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
Feb 02, 2026
Why Canada Is Changing Trade Strategy | What Solopreneurs Need to Know
Confused by Canada's changing trade strategy? I was too. Here's what PM Carney is doing, why it matters, and how it affects your business.
Continue reading "Why Canada Is Changing Trade Strategy | What Solopreneurs Need to Know"
Feb 02, 2026
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"
Jan 28, 2026
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"
Jan 28, 2026
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"
Jan 27, 2026
Canadian Small Business Tax Obligations | It's All About The Rules
Learn your small business tax obligations for audit ready books. Find out deadlines not normally on your radar; explore audit issues for the self-employed.
Continue reading "Canadian Small Business Tax Obligations | It's All About The Rules"
Jan 24, 2026
NSF Fees Canada 2026: New $10 Cap | Cash Management for Solopreneurs
In March 2026, NSF fees capped are at $10 for Canadian personal accounts. What's changing, why it affects your business, and how to avoid these fees entirely.
Continue reading "NSF Fees Canada 2026: New $10 Cap | Cash Management for Solopreneurs"
Jan 24, 2026
Navigating Change as a Self-Employed Canadian | Protect Your Business
Tariffs, debt, uncertainty—navigating change as a self-employed Canadian means protecting your business and yourself. Here's how to do both.
Continue reading "Navigating Change as a Self-Employed Canadian | Protect Your Business"
Jan 14, 2026
Tax Compliance for Small Business | Canadian Filing Deadlines
Tax compliance filing deadlines for small business owners - GST HST returns, payroll remittances, income tax returns and instalment payments, subcontractors
Continue reading "Tax Compliance for Small Business | Canadian Filing Deadlines"
Jan 14, 2026
Understanding Your Investment Tax Slips | T3 T5 T5008
Guide to T3, T4, T5, T5008 tax slips for Canadian business owners. Understand salary vs dividends, investment income, and why retirement planning matters.
Continue reading "Understanding Your Investment Tax Slips | T3 T5 T5008"
Jan 14, 2026
How To Write-off Business Vehicle Expenses | Self Employed in Canada
Business vehicle expenses for self-employed sole proprietors are claimed on tax form T2125. If you use your personal vehicle for business, let's see how ...
Continue reading "How To Write-off Business Vehicle Expenses | Self Employed in Canada"
Jan 14, 2026
Government Announces the 2026 Automobile Deduction Limits and Expense Benefit Rates for Businesses
Today, the government finally released the 2026 automobile deduction limits. They are normally released mid-December annually.
Per kilometre tax free automobile allowances increase by one cent for 2026. CCA class 10.1 ceiling will increase by $1,000.
Leasing limits will see no change for 2026.
Jan 14, 2026
Is an Auto Allowance a Taxable Benefit? Tax Exempt?
When is an auto allowance a taxable benefit and when is it tax exempt? Are there other vehicle deduction limits I need to be aware of?
Continue reading "Is an Auto Allowance a Taxable Benefit? Tax Exempt? "
Jan 14, 2026
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"
Jan 14, 2026
Basic Canadian Income Tax Compliance | Index
Basic small business tax primer focusing on three aspects of Canadian income tax compliance - (1) self-employed tax, (2) CCPC tax, (3) employee personal tax.
Continue reading "Basic Canadian Income Tax Compliance | Index"
Jan 14, 2026
CRA and the Underground Economy | Cash Under The Table
Dealing in cash thrives in the underground economy. Here's what to do when your customer wants to do "cash under the table". Legal tax planning tools are dis...
Continue reading "CRA and the Underground Economy | Cash Under The Table"
Dec 03, 2025
CUSMA Review 2026 | Primer for Self-Employed Canadians
The CUSMA trade agreement review starts July 2026. Learn what it means for your Canadian small business, what could change, and how to prepare now.
Continue reading "CUSMA Review 2026 | Primer for Self-Employed Canadians"
Nov 06, 2025
Budget 2025 Confirms Capital Gains Rate Hike Cancellation
Proposed capital gains inclusion rate increase to 66.7% was cancelled in March 2025. 50% rate remains. Budget 2025 formally accounts for the cancellation.
Continue reading "Budget 2025 Confirms Capital Gains Rate Hike Cancellation"
Nov 01, 2025
CRA Subcontracting Reporting Requirements | T5018 vs T4A
What are CRA subcontracting reporting requirements? Do you use slip T5018 or slip T4A? T1 line 10400 vs line 13500? Where do you code subcontractors expenses?
Continue reading "CRA Subcontracting Reporting Requirements | T5018 vs T4A"
Nov 01, 2025
Have You Hired A Personal Services Business? | Incorporated Employee
Is it a good or bad idea for a business to hire a personal services business? The pros and cons are reviewed including business risk. Budget 2025 affects PSBs.
