We know that working with an accountant is an investment. We want our small business clients to get the most value possible from us. That means doing the obvious things: getting everyone’s taxes done...

As small business owners, you know that every dollar counts. We want to help you minimize your taxes for the year by staying on top of the tax laws and using tax-saving strategies that will put more...

As you prepare your 2023 taxes and consider the tax year ahead, here are the significant changes to personal taxes. You’ll want to stay up to date as many of these will keep more money in your...

Canada’s trust reporting rules changed in 2023, meaning there’s more paperwork if you have a trust, including bare trusts. In this blog, we’ll cover: 

Good and services tax: consumers know they pay it, and business owners know they charge it, but do you know why? As the GST deadline approaches for many businesses, we wanted to share some GST 101:...

When it comes to doing taxes, does the early bird get the worm? The deadline to file your personal taxes in Canada for 2023 is April 30, 2024. For self-employed individuals, the filing deadline is...

When you’re facing an insurmountable mountain of debt, it’s an awful and crippling feeling. As our economy struggles, many Albertans and small businesses helplessly watch their monthly debt levels...

Is your phone ringing off the hook with fake calls from the “CRA”? Are you receiving Canadian Revenue Agency emails insisting you click on a link? Text messages promising a benefit payment or refund?...

A healthy business starts with True North Accounting. And if you’re a self-employed health professional or run a healthcare company, you have a demanding career with many important decisions and...

As your small business evolves into a mature company, you’ll want to have your accountant by your side to ensure your financial ship sails smoothly. As a mature company, your priority will be...

Xero is making it easier for Canada's small business owners and accounting and bookkeeping advisors to simplify their financial administration tasks. With Xero, Canadian small business clients can...

Skyrocketing growth is every small business owner’s dream, but the reality is that it comes with its unique challenges. To scale your business, you’ll need careful planning, strategic...

Small business owners need to know the value of their businesses for many reasons – making informed decisions, attracting investors or planning an exit strategy. Valuing a business is part art, part...

Being audited is every small business owner’s worst nightmare. To audit-proof your business, staying organized is important to promote compliance and enhance efficiency. This blog post explores best...

Financial planning can sound daunting, but it doesn’t have to be. A financial plan helps small businesses plan for growth by predicting cash flows and financing needs. Knowing your goals is...

You’re constantly juggling a never-ending to-do list when running a small business. And while managing your books is crucial to financial success, most business owners will agree it’s not exactly...

If you're a local Canadian business experiencing growing pains, getting expert advice is essential to help drive your company forward. Explore the invaluable benefits a growth advisor from an...

As a small business owner, managing paperwork is probably one of your least favourite tasks. It can be challenging to stay focused and organized with the many receipts, invoices, bills and other...

Your accountant is key for a successful practice, as they can recognize and take advantage of financial openings to maximize your business’s profits. You can maximize your practice’s cash flow by: 

Modern accountants are more than just number whisperers; they're also strategists, advisors and business pros.All accountants do is listen to entrepreneurs and try to solve their problems or give...

Are you planning to buy your first home? The Tax-Free First Home Savings Account (FHSA) is a great way to help you save for your down payment. Starting April 1, 2023, Canadians can make contributions...

As of January 1, 2022, Canada imposed an Underused Housing Tax (UHT), an annual 1% tax on vacant or underused housing ownership, including recreational properties. It’s billed as a foreign ownership...

Write-offs are frequently a dilemma for some people. What should I write off, what shouldn’t I, and what qualifies as a write-off? Some are more liberal with their write-offs while others tend to be...

Wooing and wowing your clients, prospects and partners is a part of building relationships and your small business. Luckily for all of us, these expenses are 50% deductible and there are tons of...

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, 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...

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.