You are preparing your corporate tax return when your accountant asks for the receipt for a $4,800 business purchase. You know the expense was real. You can see the payment on the company credit card. The equipment is sitting in your office. But the receipt is gone. Then you find another missing receipt. And another....

You completed the work. You sent the invoice. The customer promised to pay within 30 days. Thirty days became 60. Then 90. Then six months. Your staff called. You sent emails. Statements went out. The customer stopped responding. Your accounting system still shows a $25,000 receivable, but the money may never arrive. Now the business...

A customer sends your business a $20,000 deposit today for work you will complete three months from now. Your bank balance increases by $20,000. Did your business just earn $20,000 of revenue? Not necessarily. This is one of the most common accounting mistakes made by growing Canadian businesses. Cash arrives, the bookkeeper records it as...

Your business is growing. Sales have increased. More customers are paying invoices. Revenue finally moves past $30,000. That sounds like good news. But for many Canadian business owners, crossing $30,000 creates a tax obligation they do not notice until months later. The problem usually starts with a misunderstanding: “I only need to register for GST/HST...