Good Compliance Habits for Small Business
Getting all your ducks in a row doesn't have to be a chore. Done right, it's almost like breathing ... you aren't even aware you are doing it.
Check out the latest articles below ... right after the intro.
Small Daily Habits Can Move Mountains
Do just one task today towards meeting your tax compliance obligations. Just one.
Make this the year you incorporate self-care into your daily routine so you are around for your family!
- Establish clear work boundaries and follow them by outlining your availability and response times to alleviate any confusion. You deserve one full day off a week to recharge your batteries, maybe even two days in a row.
- Remember every once in a while to stop, stretch, and JUST BREATHE!
- Think about reinstating recess this year if you work indoors. Get outside for 15 minutes to let natural light energize you.
- Eat breakfast. Don't have time? Try out Dr. Will's fast, easy, and healthy breakfast smoothie.
- Stay hydrated by drinking water to stave off fatigue and concentration issues.
- Schedule exercise time three times a week (maybe try a HIIT routine; they are quick and effective).
- Reach for progress not perfection with your business work habits as well as with your diet routine by making choices that are just a little bit better based on where you are now.
- Striving for thirty (30) plant points a week makes improving your diet easy. Incorporate a variety of plant based foods (nuts, seeds, oils, whole grains, legumes, beans, fruits, and vegetables) into your existing eating habits to have a healthier gut biome. You'll feel better which means you'll get more done with less effort.
Enjoy Your Visit! Laura
Oct 17, 2025
Canada U.S. Tariffs Timeline 2025 | Cash Management Strategies
Plan, don't panic. Track tariff changes, understand CUSMA exemptions, protect cash flow with strategies built for Canadian solopreneurs navigating trade chaos.
Continue reading "Canada U.S. Tariffs Timeline 2025 | Cash Management Strategies"
Oct 16, 2025
What is Capital Cost Allowance (CCA)? | Common CCA Rates
Find out what is capital cost allowance and why you may not want to make a full CCA claim on your tax return every year. Learn more ...
Continue reading "What is Capital Cost Allowance (CCA)? | Common CCA Rates"
Oct 06, 2025
TFSA Benefits Small Business Owners | Your Secret Business Tool
TFSA benefits small business owners with flexible savings, tax-free growth, and penalty-free withdrawals. Essential financial habits for Canadian solopreneurs.
Continue reading "TFSA Benefits Small Business Owners | Your Secret Business Tool"
Oct 01, 2025
Canadian Employment and Labour Standards | Minimum Wage Rates
The laws, exemptions to the wage and other labor law issues are provincially and territorially regulated by employment and labour standards. Here's a summary.
Continue reading "Canadian Employment and Labour Standards | Minimum Wage Rates"
Sep 22, 2025
Is Voluntary Disclosure the Right Move? | Unfiled Taxes in Canada
CRA's 2025 VDP changes offer better relief for small business owners with unfiled taxes. Is voluntary disclosure the right move for you?
Continue reading "Is Voluntary Disclosure the Right Move? | Unfiled Taxes in Canada"
Sep 19, 2025
Canadian Small Business CRA Compliance | 30-Day Admin Reset
Build a simple 30-day admin routine for CRA compliance. Choose no tech, low tech, or affordable tech. Canadian solopreneurs - get audit-ready fast.
Continue reading "Canadian Small Business CRA Compliance | 30-Day Admin Reset"
Sep 11, 2025
Fourth Quarter CRA Prescribed Interest Rates
Prescribed interest rates are released quarterly by the CRA. They are used to calculate the amount to charge on taxable benefits such as interest-free and low-interest rate loans for shareholders, spouses, and employees.
The rate in effect for the quarter commencing October 1, 2025 remains unchanged at 3%.
Continue reading "Fourth Quarter CRA Prescribed Interest Rates"
Sep 09, 2025
U.S. De Minimis Exemption Ended | 4 Strategies for Solopreneurs
The U.S. de minimis exemption ended after 87 years. Packages under $800 USD no longer enter America duty-free. Here are 4 strategic options to survive.
Continue reading "U.S. De Minimis Exemption Ended | 4 Strategies for Solopreneurs"
Aug 22, 2025
BREAKING: Canada Removes Some Retaliatory Tariffs While U.S. Expands Coverage
Lots of tariff news on this summer Friday!
