining profitability and preparing for tax season. In this blog post, we’ll explore some best practices for tracking expenses that can help you stay organized and financially savvy.  

23 January, 2025

A young casual professional sits at an outdoor table, smiling while looking at her pink laptop. She is dressed comfortably and appears engaged and happy in her work environment. The background features sushine, suggesting a pleasant outdoor setting.
Accounting
Advice
Corporate Tax
Financing
General
Recommendation
Small Business

The role of a social worker is more vital than ever, especially in our increasingly complex social landscape. Many social workers choose to carve their path by becoming self-employed, offering services that align with their values and expertise. However, while self-employment offers numerous benefits—such as flexibility and autonomy—financial challenges can often loom large. In this

7 January, 2025

Three women collaborate at a large table desk in a creative loft office, surrounded by boxes on an adjacent desk. They are engaged in discussion, reviewing documents and exchanging ideas, with a dynamic and productive atmosphere evident in their expressions and body language.
Accounting
Advice
Business
Financing
Money
Saving
Small Business

As a creative entrepreneur, your plate is already full. From managing client projects to launching marketing campaigns, the last thing you want is to be bogged down by a banking system that doesn’t resonate with your unique business needs. If your current bank feels more like a hindrance than a help, it might be time

19 December, 2024

A middle-aged woman with a warm smile stands next to a counter in a vibrant shop filled with creative goods, including clothing and jewelry. The shop has a colorful and inviting atmosphere.
Accounting
Advice
Business
Financing
Money
Saving
Small Business

As the holiday season approaches, small business owners across Canada navigate the uptick in consumer spending while balancing their financial health. This time of year can bring opportunities and challenges, so strategically preparing your business finances is essential. From understanding cash flow to implementing effective budgeting strategies, here are some steps to ensure your business

4 December, 2024

A man stands at a fork in the road, looking thoughtfully at a road sign. One direction points right and is labeled
Accounting
Advice
Financing
Money
Small Business
Small Business
Technology

In today’s fast-paced business landscape, cloud accounting has emerged as a transformative solution for business owners across Canada. However, despite its growing popularity, several misconceptions about cloud accounting persist. Here at UpSide, we believe it’s crucial to address these myths to help business owners make informed decisions about their financial management. This blog will debunk

21 November, 2024

A tabletop with tax paperwork, two sharpened pencils, and a blank piece of paper. The top of the blank paper has
Accounting
Advice
General
Money
Saving
Small Business
Small Business
Tax

As a small business owner in Canada, understanding tax deductions is crucial to maximizing your profit and minimizing your tax liability. With the right strategy, you can significantly reduce the amount you owe to the Canada Revenue Agency (CRA). In this blog, we’ll explore some of the top tax deductions available to small businesses in

12 November, 2024

A man stands in the doorway of a modern house or office, holding a package with an excited expression on his face, eagerly anticipating his delivery.
Advice
Financing
Money
Saving
Small Business

As a small creative business owner here in Canada, you know the importance of every dollar spent. Whether you’re an artist, designer, or consultant, managing your finances effectively while making intelligent purchasing decisions can significantly impact your bottom line. One effective strategy involves utilizing retailers that offer membership programs, such as Amazon and Costco. In

28 October, 2024

A woman with her back turned is seated at a long desk cluttered with paperwork and various creative materials. Shelves above the desk are also filled with documents and supplies. She is dressed in casual clothing, focused on her work.
Accounting
Advice
Financing
General
Recommendation
Small Business

As a freelancer in Canada’s vibrant creative sector, you can set your hours, choose your projects, and work from anywhere. However, with great freedom comes great responsibility—especially when managing your finances. Unlike traditional employment with regular paychecks and employer benefits, freelancing requires you to be proactive about your financial health. Here are some helpful tips

8 October, 2024

A smiling girl with a funky, trendy hairstyle is outdoors, holding a phone to her ear while engaged in conversation. Her vibrant style and expressive demeanor suggest that she is a creative individual or artist.
Accounting
Advice
General
Money
Recommendation
Technology

In today’s competitive landscape, creative businesses in Canada face numerous challenges, ranging from managing innovation to maintaining client satisfaction. With the weight of these responsibilities, the last thing you need is the complexity of bookkeeping and accounting weighing you down. That’s where outsourcing comes into play. While it may seem like an added expense, outsourcing

18 September, 2024

A cheerful young man sitting behind a desk, holding up a cheque with a proud smile on his face. He looks delighted, showcasing his accomplishment of writing the cheque or receiving it.
Accounting
Advice
Apps
Employer
Money
Pay Roll
Small Business

As a social worker, you are critical in supporting individuals and communities. Many social workers also manage staff members to assist in delivering services effectively. While providing support to your clients, it’s essential to ensure that your administrative duties, including payroll, are handled correctly. This blog post explores the critical considerations for social workers who

6 September, 2024

A woman and a man are seated at a table, engaged in a discussion about some paperwork. The woman, holding a pen, is pointing to specific sections of the documents as she explains the information to the man, who is attentively listening and looking at the papers. They both appear focused and collaborative, with notebooks and a laptop visible on the table.
Accounting
Advice
Business
Financing
Money
Small Business
Technology

Invoicing and billing may not be the most exciting part of running a creative business, but it is undoubtedly one of the most crucial aspects. Proper invoicing and billing practices are essential for running your business smoothly and ensuring you get paid on time for your hard work. In this blog, we will provide some

19 August, 2024

Accounting
Advice
Apps
General
Small Business
Technology

In today’s digital age, creative businesses are constantly challenged to keep up with the rapidly changing landscape of technology. From managing finances to collaborating with team members, staying organized and efficient is crucial for success. This is where cloud accounting comes in.   Cloud accounting has empowered businesses to take control of their finances by

7 August, 2024

A female social worker smiling and listening attentively to a male client during a friendly counseling session. The client looks engaged and relaxed, as they sit facing each other in a comfortable room.
Accounting
Advice
Business
Corporate Tax
Money
Recommendation
Small Business
Technology

As a social worker, starting a private practice can be an exciting and rewarding next step in your career. However, before diving headfirst into the process, there are several vital things to consider and plan for to ensure your business is set up for success. One of the most important aspects of starting a small

24 July, 2024

A diverse group of young professionals sitting around a wooden table, engrossed in discussion over paperwork. Each person is pointing and sharing their opinions, looking engaged and creative.
Accounting
Advice
Business
Financing
Money
Small Business

Financial forecasting is a crucial aspect of running a successful small creative agency. By predicting future financial outcomes based on historical data and market trends, financial forecasting enables small creative agencies to make informed decisions to help them achieve their business goals and objectives. Here are some reasons why financial forecasting is vital for small

4 July, 2024

A woman sitting in an artistic studio, engrossed in her phone, surrounded by paints, brushes, woodworking material and other art supplies.
Accounting
Apps
Apps
Financing
General
Money
Pay Roll
Personal Tax
Small Business
Technology

In today’s fast-paced business world, efficiency is key to managing your company’s finances. As a small business, you may juggle multiple financial processes, from invoicing to expense tracking, all while trying to keep up with the latest tax regulations. Luckily, many apps are available that can help streamline your financial processes and save you time

26 June, 2024

A person with an edgy appearance, including an unspoiled mohawk haircut, is sitting at a desk during a zoom call. They are discussing the financial aspects of their small business and taking notes in a notebook beside them.
Accounting
Accounting
Advice
Corporate Tax
Personal Tax
Recommendation
Small Business
Small Business

As a small creative business owner in Canada, navigating through economic uncertainty can be challenging. With fluctuating market conditions and unpredictable consumer behaviour, it’s essential to have a solid financial foundation in place. This is where accountants play a crucial role in supporting small businesses during economic instability. Accounting pros are not just number crunchers

