Find your way with our blog

COMPASS

    We want to give you as much value as possible. Our blogs and newsletters cover everything from T slips and tax deadlines, to tips on staying organized, and recommendations on great resources for small business owners.


    Subscribe to our upcoming newsletter for small business advice, and financial and tax tips for entrepreneurs.

    6 easy steps to bookkeeping for sole proprietors

    Bookkeeping is the task of recording all the day-to-day transactions of your business, like sales invoices, cash receipts and expenses.

    Jan 10, 2022

    How does capital gains tax affect you?

    It’s natural to speculate about rising tax rates with every shift in government. Over the last few years, Canadians may have wondered whether they would see an increase in the capital gains...

    Dec 08, 2021

    A small business owner’s guide to maternity leave in Canada

    “Competitive advantage” may not be the first words that come to mind when you think about your employees requesting parental leave. But as it turns out, flexible benefits that support new families...

    Nov 14, 2021

    Comprehensive guide to patents

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Nov 11, 2021

    Strengthening your balance sheet

    Whether you’re looking for financing or an investment in your company, one thing is certain – your balance sheet matters. Find out why having a strong one is crucial, and how to strengthen your...

    Nov 02, 2021

    Personal finance 101: Calculating your net worth

    When it comes to money, it can be hard not to compare yourself to others — and this is especially true with the big ticket items, like your car and house. But, before you start beating yourself up...

    Oct 17, 2021

    Get government funding with minimal hassle

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Sep 29, 2021

    Preparing for divorce as a business owner

    No one wants to plan for the worst-case scenario, and when you're married you certainly don't want to be worried about anything as terrible as divorce. After all, you're in love and you want your...

    Sep 12, 2021

    4 tips for preventing burnout as a business owner

    Picture this: it’s 6 AM on a weekday, and you’re already on your second cup of coffee. You worked late last night, and you know you’re in for another long haul today. The business you love is...

    Aug 21, 2021

    Planning and saving for retirement as a small business owner

    Thinking about the future and retirement planning can be overwhelming for anyone. This can even be more daunting as a small business owner. Without a pension plan or matching program from an...

    Aug 08, 2021

    5 strategies to survive (and thrive) after losing a client

    This is a guest post written by a virtual assistant from Virtual Gurus, a partner of True North Accounting. Virtual Gurus is a talent marketplace that matches organizations with highly skilled...

    Aug 03, 2021

    Personal finance 101: How to create a budget for your lifestyle

    “A budget is telling your money where to go instead of wondering where it went.” 

    Jul 19, 2021

    Going over a typical employment agreement

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Jul 19, 2021

    Small business accounting terms you should know

    From brainstorming and research to strategizing and finally getting your idea off the ground, starting a small business is a long (and sometimes intimidating) process. And while accounting is an...

    Jul 03, 2021

    The federal home retrofit program and Alberta small business

    Have you heard about the new federal home retrofit program for Canadians? If you’re a home business owner planning to do some renovations in the foreseeable future, read on. Even if you’re just an...

    Jun 21, 2021

    How to apply for a small business loan in Canada

    If you own a small business, you know that it can be challenging to get everything you’ll need to start, or continue, through an unsteady economy. For that reason, learning the ins and outs of...

    Jun 06, 2021

    What's in a typical shareholders agreement?

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Jun 06, 2021

    Small business ideas: Q&A with Covet Sips & Sweets

    Meagan Layton and Whitney Smith are the co-owners of Covet Sips & Sweets — a cookie and specialty drink drive-thru (coming soon!) that has evolved from their original Covet Cookies concept. The...

    May 25, 2021

    8 steps to financial planning for small business owners

    Small business owners are often guilty of pouring everything they have into their ventures — can you relate? From the sweat of your brow to dipping into your personal bank account, you’re willing...

    May 10, 2021

    Independent contractor or employee: Which should you hire?

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    May 02, 2021

    6 common bookkeeping mistakes made by small business owners

    As a small business owner, mistakes happen – that’s life. We’re here to help you understand why they happen and how you can avoid the common ones, at least when it comes to bookkeeping.

    Apr 20, 2021

    Small business bookkeeper vs accountant: what do I need?

    A bookkeeper, an accountant and a CPA walk into a bar — wait, what’s the difference? The terms “CPA,” “accountant” and “bookkeeper” are often used interchangeably and often all three are just...

    Apr 06, 2021

    2020 personal tax changes in Canada

    Wondering what's new with your 2020 personal taxes? From T slips to working from home, we’ll walk you through some changes you should know about this year. We’ll also cover various deductions: how...

    Mar 24, 2021

    CRA scams and how to avoid them

    Ah, tax season. The most wonderful season of all — at least for us accountants, anyway. For the average person, it’s a frustrating time of sifting through expenses, forms, and to make things...

    Mar 02, 2021

    Founderproofing basics: cofounder equity and agreements

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Feb 27, 2021

    Tax tips: Claiming child care expenses in Canada

    While the pandemic has dramatically changed what child care looks like in Canada, it’s still a necessity for many working families. Claiming child care expenses lowers your net income and reduces...

    Feb 07, 2021

    Your home office: how to get organized and claim small business expenses

    If you’re like most of us, you’ve been spending a lot of time in your home office lately. Whether you have a makeshift setup at your dining table or dedicated space with a fancy standing desk,...

    Jan 17, 2021

    Does your company need an advisory board?

    Here’s what I learned from creating one for my business. 

    Jan 08, 2021

    What is intellectual property?

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Jan 06, 2021

    How to dissolve your corporation in Alberta (the right way)

    We’ve written a lot about how to get your business set up — but today, we want to talk about the flip side: shutting down your business the right way. Small business owners can come to the end of...

    Dec 04, 2020

    Small business loans and grants in Alberta

    Starting and growing your business requires capital. There are a number of routes to raise money for your small business, including loans and grants in Alberta and Canada. 

    Dec 02, 2020

    Articles of incorporation 101

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Nov 24, 2020

    Real-time bookkeeping made easy: Xero’s new starter plan

    We’ve always been fans of Xero’s accounting software. On November 9, they’re launching a new starter plan that’s tailor-made for consultants, freelancers and small businesses. At just $15...

    Nov 05, 2020

    COVID-19 info for small business owners

    We have outlined the different programs offered by the government to help you understand what initiatives apply to you. Our goal is to explain everything in plain language, so you can find the...
    Oct 20, 2020

    Getting through a CRA audit

    Nobody likes the idea of an audit — we’re here to demystify the process for you. This post will shed light on why you might get audited, what will happen if you’re audited and, if the CRA decides...

    Oct 20, 2020

    B-Corps & building a purpose-driven business: On Tap with Jay Baydala

    This is an excerpt of our On Tap interview with Jay Baydala on September 24, 2020. Questions and responses have been edited for length and clarity. Thank you to Village Brewery for being this...

    Oct 04, 2020

    Cancellation policy: should you include it in your contract?

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Sep 29, 2020

    How to register for CRA My Business Account and My Account

    Setting up your business and individual Canada Revenue Agency (CRA) accounts is not only important, it makes your tax life a lot easier. If you run a business, you’ll need both business and...

    Sep 13, 2020

    Receipts and record keeping: what to keep and how to organize

    Bookkeeping is the day-to-day task of recording and categorizing your business transactions. When you hire us to do your bookkeeping, we’ll import your bank and credit card transactions right into

    Sep 02, 2020

    The 5 most common contract fails and how to avoid them

    This is a guest post from Goodlawyer, a trusted partner of True North Accounting. Goodlawyer’s North Star is to get more people the legal help they need. Goodlawyer empowers clients and lawyers to...

    Aug 19, 2020