U.S. Tariffs Expand: The U.S. expanded tariffs to 407 steel derivative products - "from wind turbines to baby strollers - catching even industry associations off guard".
Canada's Move: Meanwhile, Prime Minister Carney announced Canada is removing retaliatory tariffs on U.S. products that comply with CUSMA rules, while keeping tariffs on steel, aluminum, and autos. Trade negotiations are resuming.
What This Means for Your Business:
- If you import CUSMA-compliant U.S. goods, your tariff costs may drop. I'm thinking the cost of orange juice will come down.
- New derivative products face tariffs you might not have expected. Some purchases are about to get way more expensive!
- Steel, aluminum, and auto sectors remain under pressure. Expect more changes to come as negotiations continue and CUSMA negotiations are set to begin earlier than required.
This shows why small business owners need good tracking systems and flexible supply chains even more than in the past. Trade rules are changing faster than ever.
Continue reading "BREAKING: Canada Removes Some Retaliatory Tariffs While U.S. Expands Coverage"
Aug 22, 2025
How Tariffs Impact Canadian Small Business | An Introductory Primer
A practical primer on how tariffs impact Canadian small business. Covers basics, compliance, cash flow effects, and actionable steps to dealing with tariffs.
Continue reading "How Tariffs Impact Canadian Small Business | An Introductory Primer"
Jul 18, 2025
Work Life Balance: Solopreneur's Handbook to Sustainable Success
Achieve work life balance and sustainable business success as a Canadian solopreneur. Discover self-care tactics to boost productivity, keep books audit-ready.
Continue reading "Work Life Balance: Solopreneur's Handbook to Sustainable Success"
Jun 13, 2025
Employee Taxable Benefits | An Intro To Payroll Deductions in Canada
An introduction to employee taxable benefits in Canada. Information on cash and non-cash gifts and awards, vehicle benefit calculator, disability insurance ...
Continue reading "Employee Taxable Benefits | An Intro To Payroll Deductions in Canada"
Jun 07, 2025
Third Quarter CRA Prescribed Interest Rates
Prescribed interest rates are released quarterly by the CRA. They are used to calculate the amount to charge on taxable benefits such as interest-free and low-interest rate loans for shareholders, spouses, and employees.
The rate in effect for the quarter commencing July 1, 2025 is 3%.
Continue reading "Third Quarter CRA Prescribed Interest Rates"
May 27, 2025
Simple Cash Management System | Self-Employed Canadian
Cash is what keeps your business going. This simple cash management system gives you a clear picture of your cash position at the start of each day.
Continue reading "Simple Cash Management System | Self-Employed Canadian"
May 24, 2025
Safe And Simple Payment Methods | Canadian Solopreneurs
Use safe and simple payment methods to send and receive online payments in Canada. How do Canada's digital banking processes work?
Continue reading "Safe And Simple Payment Methods | Canadian Solopreneurs"
May 19, 2025
Solopreneur Two-Bank Strategy | Combine Traditional & Online Banking
The smart business guide to a solopreneur two-bank strategy. Learn how to combine traditional and online banking for maximum business benefits.
Continue reading "Solopreneur Two-Bank Strategy | Combine Traditional & Online Banking "
Apr 16, 2025
Canadian Prescribed Interest Rates | Shareholder Loans
Quarterly prescribed interest rates issued by CRA for overdue & overpaid taxes and taxable benefits. Spousal interest payments are due annually by January 30th.
Continue reading "Canadian Prescribed Interest Rates | Shareholder Loans"
Mar 23, 2025
Upcoming Change To The Capital Gains Inclusion Rates
Finance Minister LeBlanc announced the implementation of changes to the capital gains inclusion rate will be deferred from June 25, 2024, to January 1, 2026.
Continue reading "Upcoming Change To The Capital Gains Inclusion Rates"
Feb 25, 2025
Payroll Compliance and Reporting | Manual For Less Than 10 Employees
Simplifying payroll compliance for a Canadian small business (under 10 employees). Part 2 covers keeping CRA happy, non-employees, and employer obligations.