6 June, 2024

A man wearing coveralls and a hard hat sitting at a command station, flipping through paperwork. He is surrounded by a large machine and appears to be working in a creative factory.
Accounting
Advice
Financing
Money
Personal Tax
Small Business
Small Business

One of the most common misconceptions among small business owners is the confusion between cash flow and profit. While both are important indicators of a business’s financial health, they differ. Understanding the difference between cash flow and profit is crucial for small business owners to manage their finances and make informed decisions effectively. 1. Cash

22 May, 2024

A young woman with a perplexed look and pursed lips, holding a tablet in her hands. She is seated at a minimal desk with creative artist tools and another computer.
Accounting
Advice
Apps
Business
General
Recommendation
Small Business
Technology

Cloud accounting is a revolutionary way for Canadian creative businesses to manage their finances securely and efficiently. This technology allows businesses to access their financial data anytime, anywhere, and on any device with an internet connection. But what are the security advantages of using cloud accounting for Canadian creative businesses?   Secure data backup and

7 May, 2024

Two men standing behind a transparent board filled with post-it notes, engaged in a heated discussion about one of the notes. Their expressions are serious and focused.
Accounting
Accounting
Business
Money
Recommendation
Small Business
Tax

As a small creative business in Canada, it’s essential to have a good grasp of accounting practices to ensure your venture’s financial health and success. Proper accounting helps you stay organized and allows you to make informed business decisions and track your profitability. To help you navigate the world of accounting, here are some essential

24 April, 2024

A young woman in a work apron sits behind a table filled with paperwork and a computer. She appears focused and engaged in her work, showcasing her dedication to her creative field.
Accounting
Advice
Business
Employee
Employer
Financing
Money
Pay Roll
Small Business
Small Business

Running a creative business in Canada comes with its own set of challenges, especially when it comes to managing payroll. Creative businesses often have unique payment structures, fluctuating income streams, and a diverse range of employees that can make payroll management tricky. However, you can effectively manage payroll for your creative business with the right

10 April, 2024

A young woman in a loft-style open office, focused on a large poster board covered in post-its, graphs, and material samples. She appears deep in thought as she plans out a big design project.
Accounting
Advice
Business
Corporate Tax
Small Business

As a creative professional, navigating sales taxes and the Harmonized Sales Tax (HST) or Goods and Services Tax (GST) can be daunting. Understanding the different rules and regulations regarding sales taxes is crucial in running a successful business and avoiding potential legal issues. This blog post will break down the basics of sales taxes and

26 March, 2024

A conceptual image showing a red dollar sign balancing the earth on a teeter totter, symbolizing the importance of financial stability and global economic equilibrium.
Accounting
Advice
General
Money
Personal Tax
Small Business

The Canadian government has announced the Canada Carbon Rebate (CCR) amounts for the 2024-25 year. This rebate, previously known as the Climate Action Incentive payment (CAIP), is a way for the government to return the proceeds of carbon pollution pricing to families in provinces where the federal backstop system applies. The name change to Canada

13 March, 2024

Image description: A close-up photograph of a clipboard, held by two arms with orange sleeves. The clipboard contains a financial report consisting of graphs, charts, and numbers.
Accounting
Advice
Financing
Small Business
Small Business

As a creative business owner in Canada, it is crucial to assess your financial health regularly. Financial ratios play a vital role in understanding your company’s profitability, liquidity, and overall efficiency. By evaluating these ratios, you can make informed decisions and implement strategies to ensure the long-term success of your creative venture. In this blog,

28 February, 2024

Alt text: A woman sits on a cozy window bench with her legs crossed, engrossed in using a tablet. Her faithful dog sits beside her, both seemingly deep in thought. The woman appears focused, possibly reflecting on valuable information or conducting research relevant to her business.
Accounting
Advice
General
Recommendation
Small Business

While running a creative business can be exciting and fulfilling, managing the financial aspects can be challenging for many creative entrepreneurs. Accounting plays a critical role in the success of a creative business, ensuring financial stability and growth. Partnering with the right accounting professionals can provide you with the expertise and guidance necessary to navigate

5 February, 2024

Advice
Business
General
Small Business

Inventory management is a critical aspect of running any retail business, and it can present unique challenges for creative retailers. From boutique shops selling handmade crafts to online stores focusing on artistic merchandise, these retailers often deal with constantly evolving product lines and unpredictable demand. In this blog, we will delve into some of the

15 January, 2024

In the image, a gentleman is depicted wearing a vibrant blue buffalo plaid button-up shirt. His eyes are closed as he exerts slight pressure on his temples, conveying a sense of fatigue and frustration. Seated behind a cluttered desk embellished with a computer and stacks of paperwork, it is evident that he is grappling with a challenging task. His body language, coupled with the puzzled expression on his face, indicates his struggle to overcome the difficulties before him, seeking a solution amidst a sea of complex documents.
Uncategorized

As a creative entrepreneur, you understand the importance of artistic flair and innovative thinking. However, being organized and detail-oriented is equally essential when it comes to bookkeeping. Accurate bookkeeping enables you to make informed decisions and ensures the financial health of your business. In this blog post, we will highlight some common bookkeeping mistakes that

4 January, 2024

An image captures the encouraging atmosphere of a job interview as a seasoned interviewer, dressed in a crisp suit, extends a firm handshake to a hopeful student. The student, neatly attired, reflects both excitement and nervous anticipation. In the background, another student can be seen, subtly hinting at the competitive nature of the job market. With summer job prospects on the line, this moment embodies the potential for growth, determination, and a chance to embark on a promising professional journey.
Uncategorized

The Canada Summer Jobs (CSJ) program, initiated by the Canadian government, aims to foster employment opportunities for youth during the summer months. As part of this program, the government provides a wage subsidy to employers to create work experiences for students and contribute to their professional development. This blog will delve into the details of

20 December, 2023

An attentive man in a woodworking workshop, clad in a grey apron, intently analyzing financial statements to gain clarity.
Accounting
Advice
Corporate Tax
Financing
Money
Small Business
Small Business
Tax

In pursuing creative passions, financial management often takes a backseat for many artists, designers, writers, videographers, and musicians. However, for those running a creative business or freelancing, understanding financial statements is essential for success. In this blog, we aim to demystify financial statements and help non-finance creatives better understand these crucial documents. 1. Defining Financial

29 November, 2023

In a bright and inviting office space, two women are engrossed in learning how to use a new app on a tablet. They appear relaxed and confident, radiating a sense of ease and enthusiasm. With a focus on their bookkeeping tasks, they collaborate effortlessly, discussing strategies and sharing insights. The scene exudes a harmonious and dedicated ambiance, reflecting their commitment to managing their own successful business venture.
Accounting
Advice
Apps
Small Business
Technology

If you are a business owner or an accounting professional in Canada, using QuickBooks Online can significantly simplify your financial management processes. This powerful cloud-based accounting software allows you to streamline various aspects of your business, from bookkeeping to reporting, invoicing, and more. In this blog post, we will guide you through the ins and

16 November, 2023

A man wearing painting overalls stands in front of a freshly painted blue wall. He holds a roller in one hand and a paintbrush in the other, ready to continue his work.
Accounting
Advice
Business
Financing
Money
Small Business
Small Business

In today’s highly competitive business world, expanding your creative business is a crucial step towards growth and success. As with any small business, your financial stability and strategic decision-making play an essential role in determining when to progress to a larger space, hire employees, and draw a bigger salary. In this blog, we will discuss

9 November, 2023

A focused woman sitting at her computer desk, working as a graphic designer. She is concentrating on her creative task, with various design software and tools visible on her screen.
Advice
Business
Marketing
Small Business
Small Business
Technology

