Before you get your business off the ground, it’s crucial to choose a legal structure that best fits your company’s needs. The legal structure you pick for your business has an impact on the amount of taxes you pay, your ability to raise money, the amount of paperwork you’re required to do, and the personal […]
Working for yourself brings added tax responsibilities. Check out what you need to know about Canada Pension Plan Contributions.
As a self-employed person living and working in Canada, there are a number of tax return documents you will need to complete and submit to the Canada Revenue Agency each tax year. But which self-employed tax forms in Canada apply to your situation? <<Back: What are Self-Employed Taxes? Next: How to File Self-Employed Taxes>> […]
In response to COVID-19 the government of Canada has introduced emergency aid to help employees, employees, and self-employed individuals who have lost their income or revenue due to the evolving coronavirus situation. For more information about the government of Canada’s response, as well as measures enacted by provinces, to COVID-19 read What the COVID-19 Credits […]
Working from home when the kids are running around can be tough. But there are a couple things you can do to keep their boredom at ease and your productivity high. From taking a quick nature walk to providing them with projects or educational games, keeping your kids busy and purposeful will make working from […]
In the not too distant past, the idea of doing additional work outside of your day-to-day job was almost unheard of. But a surprising 15% of working-age Canadians now say they have a side hustle. Whether it’s in pursuit of a passion, monetizing a hobby, gaining additional skills to further their careers, or simply as […]
By 2020, 45% of the Canadian workforce will be made up of self-employed people—including independent contractors, freelancers, and on-demand workers. With almost 19 million people working in Canada today, it means roughly the population of the Greater Toronto and Vancouver Areas combined (approximately 8.5 million) will be self-employed. Almost half of those people are becoming […]
Managing cash is a challenge. WalletHub’s 2019 Small Business Owner Survey found that managing cash flow was the second biggest frustration for business owners. As your business grows, you need to decide on a number of products and services, including a business bank account. Your banking involves more than just free checking. You need to […]
If you’re looking to organize your books and accounting for your Amazon business, QuickBooks Online is a great option. This robust accounting software will give you significantly more control over your finances and Amazon business as a whole. With a quick download of a third-party app you can combine the information from your Amazon seller […]
If you’re considering a career change and have the traits of a leader, you might want to think about becoming a project management professional. These professionals keep jobs running smoothly and reduce risks associated with poor decision making. You can achieve your certification with either a high school diploma or college degree, and you can […]
As a real estate agent, you spend most of your workday on the go. When you’re holding open houses, taking clients to view new properties, or presenting offers, you’re helping your business thrive. But what about all those time-consuming administrative tasks? All the hours you spend handling bookkeeping chores, tracking and reporting your expenses is […]
Dedication, focus, and perseverance: you’re fully aware of these critical elements for a successful self-employed business. As you pursue your goals, do you sometimes feel as if the time and energy needed to do so are physically and mentally draining you? One of the most important, but often overlooked, components of self-employed advice focuses on […]
Are you wondering how your habits stack up against the most successful real estate agents? Whether you’re building your real estate client roster or you’re looking to boost sales for your established business, looking to successful real estate agents for inspiration can help you identify areas you can improve your own business. From using time […]
Are you considering starting your own business as a self-employed entrepreneur? If you want to build a successful entrepreneurial business this article is an insightful guide. We’ll cover everything from finding business opportunities to managing your finances to saving for retirement. Table of Contents: Starting Your Self-employed Business Sole Proprietor Jobs Growing Your Business Managing […]
Get prepped for tax season with our QuickBooks Tax Time Webinar series with Susan Watkin. We have 3 types of tax webinars designed for the self-employed (filing a T2125), incorporated small businesses, sole proprietorships & partnerships. Register below for the tax time webinar that suits your needs. Tax Time Webinar for Incorporated Businesses When: Tue, […]
If you’re a self-employed business owner in Canada, you’re legally required to register your business. For most companies, this process involves registering your company name with the proper government authorities, registering your business as a legal entity, registering with tax authorities, and applying for the appropriate permits and licenses. Aside from the legal requirement, there […]
You’re self-employed, so you’re carrying a lot of responsibilities, including tracking and reporting your income and expenses accurately. These activities are crucial to continuing your business success and staying on the good side of the Canada Revenue Agency (CRA). When you need to prove income while you’re self-employed, it’s easier to generate the necessary documentation […]
If you’re an independent contractor, freelancer, or self-employed professional, you’re in good company. A recent study shows that more than 1.5 million Canadians are self-employed, and indicates that 45% of Canadians will be self-employed by 2020. Maybe your goal is to supplement your regular income, as 41% of self-employed Canadians are doing. Or perhaps you […]
Stay on top of your finances with Quickbooks Self-Employed Assistant. Ask questions such as “what did I spend most on” or “how many business kilometers did I log” and you will get the answers you need in seconds. How to use QuickBooks Assistant Download and launch the Quickbooks Self-Employed app. Select “Help” by selecting the […]
As a small business owner, you’re often faced with decisions about what’s best for you and the financial health of your company. Don’t worry. There are several finance methods and models to help you make sound choices, including net present value, opportunity costs, and the internal rate of return formula. Net Present Value Net present […]
Have you ever dreamed of running a business online? Amazon Seller Central makes it possible for you to reach millions of potential customers with your products almost immediately. Whether you already own a retail business and want to create an online platform to sell your products or you want to establish a new online store […]
You’ve worked for 15 years managing a dedicated team as part of a large, global firm based in Canada. Midway through your career, you decide something’s missing. You feel as if you’ve learned all you possibly can from your current position, but you don’t want to become an executive with even more job duties and […]
Being an entrepreneur is hard but being a parent and running your own business truly tests your limits. Finding that balance between building a business and carpool, and school activities, and kids’ appointments and having a life outside of everyday responsibilities is enough to discourage even the boldest aspiring entrepreneur. Despite the challenges, however, ‘Mompreneurs’ […]
Get professional insight on how to make your small business more successful by working with a business coach. Learn what to do before searching for coaches. Find out about the professional resources near you to find business coaches and what attributes the top coaches have.