Continue reading "Payroll Compliance and Reporting | Manual For Less Than 10 Employees"
Feb 25, 2025
Setting Up and Processing Payroll | Manual For Less Than 10 Employees
Learn payroll setup and processing for Canadian small businesses with less than 10 employees. Part 1 covers the payroll cycle, common mistakes and good habits.
Continue reading "Setting Up and Processing Payroll | Manual For Less Than 10 Employees"
Feb 25, 2025
Canadian Payroll Manual | Getting It Right for Small Business
A Canadian payroll manual for small business owners doing their own payroll. Learn to process payroll, handle deductions, and stay compliant with CRA rules.
Continue reading "Canadian Payroll Manual | Getting It Right for Small Business"
Feb 23, 2025
Year-End and Tax Preparation | Simple Tax Compliance Method
If you keep your books solely for year-end and tax preparation purposes, tax experts suggest you establish this simple method to meet this requirement.
Continue reading "Year-End and Tax Preparation | Simple Tax Compliance Method"
Feb 23, 2025
CRA Extends 2025 T4 Deadline
CRA announced on February 19, 2025 that "Given ongoing challenges faced by some filers, the Canada Revenue Agency (CRA) will grant relief in respect of late-filing penalties for information returns filed on or before March 7, 2025, for those information returns normally due on February 28, 2025."
The "ongoing challenges faced by some filers" related to either WebForms or tax filing software having trouble filing the T4 slips. Some issues on WebForms were around validations for EI exempt taxpayers as well as other issues.
A reminder that the CRA introduced new electronic filing thresholds. Effective January 2025, CRA made changes to the T619 electronic transmittal form. Part of this change requires submitting only one type of information return per file. For example, you will no longer be able to submit T4s and T4As in the same file. They must be sent in separate files.
In addition, since January 2024, paper filing of information forms such as the T4 is only available if you have less than 6 slips.
Feb 19, 2025
T4 Slip Boxes 24 and 26 | Difference Between Paid vs Earned Income
Common questions about T4 slip boxes 24 and 26. What an employee can do if they don't receive their slip on time. A tip for BEFORE you prepare your T4 slips.
Continue reading "T4 Slip Boxes 24 and 26 | Difference Between Paid vs Earned Income"
Feb 14, 2025
RRSP Tips and Traps | Small Business Owners
RRSPs can be a valuable tool for small business owners in Canada to save for retirement. Some RRSP tips and traps to keep in mind to maximize their benefits.
Continue reading "RRSP Tips and Traps | Small Business Owners"
Feb 12, 2025
Current Payroll Tax Rates | What Your Employee Really Costs You
Meet your payroll compliance obligations. 2025 payroll tax rates - EI premium rates were released Sep 2024. CPP contribution rates were released Nov 2024.
Continue reading "Current Payroll Tax Rates | What Your Employee Really Costs You"
Feb 09, 2025
Hiring and Paying Your First Employee | CRA Employment Status Tests
Hiring and paying your first employee in Canada: Step-by-step instruction from registration to running your first payroll, because you just want to do it right.
Continue reading "Hiring and Paying Your First Employee | CRA Employment Status Tests"
Feb 02, 2025
CRA SimpleFile Service
CRA SimpleFile service is a streamlined service to make the process of filing tax returns easier for Canadian taxpayers. It opens Feb 24/2025 for 2024 tax year.
Jan 31, 2025
Changes to Capital Gains Inclusion Deferred to 2026
The Canadian government announced today that they will be delaying the implementation of changes to the capital gains inclusion rate. Finance Minister Dominic LeBlanc is moving the effective date from June 25, 2024, to January 1, 2026.
The change will increase the inclusion rate from one-half to two-thirds on capital gains above $250,000 for individuals and all capital gains for corporations and trusts.
The government is maintaining several exemptions and introducing new measures, including:
(1) keeping the Principal Residence Exemption;
(2) creating a new $250,000 Annual Threshold effective January 2026;
(3) increasing the Lifetime Capital Gains Exemption to $1.25 million effective June 25, 2024; and
(4) introducing a new Canadian Entrepreneurs' Incentive that reduces the inclusion rate to one-third on eligible capital gains up to $2 million, effective for the 2025 tax year.
Continue reading "Changes to Capital Gains Inclusion Deferred to 2026"
Jan 22, 2025
Understanding Your Investment Tax Slips | T3 T5 T5008
A quick guide to understanding your investment tax slips. What's the difference between a T3 and T5 slip? A T5 and T5008? Who declares a dividend before payout?