Starting a graphic design business can be an exciting and rewarding venture that allows you to unleash your creativity while fulfilling your entrepreneurial ambitions. Canada is a thriving market for graphic design, offering abundant opportunities to showcase your skills and capture a substantial client base. To help you embark on this journey successfully, here are

26 October, 2023

Illustration of a small business owner reading tax documents. The blog post discusses lesser-known tax deductions that small business owners in Canada can claim such as guard dogs, vehicles, personal hygiene, and trips. By correctly claiming these deductions, small business owners can lower their taxable income and increase their profits. The post outlines the criteria for claiming deductions, allowable expenses, required documentation, and tips for claiming deductions related to vehicles, personal hygiene, and business trips. It highlights the significance of seeking advice from an accounting professional and keeping proper records for accurate and compliant deduction claims.
Accounting
Advice
Corporate Tax
Personal Tax
Small Business
Tax

As a small business owner in Canada, understanding the various tax deductions available can help you minimize your tax burden while maximizing your business’s growth potential. This blog post aims to shed light on some lesser-known deductions for expenses related to guard dogs, vehicles, personal hygiene, and trips. By claiming these deductions correctly, you can

6 October, 2023

An alarming computer data breach illustration depicting broken locks, binary code, and scattered documents, representing a compromised and breached system, putting personal information and data at risk.
Advice
General
Personal Tax
Small Business
Technology

In recent years, privacy breaches have become all too common, with governments and private organizations experiencing cyberattacks and data breaches that compromise the personal information of millions of individuals. In this blog post, we delve into the specific case of the Government of Canada’s privacy breach and the resulting class action lawsuit. We will discuss

19 September, 2023

A professional videographer capturing footage with a camera, symbolizing the start of a videography business in Canada
Advice
General
Popular
Recommendation
Small Business
Small Business
Technology

Starting a videography business in Canada is an exciting venture that allows you to unleash your creativity while serving clients’ visual storytelling needs. However, laying a solid foundation through a well-developed business plan is crucial before embarking on this entrepreneurial journey. A business plan acts as a roadmap, guiding you through establishing and growing your

6 September, 2023

Illustration of a collaboration between the Canada Revenue Agency and the Workplace Safety and Insurance Board. The text reads 'Simplifying WSIB Premium Payments for Ontario Businesses.' The image shows two interconnected puzzle pieces, symbolizing teamwork and simplification. The puzzle pieces are colored in shades of blue and green, representing trust and efficiency. The background features a modern office setting, hinting at the convenience of online payment through the CRA's portal.
Uncategorized

The Canada Revenue Agency and the Workplace Safety and Insurance Board have teamed up to make paying WSIB premiums easier for businesses in Ontario. Both organizations are making things simpler and saving time by letting businesses pay their premiums through the CRA’s ‘My Business’ online portal. This teamwork shows how working together can improve and

20 August, 2023

How to Register for the CRA's My Account Portal: A Step-by-Step Guide
Advice
Financing
General
Personal Tax
Technology

The Canada Revenue Agency’s (CRA) My Account is a secure portal that lets you view your personal income tax and benefit information and manage your tax affairs online. Here’s how to register for the My Account portal on the CRA website. Before you begin, make sure you have your Social Insurance Number (SIN) on hand,

9 August, 2023

Managing corporation finances
Advice
Business
Money
Saving
Small Business
Small Business

Managing your corporation’s finances can be a daunting task, especially when it comes to deciding how many bank accounts to have. While having at least one account is necessary, there are many factors to consider when deciding whether to open multiple accounts.  Ultimately, every corporation’s financial needs are different, and it’s essential to determine what

26 July, 2023

Shareholders Agreements: Partnership Success Basics
Advice
Business
General
Small Business
Small Business

Starting a new business can be an exciting time filled with possibilities and potential, especially if you’ll be partnering with others! It’s important to understand the potential challenges that may arise in partnerships and how to go about resolving them. One of the key ways to prepare for these challenges is by creating a shareholders

13 July, 2023

Navigating Self-Employed Tax Deadlines in Canada: Strategies for Organization and Avoiding Penalties
Accounting
Advice
Corporate Tax
Small Business
Tax
Uncategorized

Every year, the CRA mandates millions of people across the country to pay income tax. It’s not uncommon for people to either intentionally evade payment or accidentally miss payment deadlines, which results in late payments. This can happen to anyone who holds a conventional job, but it can be even more perplexing for those who

21 June, 2023

CRA audit preparation
Advice
Business
Tax

  Canada’s current income tax system is based on the concept of self-reporting. This system is great in a perfect world however, the reality is that most people don’t have their tax returns at the top of their to-do lists. Some may even feel deterred from completing their taxes because of the possibility of seeing

1 June, 2023

Advice
Recommendation
Small Business

Introduction A videography business in Canada is exciting and allows you to unleash creativity while serving clients’ visual storytelling needs. Before embarking on this entrepreneurial journey, carefully crafting a well-developed business plan is essential. It’s s a roadmap guiding you through growing your videography business. In this article, we’ll delve into the importance of a

19 May, 2023

Men conversing in sign language
Accounting
Advice
Business

It’s very common for people who live with a disability to do so without seeking any financial support. We have found that people are simply not aware of the various credits, programs or support they may be eligible for. The Disability Tax Credit is one of many credits that work to reduce the income tax

26 April, 2023

Man with video camera
Accounting
Advice
Business

As a self-employed videographer, you’re probably always working hard to grow your business to new levels and achieve new creative goals that you’ve set for yourself. However, when it comes to figuring out the numbers during tax season, that creativity can be put on the back burner due to uncertainty, financial stress, and disorganization. We’ve

12 April, 2023

Young girl at dentist
Accounting
Advice
Business

Rising inflation is causing young families (particularly Millennials and Gen-Z parents with young children) to rethink how they are spending their money, and it’s causing them to make some hard choices about financial cuts to parts of their budgets. The health of your family should never be one of those cuts! Oftentimes, small business owners

20 March, 2023

Person in blue shirt looking at computer screen
Accounting
Advice
Business

Bookkeeping has many benefits and is an essential part of the overall organization and financial workings of your business. By keeping your books up to date, you’re building a solid foundation to hold up your business. Although it’s a tedious task, it’s an essential one! This blog shows how keeping up with your bookkeeping improves

9 March, 2023

Lady and man working together
Accounting
Advice
Business

Have you recently incorporated your business? Knowing where to go from there can be confusing, especially if you haven’t done it before. It’s important that you’re aware of the next steps in this process so that your experience is as easy and successful as possible. This blog has broken down the most crucial elements to

23 February, 2023

Person with tattoo in a video meeting
Accounting
Advice
Business

So you’ve turned your side hustle into a full-time business.  The road to making your craft a profitable business has been bumpy, but you’re finally doing it full-time. Are you simply self-employed though or on your way to building a business? Learn the difference, and you’ll be that much closer to flourishing with financial independence

8 February, 2023

Lady laughing with man
Accounting
Advice
Business

Running a business can be stressful. Sometimes, it’s hard to see the end of the pressure in sight. But, it’s important to know the steps that you can take as a creative business owner to reduce stress and enjoy your work life a little bit more. You shouldn’t feel stranded in your struggles. Hopefully, this

25 January, 2023

person on couch with laptop and two dogs
Accounting
Advice
Business

With veterinary bills and pet expenses including food costs, never mind the cost of buying one in the first place, dogs are expensive. Every little bit of a tax break helps. Unfortunately, dogs are ordinarily seen as a personal expense, and can’t be claimed as a work expense, However, there are always those rare exceptions.

