In this article, we will provide sales tax clarifications. As a small business owner, it is important to know when you should start charging any tax, and whether you are charging GST or PST. Especially as a business owner in Canada and British Columbia, it’s important to know what tax sales taxes apply to your business, and when to charge each. GST is the “goods and services tax”, that is the federal tax which is currently at 5% and charged

Opportunity Costs Small business owners often make the mistake of trying to do everything themselves. Of course, everything comes with a cost. Think about how much time you are spending working on your own bookkeeping and what other valuable business activities you could be doing instead. By hiring a professional bookkeeper, you can spend that time interacting with clients, making sales, and growing the business. The opportunities that you are missing out on may be costing you more than the

Whether you live in a dual-income house, or are working with family members, it is important in Canada to understand income splitting rules. During COVID, with many small businesses relying more on family members to help out in British Columbia and Canada, it’s even more important to know income splitting rules.  Income splitting is simply when income from one (high-earning) family member is transferred to another (low-earning) family member to reduce tax burdens. In B.C., even though the marginal tax

Bookkeeping for a construction company can sometimes be considered challenging because there are many other moving parts and uncertainties, compared to other industries. Supplies prices, global competition, labour prices, and much (much) more impacts the construction industry in Canada. That is why we have created this guide filled with bookkeeping tips for construction companies. There are a lot of moving parts when it comes to construction. The beginning of a project starts out with estimating, which then moves to completing the

As a business owner in Canada, if you are looking to expand your company you are probably looking at bringing in some help. You will need to make the decision as to whether it makes more sense for your company to hire a contractor or employee to help you run and expand your business.  It is up to you as a business owner and as an employer to determine which works better for you and your company. Here are a