Check out the wide variety of apps available to help freelance tutors in Canada provide the help their students need. Apps range from games that make math fun to practical connections that allow students to find just the right tutor.
Learn what an aspiring physiotherapist must do to become a licensed physiotherapist in the province in which they intend to practice, along with post-licensing continuing education requirements.
Supplement your income with these trending side hustles that can easily turn into thriving small businesses. Learn how to become an entrepreneur without breaking the bank on startup costs with these fun and easy money-making ideas that have potential to grow over time.
Learn the ins and outs of being a personal chef that makes meals for clients. Discover there difference between a personal chef and caterer, and find out what training is needed. Get to know the benefits of joining a professional association, and explore what a personal chef does on a day-to-day basis.
Offer legal services without earning your law degree with a paralegal licence in Ontario. If you meet the education, testing, licencing, and character requirements, you can start your own paralegal practice without supervision from a lawyer.
Look at the advantages of delaying your Canada Pension Plan payments, and compare that to the potential benefits of taking early payments. Get some of the information you need to decide if you should take your CPP payments now or later.
Learn how the Old Age Security program and the Canada Pension Plan are different. Find out who is eligible for each program, and learn how and when you should apply for benefits.
Finding the money to start or expand your business provides a challenge for anyone, so don’t overlook special government grant and loan programs designed specifically to support women entrepreneurs. Government funding is sometimes available at the federal, provincial, territorial, or local level, giving you the opportunity to apply for financing outside of a private bank […]
When you embark into the entrepreneurial world of self-employment, you take on a lot more control over your income and finances. This also means you take on more responsibility for calculating your own tax liability. You may have to consider things that salaried employees don't necessarily have to consider, such as deductible business expenses and [...]
As a self-employed person, it’s important to pay yourself a reasonable salary. Determining an adequate salary might take some intense thought, since entrepreneurs wear many hats. It’s also essential to consider the impact the salary you choose might have on your taxes. Not only do you have to figure out how much to pay yourself, […]
If you’re a freelancer or an independent contractor, you may have to send quarterly tax payments to the CRA. Don’t be intimidated. The process may be easier than you think. Who Has to Pay Quarterly Income Taxes? As of 2017, you must pay quarterly income taxes if you anticipate owing more than $3,000 at tax […]
The distinction between employees and independent contractors seems sometimes blurry, but this important distinction can have huge financial consequences for both payers and workers. When you sign on as an employee, payers have the responsibility of withholding applicable payroll taxes and Employment Income and Canadian Pension Plan contributions. This also makes workers subject to the […]
Working from home doesn’t necessarily mean you’re self employed. It’s increasingly common for companies to hire remote workers, or to allow current employees the flexibility to work outside of a specific office space or regular schedule. While the terms seem similar, the difference in definition between a self-employed individual and a home-based employee means a […]
When you’re first starting out as a freelancer, one of the biggest challenges is setting your hourly rate. Charge too much, and you’re going to drive away potential clients. Charge too little, and you have to work more hours to earn your target salary. By doing a few calculations, you can figure out an hourly […]
With a shortage of crane operators all across Canada, the profession is growing in demand. As current operators retire, the industry faces the challenge of finding new, qualified workers to fill their positions. Find out what it takes to become a crane operator and fill a seat in this in-demand industry. Choose the Crane Type […]
Improve your career outlook by becoming a Canadian real estate agent. Discover how to find courses in your province that help you get licenced for business.