13 January, 2023

Person putting money into piggybank
Accounting
Advice
Business

RRSP vs TFSA – both are registered accounts that are great for saving money, but they come with distinct features and benefits. Deciding on which one depends on your specific objectives and priorities.    Registered Retirement Savings Plan The RRSP was created to help you save for retirement. Investments within grow and earn income on

14 December, 2022

Man thinking and looking at data on graphs
Accounting
Advice
Business

Economists are forecasting a recession in 2023 due to inflation, labour shortages, and rising interest rates.  If you have started your business in the last 13 years or so, you haven’t yet weathered a downturn or recession like the one being warned about now. Although this recession is expected to be moderate and short-lived by

8 December, 2022

Man Peering out window
Accounting
Advice
Business

Are you considering closing your business and just walking away? Deciding on whether to close a business can be hard to do. You put countless hours of time and effort into starting and running your company, so it’s understandable to have complicated feelings when it doesn’t go to plan. Do you make big changes, stay

25 November, 2022

Can I Write-off Clothes?
Accounting
Advice
Business

While many business write-offs are pretty self-explanatory, such as office rent and supplies, others are more confusing. We regularly have clients trying or asking to have clothing, and other related products, written off for business tax purposes. Common expenses we see that people think they are able to write off include hair styling and makeup, skincare

22 July, 2022

How long does it take for the Canada Revenue Agency (CRA) to respond?
Advice
Personal Tax
Tax

With the Check CRA Processing Times tool, you can quickly find out when you can expect them to complete your request or get back to you for tax returns and other tax-related requests. The information provided is the same as you would receive by calling. But, if calling is more your speed, you can check

22 July, 2022

What is the best way to invest extra money?
Advice
Investing
Money

The Bank of Canada has announced oversized hike after oversized hike of its key interest rate as inflation continues its rampage. Unfortunately, inflation is here and the impact inflation has on the “time value” of money is that it decreases the value of a dollar over time, where the money available to you today is

24 June, 2022

Ontario's Staycation Tax Credit
Advice
Personal Tax
Recommendation

Planning an Ontario summer getaway in 2022? The Ontario Staycation Tax Credit is a personal income tax credit for Ontarioians to claim 20 percent of their accommodation expenses for vacations taken this year. The maximum is $1,000 for an individual and $2,000 for a family, which means savings of up to $200 or $400, respectively.

27 May, 2022

What to consider when turning your side hussle into a full-time business
Advice
Business
General

Do you want to turn your creative side hustle into a full-time business? If you’ve ever muttered the words, “I wish I could make a good living doing [insert artistic passion here]” you’re certainly not alone. As a creative person, you might even recite it every day, if you’re stuck in a boring desk job.

16 May, 2022

Should My Business Buy An Electric Vehicle?
Advice
Business
Tax

Thanks to Bill C-30, Canadian businesses can write off 100 percent of the purchase price (up to a maximum of $55,000) for electric vehicles, hybrid-electric, and hydrogen fuel-cell cars and either brand new or even used models. This tax write-off is available for vehicles that will be used before 2024. After 2024, that will be

2 May, 2022

How Can I Split My Income with my Spouse/Kids?
Advice
Money
Personal Tax

Wondering about income splitting strategies? The Canada Revenue Agency (CRA) prescribed rate is at a low one percent, which has opened up the opportunity for some individuals to implement an income-splitting strategy with a spouse, common-law partner, (grand)children, or other family members.  Income splitting is the transferring of income from a high-income family member (who

14 April, 2022

Advice
Personal Tax
Small Business

Annoying as it is for many individuals across the Great White North, every year the Canada Revenue Agency regularly reviews returns after sending out a notice of assessment. During the past couple of years, they’ve been concentrating their efforts on reviews of home office expense claims. In such a notice, the CRA confirms that they

31 March, 2022

How To Keep Track of Crypto Gains for Tax in Canada
Investing
Personal Tax
Technology

If you’re buying/selling cryptocurrency, a crypto tracker is a must-have tool.  You’ve probably noticed that the crypto market is becoming just as complex as the stock market. And the Canadian Revenue Agency has been paying attention, too. So it’s crucial to stay up-to-date with your crypto sales and trades with a great crypto portfolio tracker.

18 March, 2022

Should you pay yourself a salary or dividends?
Business
Corporate Tax
Personal Tax

As our clients are the owner-manager of an incorporated creative small business, we get asked this question at just about every year-end. The answer depends on your personal circumstances and what you want to do with the money from your corporation. To decide whether to pay yourself a salary or dividends, let’s first go over

5 March, 2022

Why Should I Review My Balance Sheet Statement?
Accounting
Advice
General

Are you getting a monthly balance sheet statement from your bookkeeper?  Ask yourself whether your books are really in order or are you just trying to file your tax return once per year?  If you are a business owner, you should set aside a bit of time every month to review your balance sheet as

17 February, 2022

Why Should I Review My Profit and Loss Statement?
Accounting
Advice
General

Are you getting a profit and loss statement regularly? Because you should be getting one every month, at least.  Be honest with yourself. Are your books in order or are you just trying to file your tax return once per year?  If you are a business owner, you should be setting aside a bit of

11 February, 2022

What Can I Do To Sell My Business in Canada?
Advice
Business
Small Business

What can you do now if you plan to sell later? Selling a business requires a lot of planning, or at least it should if you do it properly. Although we’ve seen some people just give away their life’s work or sell it for peanuts, we strongly suggest you don’t do that. Take the key

3 February, 2022

How Can I File My Own Taxes?
Advice
Personal Tax
Saving

Wondering if it’s a good idea to file income taxes on your own? If you have a simple tax situation—just a T4 and an RRSP slip—you can easily do it yourself.  When you DIY, you can do your taxes in the comfort of your own home and have control over everything to ensure it’s accurate

20 January, 2022

How Do I Raise Prices?
Advice
General
Recommendation

Wondering How to Raise Prices Without Losing Customers? The Consumer Price Index (CPI) rose 4.7% (on a year-over-year basis) in October 2021. This was the largest gain since February 2003. Inflation is generally driven by higher prices for day-to-day basics, such as rent/home prices, food, and transportation costs. Prices are rising and affecting us all

10 December, 2021

tax return on typewriter
Advice
Personal Tax
Recommendation

Do you need help with your income tax return? You can get help from an accounting firm, an independent tax professional, an economical franchised tax preparation service, a free tax clinic, or DIY with cheap or free online tools. It all depends on your mindset,  your financial status, how complicated your situation is, and whether

26 November, 2021

cyrptocurrency, taxable, canada
Investing
Tax
Technology

Are you wondering if Canadian taxpayers have to pay tax on crypto holdings? The wild west days of cryptocurrency are in the past. In its earlier days, crypto had a reputation as an online underground currency with black-market-style transactions. Not anymore!  SO is just simply holding cryptocurrency taxable in Canada?  No, however, there are certain

9 November, 2021

tax installments telephone
Uncategorized

According to the Canada Revenue Agency (CRA), approximately 1.8 million individuals are required to pay income tax by instalments annually. But, still, too many self-employed people make the assumption that they don’t really have to pay. They ignore their accountant’s formal letter. They ignore the CRA’s reminders. Until they learn the hard way and have

29 October, 2021

How can creative entrepreneurs manage their time better?
Advice
Business
General

Want to know how to manage your time and get more done effectively? Creative entrepreneurs are known for abandoning the ‘traditional’ workday, for more interesting and innovative ways to earn a living.  Most start businesses to pursue their goals are dedicated to their ideas, and obsessed with bringing them to fruition. But one part of

22 October, 2021

How Do I Switch From a Sole Proprietorship to a Corporation?
Advice
Corporate Tax
Personal Tax

Are you the sole proprietor of a Canadian business now earning enough profit to use incorporation as a tax advantage? Right now, as a sole proprietor, you are entirely responsible for your business, which includes any incurred debt and lawsuits that may come your way via creditors or clients. If your profits put your income

