Tips and Tricks for the Self-employed
James Gauer
Nov
3
2016

Life is busy enough keeping your business going without the headaches of recordkeeping, accounting, and taxes! We get it, but what is the tax cost of insufficient records? Here are some helpful tips and tricks:

  1. Receipts… Receipts… Receipts…
    Receipts are like printing money. If you have them you reduce your taxes, if you don’t then you pay…

    If you remember one thing, it is to keep all your receipts. Also, CRA is not a fan of Visa receipts, so make sure to get a till receipt and attach it to the Visa receipt.

  2. Put an envelope in your vehicle
    Keeping track of all the automotive expenses is a pain. They seem to float around the vehicle and never present themselves when you are looking for them.

    An easy trick is to have an 8x11 envelope in the glove box and drop all those gas, maintenance and insurance receipts in there as you incur them.

    Let us deal with the rest.

  3. GST/PST Requirements
    Are you required to register for GST or PST?

    There are strict rules for businesses as to when you should start collecting GST. Don’t welcome and unpleasant surprise, give us a call or come in for a coffee and we can make sure you are on the straight and narrow…

  4. Using and creating tools to help…
    The time-consuming task of getting your records together is about as fun as a hole in your head… What tools do you have in place to make this laborious task easier, faster and (dare I say) more fun?

    We have a library of Excel and other tools that are easy to use and will help you with those mandatory tasks. Come in for a coffee and we will supply you with the right tools for the job!

  5. Tax Efficiency
    Now that you have compiled everything for your tax return or corporate year end, your job is done.

    We, as accountants, are up next… Are your tax dollars maximizing their efficiency rather than your refund? What is the difference…

    Are you shielding lower rate tax dollars just to get a larger refund instead of planning ahead to shield higher rate dollars in the future?

    Gauer Olsen’s proactive approach to small-business and professional corporations is at the crux of our services. We don’t just look at the past, we plan for the future…

    Contact us today and come in for a coffee to discuss your tax efficiency. You will leave understanding your path forward. Not only are we committed to your taxes but to your trust.