The top reason small businesses fail is obvious but all-too-common: they run out of money. CNBC reports poor cash flow can affect even high-revenue businesses because of simple mistakes like failing to send invoices on time. Steady cash flow means you can pay bills on time, invest, put money into savings, and reward your hard […]
On-demand work, such as Uber or AirBnB, is growing so fast that it’s steadily becoming a real alternative to working for an employer. You can set your own hours, work several different on-demand positions at the same time, and find work tailored to your specific niche. A 2010 study performed by Intuit in conjunction with […]
As a freelancer, you know that budgeting comes with many rewards. You can claim added business expenses as a self-employed individual, such as office space, equipment, and employee salaries, but you must also account for fluctuating income levels and commissions. With varying revenue streams coming in each month, it’s a good idea to plan for […]
Retirement is the perfect time to relax, vacation with loved ones, and pursue neglected hobbies. But not all seniors want to kick back and enjoy their twilight years in peace and quiet. Some retirees find it’s the perfect opportunity to start businesses. A lifetime worth of work experience, paired with great business connections, makes older […]
Keeping track of business finances is a part of your job you can excel at with a little guidance and help from others. Handling these tasks yourself means you don’t need to add a full-time accountant to your staff. By taking advantage of the resources available to small business owners, you can feel confident taking […]
If you’ve worked in a specific industry or field for any length of time, chances are you’ve gained enough knowledge and insight to serve as a consultant to organizations that are looking for a little guidance. Whether it’s a company looking to launch their marketing department or a sole proprietor looking to make his or her first hire, [...]
Although it’s a challenge to make the leap from freelancer to in-house employment, you can boost your odds of landing a new position by building a strong resume that reflects your unique experiences as a self-employed individual. Wondering how to put self-employment on your resume? Instead of minimizing your freelance jobs, showcase them in a […]
So you’re thinking of quitting your job to become your own boss. Self-employment offers a number of advantages over traditional employment, including greater freedom but also greater responsibility, and the luxury of working in your pajamas doesn’t come without a cost. You need strong self-discipline and a solid plan to transition from full-time employment to […]
If you’re a fledgling self-employed business owner who’s not sure how to create an invoice, you’re not alone. Fortunately, the process is easy. First, you can find an easy-to-use invoice template on the QuickBooks website. Next, enter your company information and the customer information for the party you’re billing. Finally, provide a price and description […]
When you’re self-employed, the time you spend on paid work is probably only eclipsed by the time spend looking for more clients. When business is good, there’s a constant stream of people looking to hire you. But when times get tough and your workload lightens, you need to buckle down and increase your client roster […]
Your net tax is the amount of sales taxes your business owes to the Canada Revenue Agency (CRA). This tax shows how much you should pay to the CRA over a particular tax period. If you sell taxable goods and services, you may need to remit goods and services tax or harmonized sales tax to […]
An Interac e-Transfer is a method for people to transfer money from one participating bank to another electronically. For example, you can send money to your friend by email if he has a Canadian bank account. Interac e-Transfers are fast, and receivers of the funds have access to the money deposited right away. Interac e-Transfers [...]
Discover how, similar to out-of-the-box thinking, blue sky thinking is creating ideas without worrying about practical constraints.
Go through these four steps for buying an existing business to minimize risk and maximize your chances of owning a profitable business.
Diversify your accounting business to include after-tax season specialties that can help your business thrive year-round.
Find out how to market your video production business and pitch your services to potential new clients.
Make money off your software development skills by becoming a freelance developer. Learn how you can connect with clients to land jobs.
Learn why you should sell your non-registered investments first and keep your retirement fund in a TFSA to reduce taxes.
Review this essential list of the best business books for Canadian small business owners, from practical financing to leadership.
Eliminate the agency problem in your business by requiring full transparency, limiting the agent’s power, and removing financial incentives for bad behavior.
Learn about some of the pros and cons of starting your own consulting business and decide if it is the type of business for you.
Learn about the Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA) designations, and see which one may be more appropriate for your career.
Learn a few of the benefits of taking a job of a travel nurse, such as high pay, high job security, and flexibility.
Managing a rental property can become more than you bargained for, but staying on the right track yields financial gain and personal satisfaction.
Learn the basic legal and tax aspects of using an estate freeze to transfer a business from one generation to the next.
Learn what a Chartered Accountant (CA) is and learn what steps are necessary to complete to become one in Canada.
Perhaps the most vital leadership quality is being a good decision-maker. This especially applies to tough decisions that have a lasting impact on the trajectory of your business. Anyone can make simple decisions regarding what to wear, which restaurant to visit for lunch, or how to arrange the furniture in their office, but mastering the […]
Imagine you enjoy knitting in your living room in your spare time. You sell a few sweaters on eBay occasionally or travel to the local farmers market to make a few dollars. If you’ve never considered your knitting hobby a business, perhaps you should. The Canada Revenue Agency (CRA) applies certain criteria to interests that […]
Some may remember the graphic WSIB prevent-it commercial campaign which showed various workplace “accidents” resulting in the serious or fatal injury of a worker. All of the incidents depicted in the commercials could have been prevented if employees and employers avoided negligence. According to the Institute for Work & Health, small businesses employees have a higher […]