8 October, 2021

What do I Need to Have For a CRA Audit?
Accounting
Advice
Small Business

If the CRA were to review your expense claims, would you be ready? Every year, the Canada Revenue Agency regularly reviews returns after sending out a notice of assessment. This year, in particular, many people are undergoing reviews of their home office expense claims. Would you be ready to justify your deductions, if you were

29 September, 2021

How Chris Noon Creative, Inc. saved himself 10 hours per week
Business
Popular
Small Business

Chris Noon Creative Inc. is a dynamic creative studio that provides outstanding branding and marketing solutions to clients in the GTA. They partner and integrate with amazing agencies and local companies to support their in-house strategies, along with developing solutions that engage their clients’ teams and audiences through driving action and tangible outcomes. As a

23 August, 2021

How to Tell if your Bookkeeper Knows What They are Doing
Business

Do you know if your bookkeeper is competent or letting your business spiral out of control? It’s important that you have complete confidence that your bookkeeper is doing their job well and always has your company’s bottom line in mind. The right trusted partner can provide proactive, strategic advice that leads to a good increase

13 August, 2021

Cloud Computing for Small Businesses
Apps
Technology

In the modern world, no business can really thrive without cloud-based software solutions. It doesn’t matter whether your company is on the smaller end, using cloud computing software is now inescapable if your business plans to grow, rather than just survive. Thanks to the quick evolution and democratization of technology, a business no longer needs

30 July, 2021

man holding credit card in front of laptop.
Money

Confused about charging your clients for reimbursable expenses? As a small business owner or a sub-contractor, you may sometimes have out-of-pocket expenses while carrying out a job for the client. If the expense has been approved to be reclaimed by the client, it’s called a reimbursable expense, and should be added to your invoice along with

16 July, 2021

man holds up piece of paper that reads,
Business
Technology

Want to leverage AI to better serve your business and your clients? Artificial Intelligence can save you time and money by automating repetitive tasks, so you can focus more on creative ideas and strategy to better differentiate your business from the competition. You probably already use AI more than you realize. It’s already in much

2 July, 2021

We Value Family, Join Our Team
General

Over a year into the pandemic, most Canadians want to keep working from home. The COVID-19 pandemic has led to a significant increase in remote work since mid-March 2020. In the Before Times, only four percent of the Canadian workforce were given the opportunity to work from home. According to the latest survey by Statistics

18 June, 2021

Time to Fire a Client?
Business

Not every client is good for your business, and that’s okay. When you’re just getting started in business, you’re probably willing to work with almost any potential client who comes your way. However, not every client is worth keeping and nurturing a relationship with. The best way to grow your business is to let go

4 June, 2021

man typing on laptop
Business

Are you ready to incorporate your small business? There’s so much to cover about how to incorporate a business in Canada, that we broke it up into two parts. In Part 1, we covered doing a name search to zero in on an available corporate name, deciding whether to register federally or provincially, the safety

21 May, 2021

person writing ideas on paper with highlighters
Business

Are you ready to incorporate your small business? By incorporating your business, it will become a new legal entity, called a corporation.  Learn about the Pros and Cons of Incorporation if you’re not sure whether you want to take the leap. Do you value limited liability protection, potential tax deferrals and savings, as well as

11 May, 2021

cyber criminal with mask
Technology

The personal information of 900,000+ taxpayers was compromised in the middle of a complicated tax season, when millions of Canadians have been preparing to file taxes after receiving COVID-19 benefits. In March 2021, the Canada Revenue Agency (CRA) locked more than 800,000 taxpayers out of its online platform after an investigation revealed that some usernames

23 April, 2021

Realtor holding keys on keychain
Business

Should you set up a Personal Real Estate Corporation? If you are a real estate agent in Ontario, you may be aware that The Government of Ontario introduced new and amended regulations to the Real Estate and Business Brokers Act, 2002 (REBBA) on October 1, 2020. These new regulations have provided opportunities for Ontario real

9 April, 2021

Tax Credits and Savings Plans for College Age Kids
Money

Between the high cost of post-secondary education and an ever-evolving job market, some parents wonder whether a college education is worth it.  The “Cons” can seem to pile up. Will paying for post secondary education create a sense of entitlement and financial dependency? Does it force career decisions too early? Will it shortchange your retirement

26 March, 2021

woman on phone with computer in front of her
Accounting
Business

Do you need accounting support that you’re not getting? While many new business owners try to do the accounting work themselves, they may want to outsource some of the accounting duties so that they can work on their business rather than in their business. If you find yourself in this position, it’s important to know

12 March, 2021

Do I need a holding company for my creative business?
Business
Uncategorized

You’ve been going balls to the wall with your creative business and you’re doing really well. Now you’re accumulating excess cash and looking to invest, you want advice on how to manage this growth.  Incorporating a holding company may be the right decision for you at this point. With the correct advice, a holding company

26 February, 2021

smartphone showing Spotify ecommerce platform
Tax

If you’re planning to sell products online and ship to Canadian customers, you need to know your sales tax obligations. The growing interest and use of Marketplace technologies by businesses has only intensified with the COVID-19 pandemic, which has kept most people at home. Even though small businesses have shut their doors during the lockdowns,

12 February, 2021

person wearing brown watch over top of computer
Technology

It’s all about working smarter, not harder. While running your own business can be rewarding, it can also eat up too many of your waking hours and mess with your work/life balance. It takes time to find potential clients, convince them to hire you, and deliver quality work on time, never mind the administrative work

29 January, 2021

Sorry We're Closed sign hanging on glass door
Business

Has your Ontario small business had to significantly curb services or even close under the new Provincewide Shutdown? If so, you should apply for the new Ontario Small Business Support Grant, courtesy of the Government of Ontario. Your business will have to show how it has experienced a revenue decline of at least 20 per

15 January, 2021

Top 5 Reasons People Switch Accountants
Advice

How do you know whether your accountant is the wrong fit for your business?  Accountants are not interchangeable, and there are several reasons to have a business accountant other than for taxes. They have the potential to be one of the most important investments you will make in your business or one of the worst.

29 December, 2020

CRA's Simplified Home Office Expense Deduction
Tax

Are you curious as to what you can claim for your work-from-home office during the COVID-19 pandemic?      According to Statistics Canada, almost five million workers had shifted to working at home by late March 2020, due to the coronavirus pandemic. Although some people did go back to the office by the summer, millions of

11 December, 2020

finger pointing at laptop screen
Business
Small Business
Uncategorized

Want your small business to run like a well-oiled machine?  Creating and introducing business systems that really work is the key to a transformed business, one that is streamlined, productive, and profitable. By concentrating on the fundamentals of ‘how you do it’, you will set up a chain of activities that ensures that your business

27 November, 2020

person typing on laptop screen
Business
Technology

As a small business owner, it’s up to you to make your business work for you, rather than the other way around.  One of the biggest problems you may find is getting clients to pay you for your work. At first it may seem so simple: you do a service, your client pays you, and

20 November, 2020

facebook buttons
Advice
Marketing
Technology

As a business owner, you need to actively establish a strong online presence, otherwise you will lose potential sales and more. In today’s world, digital marketing is absolutely essential as it’s one of the best ways to grow your business, no matter your company size or industry. Almost anyone and everyone interested in your business

30 October, 2020

little plant growing in glass with money
Business
Money

Need to figure out how much it will cost to get your new business started?  In the beginning, most new business owners are motivated and industrious. They brainstorm ideas, decide on a business structure, write up a business plan, and register a business name. Some of them lose energy, though, and eventually give up on their

16 October, 2020

man types on laptop computer
Business

So, you want to register a business in Ontario? First things first, make sure you’ve asked yourself the right starter questions and done some basic business planning. Also, before you register, make sure you have the following: A Visa/Visa Debit, Mastercard/Debit Mastercard to pay $60 for online registration as those are the only ways to

