As a small business owner, you’ve decided to shut down your business. You may have experienced a change in lifestyle or retirement, or perhaps your business was not profitable. Whatever the reason,...

We talk a lot about how to set up your business, but what happens if your company stops doing business? What is the “right way” to dissolve your corporation? If your corporation doesn’t own much, the...

You know that one of the most important tax decisions you’ll make as a small business owner is how to pay yourself. But what about paying your spouse or common-law partner? Does it make sense to...

As a small business owner, choosing how and when to pay yourself is one of the most important financial and tax decisions you’ll make. You may have questions about this topic, including:  

• Should you...

As a small business, we use the same tools we recommend to our clients. Because everyone — including us! — wants to save time on everyday tasks so we can focus on innovating and building our...

At True North, we’re all about using the right tools to help your small business work smarter, not harder. That’s why we love using Xero — it’s an accounting software specifically designed for small...

As a small business owner, bookkeeping is an essential part of your business. But recording and categorizing all of your business transactions when you’re focusing on building a successful business...

When you start a business, should you become a sole proprietor or incorporate? We get this question a lot, and it’s important to understand the pros and cons of each. In this blog, we explain the tax...

If you’ve recently separated or divorced, you may be wondering how this affects your tax benefits and credits. For tax purposes, you are considered “separated” after living separately for 90 or more...

Working parents juggle a lot. Finding the best child care for your kids means you can rest easy while you focus on building your business. Many families choose to hire a nanny for one-on-one care or...

Note: For the latest in Alberta government small business supports, consult the Government of Alberta website. 

Capital is vital to starting your small business and helping it thrive. Which route is best to raise money for your small business — loans, grants or something else? In this blog, we share the...

Tax season can be stressful, but it doesn’t have to be. With True North Accounting as your small business accountant, we provide support with everything from investment income and capital gains to...

Now that we’ve looked at some of the grey areas in reporting expenses, let’s focus on how to calculate some of those expenses when using the home as your office. 

We’ve shared information on claiming child care expenses, including what qualifies, how to determine eligibility and which parent should claim come tax season. But what if you have a family member...

As the world continues to change and office life comes back into mainstream culture, enrolling kids in child care is once again a reality for a lot of working Canadian families. This has implications...

Do you know Changpeng Zhao? He’s the CEO of cryptocurrency exchange Binance, and has a net worth of US$96.9 billion. This number makes him the wealthiest Canadian, as well as the richest crypto...

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

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

“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...

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...

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...

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...

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...

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...

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...

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...

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 small...

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 pair...

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.

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...

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 to...

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, there...

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

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 CAD/month,...

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 you...

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 month’s...

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 personal...

Cybersecurity is a big topic, and many small business owners might be surprised to know that your own people are your biggest security threat. Today’s hackers try to lure people into giving secure...