Continue reading "Understanding Your Investment Tax Slips | T3 T5 T5008"
Jan 22, 2025
CRA Non-Business Travel Rates for Canadians
CRA's simplified method for non-business travel can be used for trips relating to medical expenses, moving expenses, and the northern residents deduction.
Continue reading "CRA Non-Business Travel Rates for Canadians"
Jan 11, 2025
Online Platforms Required to Share Gig Workers' Income with CRA
Gig workers need to be careful when reporting their income.
Bill C-47 that requires online digital platforms to share gig workers' income with the CRA went into effect January 1, 2024. This affects services like DoorDash, Skip the Dishes, Lyft, and Uber.
The legislation requires the platforms to share their information by January 31 every year. While it doesn't change the rules for how you report your income, it does change how the CRA reconciles income reported on your tax returns.
The information sharing occurs if there are more than thirty logged activities online and if the gig worker made more than $2,800 during the year on the platform.
As a gig worker, you should receive a copy of any information provided to the CRA by your online platform.
This is a positive change for gig workers who were not reporting the income. They can now contribute to CPP and EI. The income also goes toward their RRSP contribution limit. This ability positively affects gig workers futures financial stability.
Source: Toronto Star December 26, 2024 Gig tax target: Starting in January, platforms like Uber and DoorDash need to report driver income to Revenue Canada; Doane Grant Thornton June 23, 2023 What does Bill C-47 mean for you or your business?
Continue reading "Online Platforms Required to Share Gig Workers' Income with CRA"
Jan 06, 2025
What Prorogation of Parliament Means For The Capital Gains Legislation
Updated January 31, 2025
This change has been deferred to 2026 by Finance Minister Dominic LeBlanc. Read the January 31, 2025 blog post for me information.
January 6, 2025
Today, Parliament was prorogued. This means all legislation before parliament dies until the next session begins.
While the current government remains in power during the prorogation period, this effectively kills the proposed increase of the capital gains tax rate from 50% to 66.67% that was to be effective as of June 25, 2024.
Updated January 10, 2025
What to do when preparing your 2024 tax return?
Do you assume the proposed legislation is killed permanently and apply 50% to capital gains or do you assume it will ultimately pass and apply the 66.67% where applicable?
"The CRA will be issuing the forms needed to allow taxpayers to file in accordance with the new capital gains rules by Jan. 31, 2025. Arrears interest and penalty relief, if applicable, will be provided for those corporations and trusts impacted by these changes that have a filing due date on or before March 3, 2025.
Finance also confirmed that even if Parliament is prorogued, or ultimately dissolved, the CRA will “generally continue to administer proposed legislation consistent with its established guidelines.” That being said, when Parliament does resume, if no bill is introduced and passed in the House of Commons, and the government signals its intent to not proceed with the proposed capital gains tax, the CRA would cease to administer it."
So two options: (1) pay the tax if you feel the legislation will eventually pass (CRA tax refund rate is currently 6%); or (2) pay the tax at the legal rate until it is known if the passes or not (CRA overdue tax rate is currently 8%)
Sources: CRA January 8, 2025 Businesses: Here are the top changes that will affect business taxes in 2025 - The CRA is administering proposed capital gains inclusion rate legislation; Financial Post January 9, 2025 How to handle the uncertainty about capital gains in tax filing this year
Other related posts:
- November 27, 2024 CRA Updated Guidance - 2024 Capital Gains Relief
- June 13, 2024 Capital Gains Inclusion Rates Upcoming Change
Continue reading "What Prorogation of Parliament Means For The Capital Gains Legislation"
Jan 03, 2025
Don't Forget To Record Your Odometer At Year-end
At the beginning of each year (January 1), you need to record your odometer reading. This figure becomes the last entry for your prior year log. It's a good idea to diarize this date so you don't forget.
Continue reading "Don't Forget To Record Your Odometer At Year-end"
Jan 01, 2025
Company Owned Vehicles | Canadian Taxable Benefits
Should employees have a company owned vehicle? What are the compliance implications for the employer? What are the personal tax implications for the employee?
Continue reading "Company Owned Vehicles | Canadian Taxable Benefits"