2 October, 2020

whiteboard business plan and laptop with graph on screen
Business

Are you starting a new business in Canada and wondering which questions you should be asking? A basic business plan will encourage you to ask yourself the tough questions, ones that deserve to be answered. Even if you don’t need funding, business planning is an excellent process to ensure you’re putting yourself in a strong

18 September, 2020

5 W's
Business

So you’re thinking about starting a business in Canada? Many Canadians have been taking the time to examine their lives since the pandemic swept in and kept us cooped up in our homes.  Maybe you’ve been permanently laid off or realized that working for others is no longer a life suited for you after feeling

4 September, 2020

red tax button on calculator
Corporate Tax
Tax

If you’re self-employed or own a small business in Canada, you’ve probably heard that you’re supposed to register for the GST/HST when you hit 30K in sales.  But what if you don’t? First, the most basic of primers: Back in 1991, a value added tax was added to the Excise Tax Act, called the Goods

21 August, 2020

worried woman looking over shoulder at computer
Personal Tax
Tax

Have you not filed your personal tax returns in over ten years? If you’ve put off filing your taxes for far too long, take inspiration and wisdom from that old Chinese proverb that states the second best time to plant a tree is now. Whatever the reason for not filing, take that weight off your

7 August, 2020

woman in white shirt using smartpone
Business

When you’re planning your new company, the biggest decision you have to make is the type of legal structure it should have. As an entrepreneur in Canada, you can run a business as a sole proprietorship, a corporation, or a partnership. If you have a group interested, you could set up a co-operative. There are

24 July, 2020

man at laptop computer with coffee
Business

Are you starting a small business and pondering whether to register as a sole proprietorship? As an entrepreneur in Canada, you can run a business as a sole proprietorship, a corporation, or a partnership. There are advantages and disadvantages to all three types of business structures. Deciding which structure is right for your business depends

10 July, 2020

Ladies starting a corporation and using laptop computer
Business

Many new business owners contemplate whether to incorporate their businesses. As an entrepreneur in Canada, you can run a business as a sole proprietorship, a corporation, or a partnership.

26 June, 2020

two people shaking hands
Business

If you’re starting a business and have one or more partners, it might seem obvious to form a business partnership.  Even though forming a partnership might make sense, it’s not your only option. As an entrepreneur in Canada, you can run a business as a sole proprietorship, a corporation, or a partnership. The decision of

12 June, 2020

stickman climbing stairs to success
Business

Are you an entrepreneur with a creative service-based business looking for cash flow management ideas? Keeping your eye on the bottom line is an important factor in building a healthy, growing service business. It’s even more important when you’re in the midst of an economic downturn due to a pandemic. Plan for where your business

29 May, 2020

Canadian hundred dollar bills
Financing

Having trouble managing cash flow during COVID-19?  This pandemic is pressuring small business owners to gauge their cash flow and make difficult decisions. Border closures and lockdowns are causing supply chain and distribution delays and changing purchasing behaviours. This may affect how quickly your business collects payments from customers and suppliers. With so much uncertainty

15 May, 2020

Canada Coronavirus: CERB vs CEWS
Financing

As the spread of COVID-19 continues to affect our daily lives, we’re continuing to monitor the Canadian government’s rollout of financial help for Canadian businesses and individuals. CEWS vs. CERB, how do those benefit programs work, and who qualifies for what? We’ve also got the latest on taxes and deductions, provincial interest and penalty relief,

6 May, 2020

Canada Coronavirus Benefits, Updated
Financing

The Canadian government has brought in several new—updated—measures to help business owners, workers and their families get through the coronavirus crisis.  Canada’s coronavirus benefits form a three-point economic plan, which supports business owners through new loans, subsidising paycheques, and protecting jobs. As the situation is evolving, the government is responding with positive changes, including easing

15 April, 2020

image of COVID-19 virus
Financing

What support is there for Canadian entrepreneurs financially impacted by the coronavirus COVID-19? The Government of Canada has an action plan to help Canadians facing financial hardship as a result of the COVID-19 pandemic. The COVID-19 Economic Response Plan will provide direct support and tax deferrals to Canadian workers and businesses. According to the Minister

30 March, 2020

CRA national headquarters signage
Money

There’s a new tool on the Canada Revenue Agency’s website that is leading people to unclaimed government cheques.  Some Canadians have found thousands of dollars they had no idea were owed to them. How? Many people, including a whole lot of creative people, still use their parents address for snail mail while living somewhere else.

13 March, 2020

two person standing on gray tile paving that reads
Accounting
Business

Are you a creative professional searching for an accounting professional that’s just the right fit, a niche market accounting pro? Too large, too general, too impersonal? Many firms provide general accounting services to a wide range of businesses, but every business is different. Don’t settle down with the wrong accounting firm. If you realize you

6 March, 2020

man holds a video camera
Business
Money

Wondering whether leasing or buying equipment is better for your business? The decision to lease or buy technology and other equipment is best made on a case-by-case basis, as every business is unique. Many factors play into your decision and it can be stressful deciding which is best for your particular business. Let’s take a

21 February, 2020

woman holds iPhone by laptop computer
Business

Are you having problems with your small business accountant? Before you cut the cord on the relationship, ask yourself why you’re considering breaking up a relationship with a business advisor. Accountants aim to develop long term relationships with clients. Ideally, they would work with you to understand your business from a financial and tax perspective

7 February, 2020

Man holding iPhone X at desk
Technology

Are you a small business owner striving to optimize your business’s financial processes?  Fortunately for you, today’s technology aims to deliver. There are cutting edge applications we can use to build a tech stack to make use of integrations and automation, and anytime cloud-based access to your financials. By working more efficiently, not harder, we

20 January, 2020

man pointing at mobile smartphone
Technology

Managing cash flow is one of the most common challenges for small business owners.  Figuring out where you have a problem and what best to do about it can be a long and dull process. Especially when inflexible reports don’t allow for analysis that would really allow business owners to the underlying cause of the

10 January, 2020

Business women looking at their Excel Spreadsheet on their computer
Business

Do you want to save money by using Excel for basic business accounting? Excel is easily available, widely used and can do any number of tasks. A lot of small businesses start off using Excel for accounting, but it can only take you so far. Excel can help you keep track of business, but not

18 December, 2019

Financing Cash Flow
Financing

Are short term cash flow issues interrupting your growth? One of the biggest concerns entrepreneurs have is with gaps in cash flow, which makes it difficult to consistently meet payroll, pay suppliers, and cover routine expenses. What kinds of business funding is available to Canadian small business owners? Financing cash flow is a possibility through

17 December, 2019

woman holding pencil to paper
Personal Tax
Tax

Be proactive, review your personal tax situation near the end of the year to learn how to make your 2019 personal tax planning easier. Just because your 2019 personal tax return isn’t due until April 30, 2020 (or June 15, 2020 if you’re self-employed), that doesn’t mean there’s no good reasons to think about it

28 November, 2019

smiling woman
Business

In the previous article (Part 1), we covered half of what you need to know about the real cost of hiring an employee in the province of Ontario, including salary, Canada Pension Plan, Employment Insurance, Workplace Safety and Insurance, Vacation Pay, Statutory Holidays and Technology.  There’s more to learn here in Part 2, including Maternity

25 November, 2019

employee working on a laptop
Business

What’s the cost of hiring an employee in Ontario? Probably more than you think. Bringing on your first employee is a clear sign of business growth. Unfortunately, it’s easy for small businesses to underestimate the cost of hiring an employee. Once you factor in the not-so-obvious expenses, the cost adds up. By looking into the

21 November, 2019

Minute Books
Business

A Minute Book really is necessary for your business. Even if the company’s only employee is you, it’s still required by law. In Canada, every corporation must keep an official record of documents and activities, which is referred to as a “Minute Book”. To save yourself money and aggravation, set up your minute book as

