Tag Archives: Sole Proprietor

Should you accept a gift from a family member?

Written by Jenny Okonkwo Remember when we were children, our parents always taught us not to accept gifts from strangers? Well, it may be worthwhile considering this advice when it comes to family members as well! Referring to Tony Wilson’s recent Globe and … Continue reading

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7 Reasons to Hire A Tax Preparer

Written by Jenny Okonkwo Seven key reasons why owner managed businesses (OMBs) should consider forming a long-term partnering relationship with a dedicated tax preparer instead of “walking-in” to a “shoe-box” accountant for their T1 General return: 1) Incomplete Business Records … Continue reading

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The Paperless Home Office

Written by Jenny Okonkwo Record-keeping, the ‘bug-bear’ of the owner-managed business, becomes critical in the period leading up to the preparation of your corporate income tax return. Incomplete, or missing records, can lead to under-recovery of business expenses, unnecessarily increasing … Continue reading

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Does a small business really need help from an accountant to file their tax return?

By Jenny Okonkwo Last Updated: March 10, 2015 Arguments against (“Waste of Money”) •User-friendly software packages widely available •Cost-saving self-sufficiency imperative in a small business •Little perceived added value •Ultimate responsibility remains with the business owner •.. AND OTHERS Arguments … Continue reading

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6 Stress Busting Tips for Self Employed Business Owners

Written by Jenny Okonkwo For many small businesses, the income tax filing process is an overly complicated, time consuming process due to the following reasons: Poor Record Keeping What cannot be supported or proved, gets added back to taxable income. … Continue reading

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