Continue reading "Have You Hired A Personal Services Business? | Incorporated Employee"
Oct 31, 2025
T4A Information Slips | Subcontractor Reporting Requirements
T4A information slips preparation and reporting requirements for Canadian subcontractors. Check out what to do before you hire a subcontractor.
Continue reading "T4A Information Slips | Subcontractor Reporting Requirements"
Oct 31, 2025
Current Payroll Tax Rates | What Your Employee Really Costs You
Meet your payroll compliance obligations. 2026 payroll tax rates - EI premium rates were released Sep 2025. CPP contribution rates were released Nov 2025.
Continue reading "Current Payroll Tax Rates | What Your Employee Really Costs You"
Oct 31, 2025
Finance Department Ends 14-Year T4A Box 048 Penalty Moratorium - Budget 2025
The Finance Department announced yesterday the 14-year moratorium on T4A Box 048 penalties for failure to report fees for service transactions over $500 annually is ending.
The current Box 048 moratorium was not a permanent exemption. Enforcement will be resuming in the 2026 / 2027 tax year.
Why is this important?
T4A slips are important for capturing and reporting non-employment income. Start now to collect the information you will need from your subcontractors so you will be able to prepare your T4A slips at tax time.
CRA will be receiving funds in the 2025 Budget "to implement a focused program that addresses non-compliance issues related to personal services businesses and reporting fees for service." CRA emphasis initially is likely to be placed on the trucking industry who classify their drivers as subcontractors rather than employees. This business model is known as Driver Inc..
Stay tuned for more details after the November 4, 2025 budget has been released.
Source: Department of Finance News Release, October 30, 2025, Minister Champagne clamps down on Driver Inc. scheme in Budget 2025
Continue reading "Finance Department Ends 14-Year T4A Box 048 Penalty Moratorium - Budget 2025"
Oct 29, 2025
Bank of Canada Cuts Interest Rates Again
Bank of Canada cut interest rates again today by a quarter basis points to 2.25%. This is the third rate cut this year.
The Financial Post reports, "Because US trade policy remains unpredictable and uncertainty is still higher than normal, this projection is subject to a wider-than-usual range of risks. ... GDP growth is expected to be weak in the second half of the year. Growth will get some support from rising consumer and government spending and residential investment, and then pick up gradually as exports and business investment begin to recover. ... The Bank projects GDP will grow by 1.2 per cent in 2025, 1.1 per cent in 2026 and 1.6 per cent in 2027. On a quarterly basis, growth strengthens in 2026 after a weak second half of this year. Excess capacity in the economy is expected to persist and be taken up gradually."
Source: Financial Post October 29, 2025 Bank of Canada cuts interest rates: Read the official statement
Oct 24, 2025
Canada's Trade Strategy Takes Shape
Lots happened over the past few days.
Prime Minister Carney gave a pre-budget speech to University of Ottawa students on Wednesday evening. My takeaway quote: "If we don't act now, the pressures will only grow ... I will always be straight about the challenges that we have to face and the choices we must make. And to be clear, we won’t transform our economy easily or in a few months - it will take some sacrifices and it will take some time."
Then Thursday morning the Toronto Star reported that Prime Minister Carney admitted a broader trade agreement with Trump "is no longer within reach".
Just to keep things cooking, Thursday afternoon the federal government announced Stellantis and GM would no longer be eligible for the full tariff exemption on autos shipped to Canada.
This was followed on Thursday night with the Trump administration announced it was cancelling trade talks with Canada, citing the 'Ronald Reagan' ads being run in the U.S. by the Ontario government.
You'll find more details by clicking on the link below.
Oct 23, 2025
Why You Avoid Your Business Finances (Canada) | And How to Stop
Overwhelmed by bookkeeping? Avoiding your business finances? A simple, Canadian, non-judgmental path to audit-ready habits, even if you’re behind and stressed.
Continue reading "Why You Avoid Your Business Finances (Canada) | And How to Stop"
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 08, 2025
Trade Talks Update - The Direction Becomes Clearer
One day after Prime Minister (PM) Carney visited the Oval Office ... and after months of silence, we're finally getting some public signals about where trade talks are heading.
U.S. Commerce Secretary Lutnick says there's no going back to the old free-trade system and that America wants to assemble all its own cars (though they'll still import parts). He's clear about the U.S. pursuing an "America first, Canada second" approach, though Canada can still benefit from proximity in other industries - just not car assembly.
PM Carney agrees the era of deepening North American integration is over - "nostalgia isn't a strategy," he said. While CUSMA remains our best deal with the U.S., expect bilateral sector-by-sector agreements alongside it.
Both sides agree on one thing: the old system isn't returning. For Canadian small businesses, this means the uncertainty continues, but at least the range of possibilities is becoming clearer.
Continue reading "Trade Talks Update - The Direction Becomes Clearer"
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.
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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"
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"