11 November, 2019

Subcontractor vs Employee: What’s the Difference?
Business

Are you looking for help to expand your small business, but are unsure whether to use a subcontractor vs employee? This decision can have a huge impact on your Canadian business income and taxes, particularly if you think you’re using an independent contractor but the Canada Revenue Agency (CRA) decides that they’re not, actually. It’s

21 October, 2019

Top 7 Bookkeeper Interview Questions
Advice

As a small business owner, managing bookkeeping is one of the most important aspects of your operations. Fortunately there are several quality business accounting software options available online, including Toronto’s Wave. Many small business owners choose to do their own bookkeeping, especially in the early stages of their businesses. Staying organized and keeping track of

2 October, 2019

Comparing Xero vs QuickBooks Online in 2019
Technology

If you’re running a small business in Canada and looking for cloud-based accounting software with a full range of features, you will probably end up looking at Xero vs QuickBooks Online.  Which one is best option for your business, Xero vs QuickBooks Online? Both cloud accounting options offer very similar features, but they are not

2 October, 2019

business owner learning Wave accounting
Technology

Wave accounting software is a web-based integrated solution designed for freelancers, consultants and newcomers to small business.  If you’re looking for a business accounting software for your small business, but aren’t ready to shell out money every month for a solution, Wave’s free accounting solution could be right for you. With Wave, there are no

2 October, 2019

Why Creative Businesses Should Hire a Bookkeeper
Advice

If you’re a small business owner, professional bookkeeping services may seem like an indulgence, a perk that can be added once cash is flowing or the business has reached a certain size. In fact, a bookkeeper is the first pro your business should partner with. Why did you start your creative business? Not to keep

2 October, 2019

schedule pay period
Accounting
Advice
Business
Small Business

At some point, most small business owners will have the opportunity to hire their first employee. While this is an exciting moment, there are a few things to figure out before you actually expand your team. Sure, you’ll need to draw up an employment contract and you’ll probably need to learn how to make coffee

12 July, 2019

business person looking at files because of audit
Tax

When year-end comes around, make sure that your taxes have been filed accurately by avoiding common mistakes that will trigger an audit. During a tax audit, the CRA examines your records and books to determine whether or not you’ve paid all the taxes you owe. After an audit, the Canada Revenue Agency gives recommendations about

14 June, 2019

Man at Computer Paying CRA Business Tax Online
Corporate Tax
Tax

The times they are a-changin’. Those words transcend the preoccupations of the time in which Bob Dylan wrote them.  What used to be mere science fiction is our current day reality, particularly in the case of ever-evolving technologies. The Canada Revenue Agency is taking advantage of technological advances, including CRA business tax payments. With the

27 May, 2019

Bitcoin as gold coins
Personal Tax
Tax

Beware! With Bitcoin, everything can be tracked. You are not anonymous. According to Forbes, The Canada Revenue Agency (CRA) is reportedly auditing investors in cryptocurrencies like Bitcoin.  What is the CRA Bitcoin Pilot Project? The Canada Revenue Agency has targeted users of bitcoin, and other crypto assets, with audits. Those targeted have also been sent exhaustive questionnaires

15 May, 2019

Do I Have Charge GST/HST?
Accounting
Business
Corporate Tax
Small Business
Tax

Are you self-employed or thinking about starting up your own business venture? Are you worried about the tax implications of your business? The rules of GST/HST can be complicated to understand, so let us break it down for you. First of all, keep in mind that the current tax rates varies per province, which is

3 January, 2019

Take a Walk on the UpSide with Kellie Parks
Advice
Take a Walk on the UpSide

At UpSide, we believe that small businesses drastically improve communities. That’s why we want to highlight local business leaders in our community. We’re more than accountants; we are business confidants. Come take a walk on the upside with UpSide Accounting’s founder, Mike Widdis, and have a laugh with us (or at us!) as we talk

8 December, 2018

Writing a Business Plan for Creative Professionals
Advice
Business
General
Small Business

If you are planning on becoming an entrepreneur, we have developed a general guideline for writing a business plan for creative professionals. It can be stressful building a business from the ground up. Luckily, we have your first step to success covered! The first step to successfully launching your business involves creating a business plan.

3 December, 2018

Take a Walk on the UpSide with Nicola Toon
Advice
Take a Walk on the UpSide

At UpSide, we believe that small businesses drastically improve communities. That’s why we want to highlight local business leaders in our community. We’re more than accountants; we are business confidants. Come take a walk on the upside with UpSide Accounting’s founder, Mike Widdis, and have a laugh with us (or at us!) as we talk

10 November, 2018

Late filing my hst what can i do?
Corporate Tax
Financing
Investing
Tax

“I’m late filing my HST and now I have a six month payment agreement with CRA to pay off 2017’s HST. This number is only going to keep doubling… How can I reduce this burden?” If this sounds like your current situation and your business is beginning to operate in the negatives, you stumbled upon

5 November, 2018

Take a walk on the upside with trevor stooke
Advice
Take a Walk on the UpSide

At UpSide, we believe that small businesses drastically improve communities. That’s why we want to highlight local business leaders in our community. We’re more than accountants; we are business confidants. Come take a walk on the upside with UpSide Accounting’s founder, Mike Widdis, and have a laugh with us (or at us!) as we talk

13 October, 2018

Maintain a Positive Cash Flow as a Startup
Advice
Business
Money
Saving
Small Business

It can be difficult to maintain a positive cash flow as a startup. It’s already scary trying to keep track of all the requirements of getting your business going. Your head is swirling with the intensity and issues of getting rolling. Not to mention staying in business. You’ve got great ideas of what you want to

2 October, 2018

Take a Walk on the UpSide with Kevin Sinclair
Advice
Take a Walk on the UpSide

At UpSide, we believe that small businesses drastically improve communities. That’s why we want to highlight local business leaders in our community. We’re more than accountants; we are business confidants. Come take a walk on the upside with UpSide Accounting’s founder, Mike Widdis, and have a laugh with us (or at us!) as we talk

8 September, 2018

What Are Receipt Apps?
Uncategorized

Imagine you are having a business meeting at a cafe with a potential client. The waiter brings you your receipt at the end of the meeting. You briefly take your phone out, open the receipt app, snap a picture, put it back in your pocket and leave the receipt. How easy does that sound? What

4 September, 2018

What Do Bookkeepers Do
Accounting
Business
Small Business
Tax

Have you ever wondered ‘what do bookkeepers do’? Well, lucky for you, you’re in the right place to find out! We know it can be a bit confusing distinguishing between an accountant and a bookkeeper. That’s why we will break it down for you and explain what exactly bookkeeping is, what bookkeepers do, and how

8 August, 2018

Mike Widdis' Story
Accounting
Business
General
Small Business

Mike Widdis’ story began from humble beginnings. His parents divorced when he was 6 and his little brother was 3. When Mike was 8, his mother went back to school full-time to become a teacher. During this time, she needed social assistance along with OSAP to help support their family. As you can imagine this

20 July, 2018

Marijuana Business Deduction Included as M&E
Accounting
Business
General
Small Business
Tax

You have probably been hearing a lot about the upcoming marijuana legalization in Canada. First, Senate recently passed the marijuana legalization bill C-45. Now Prime Minister Justin Trudeau just announced that recreational use of marijuana will be legal in Canada as of October 17, 2018. With that being said, we thought we would start a

3 July, 2018

Work from Home Workspace
Advice
Business
General
Small Business

It has become more common to work from home. Working from home has many benefits – but it also has some downfalls. Although it offers flexibility and convenience, it can also get lonely and be less motivating. After reading our tips, you will master how to work from home like a boss! Create a Motivating

4 June, 2018

Bookkeeping Eliminates Stress
Accounting
Business
General
Small Business
Uncategorized

Bookkeeping eliminates stress in many aspects of your life. At UpSide, we believe entrepreneurs should enjoy work time and family time. Why limit yourself? Experience business growth, be present, and make your life an adventure. 1. More Time Spent with Your Family Do you find that you are missing family events, time with friends, or

15 May, 2018

Benefits of Cloud Accounting
Accounting
Apps
Business
General
Small Business
Technology

There are several benefits of cloud accounting. If you do not know what cloud accounting is, it is accounting using software that is hosted on the cloud, or rather, online. Cloud accounting thus differs from the traditional accounting software hosted locally on a computer’s hard drive. Most importantly, cloud accounting holds many benefits over traditional

26 April, 2018

Tax Deductible Expenses
Accounting
Business
Personal Tax
Small Business
Tax

Being a small business owner allows you to have many tax advantages. With tax season nearing an end, learn about some deductible expenses to keep in mind so you can maximize your tax return for the next tax season. Advertising All advertising expenses can be deducted if your advertising is directed at a Canadian market and the original

30 March, 2018

CRA Fraud Scams
General
Personal Tax
Tax

Unfortunately, it is that time of year again where CRA fraud scams are prevalent in many forms. It may seem hard to detect whether the Canada Revenue Agency (CRA) is actually contacting you or if it is a fraud. However, there are some red flags to look out for that will alert you that it

23 February, 2018

Targeting Millennials
Advice
Business
General
Marketing
Small Business

Why target millennials you might ask? Well, the fact that there are 9.6 million millennials that account for 27% of the total population in Canada is reason enough (Doug Norris, Millennials: The Generation Du Jour). That means that millennials account for more than a quarter of Canada’s total population. Not only that, millennials are highly

19 January, 2018

Business Money Habits
Accounting
Business
Money
Saving
Small Business

It’s an unfortunate reality that so many of us always wonder why our wallet is suddenly much lighter than we remembered not long ago. Developing better business money habits can help you save money and help create the lifestyle that you always dreamed of. So why wait for the New Year or to pay off

28 December, 2017

Bitcoin's Rise
Business
Financing
General
Investing
Small Business
Technology

Bitcoin is the flagship of cryptocurrencies. With Bitcoin reaching its all-time high combined with attractive future value predictions, it’s no surprise people want to invest. But the real questions is: when and how much? Although we can’t provide an exact answer, we can give you the information you need to. Bitcoin’s Rise and All-Time High

24 November, 2017

Healthcare Spending Account and Medical Expenses
Accounting
Business
Financing
Investing
Money
Personal Tax
Saving
Small Business
Tax

As a small business owner, is there a way to save on tax using my family’s medical expenses? The short answer is, absolutely! There are a couple of different ways. Eligible Medical Expense Claims for all Taxpayers First, not only business owners but every taxpayer has the right to claim eligible medical expenses on their

18 October, 2017

Student Entrepreneur
Business
Financing
General
Small Business

We all know the struggles of being a student. Whether it’s relying on loans to get by, or living by the few dollars left in your pocket, money is definitely an issue. Even once you graduate, you might have years before all those loans are paid off. So how is it possible for any student

5 September, 2017

Bitcoin and the Blockchain
Accounting
Business
Financing
Investing
Small Business
Technology

Blockchain is the future of finance, and the future is right around the corner! With technology constantly advancing, it’s critical for your small business to keep up to date. Otherwise, you risk falling behind and getting lost in the past. To stay informed and learn more about Bitcoin and the blockchain, including its benefits, keep on reading! What

10 August, 2017

Find Me the Money!
Accounting
Business
Financing
Investing
Money
Saving
Small Business
Tax

Congratulations, you got your small business off the ground and running! Where are you going? You know the basics now, like strong bookkeeping, the importance of an accountant, and the pros and cons between sole proprietorship and incorporation. As you continue to streamline, your services get a little fancier with your business practices. We’ve got

28 July, 2017

Small Business Accounting
Accounting
Business
Money
Saving
Small Business
Tax

Tоdау lеt’ѕ tаlk a littlе mоrе аbоut bеѕt business рrасtiсеѕ – specifically, twо thingѕ that саn bе a rеаl сhоrе: small business accounting аnd taxes.  Likе it оr nоt, accounting and tаxеѕ аrе a vitаl part оf your small business. Thus, it’ѕ сritiсаl thаt thеу bе hаndlеd соrrесtlу.  Whеn уоur buѕinеѕѕ rеасhеѕ a сеrtаin ѕizе, you

22 June, 2017

Audit books
Accounting
Business
Tax

If you receive notice of an audit from the Canada Revenue Agency (CRA), the first thing you need to do is stay calm. The reason your account was flagged could be something as simple as you significantly increased your charitable donations last year. It could also be merely the fact that you are a new business

5 April, 2017

Tax Time
Money
Personal Tax
Saving
Tax

It never fails to sneak up on you: Tax time! Whether it’s your personal taxes in the spring or your corporate fiscal year end, getting your books together is a hassle. Follow our guide below to stay on track and make your tax filing as smooth as possible. First, your accountant needs your business. The

15 March, 2017

Cloud Accounting While Traveling
Accounting
Apps
Business
Technology

Recently, I traveled to Costa Rica for two weeks on vacation. While it was not an opportune time to travel, the time was needed to recharge and experience the sun, nature, and beaches of the Nicoya and Central Valley.  The plan was to do some work to test the cloud accounting while traveling experience of

6 March, 2017

Filing Taxes
Money
Saving

When you own and operate a business, whether incorporated or a sole proprietor, it’s tempting to save money by filing your own taxes. Which is why we know we’ve got our work cut out for us to make the case for hiring an accountant. Accountants are business finance rock stars. Not because they have pretty

7 February, 2017

Debt Crushing Habits
Accounting
Business
General
Money
Saving

Debt is such a normal state of finances that the idea of it isn’t as scary as it was a generation ago because everyone’s dealing with the same things; lease for office and manufacturing space, vehicle payments, and the business loan that helped get you off the ground. The truth is that debt is scary,

5 January, 2017

What is Bookkeeping Good For?
Accounting
Business
General

Let’s discuss the million-dollar question: “what is bookkeeping good for?”. To those who miss the rich nuances in the art of bookkeeping, this chore is simply keeping track of invoices and bills in order to pay the staff and your taxes. And that’s good enough, which is perplexing to us accounting geeks because in our

1 December, 2016

When to Buy Assets
Accounting
Business
Tax

As your fiscal year-end nears – and for a lot of our clients that momentous date is December 31st – you should be thinking about your bookkeeping and taxes. This can be especially tricky when your fiscal year-end aligns with the calendar year-end. It’s tricky because you also have to balance the holidays, vacation schedules, and

9 November, 2016

What Coworking Spaces Can Do for You
General

We have chatted with numerous people here at UpSide, contemplating the leap to being self-employed.   They are good (I mean VERY good) at their profession. However, staring into the abyss of the unknown has to be one of the top deciding factors. Are Coworking Spaces for You? “Should I stay or should I go

17 October, 2016

Sole Proprietorship vs Incorporation
Accounting
Business
General
Personal Tax
Tax

Are you stuck between a sole proprietorship vs incorporation? When you start your own business in Canada it’s easy to get overwhelmed with paperwork and protocol. Especially when you’re a staff of 2 and you’re mopping your own bathroom floor. One of the decisions you’ll have to make is whether to continue as a sole

3 October, 2016

General
Technology

September 20, 2016–CAMBRIDGE, ONTARIO: UpSide Accounting places runner-up in Intuit Inc.’s Firm of the Future 2016 contest. Firm of the Future winners are selected from an international pool of accounting firms dedicated to dynamically changing the landscape of business bookkeeping from a necessary service to a supporting role in the clients’ success. As a runner-up

22 September, 2016

Read more blogs