Peerless Accounting

04/02/2024

In meetings with prospective clients, they often ask me to give them a “list of expenses that they can deduct for business”.

This list cannot be exhaustive, so instead of giving a list, I share a framework that’ll serve them beyond the conversation.

That was the same framework I shared in my presentation to entrepreneurs in Evan Carmichael’s Movement Makers, and I’m sharing that with you.

Is your expense:
1. Ordinary
2. Relevant
3. Reasonable
to your business structure / activities.

Take me for example, I’m an accountant. Are these business expenses: camera, mic, ringlights, canva, tripods etc?
In my business, YES. Because podcasting / content creation are an ordinary & relevant part of MY business, and these expenses are reasonable.

Would I think to include these in list I share with a prospect? NO. Because I don’t yet know enough about your business to know what is an ordinary, relevant and reasonable part of your business. Hence the framework.

Grab these, and run them through the lense of your business to see what you may be leaving on the table.

07/11/2023

Did you know….. Revenue Quebec penalties for either late filing/ late payment differ depending on the type of taxes?

Income taxes = corporate income taxes (always annual filing)

Consumption taxes (eg. Sales taxes GST/HST/QST etc - monthly, quarterly, annually)

Sources deductions (payroll etc - semi monthly, monthly, quarterly, annually)

06/02/2023

Thank you for the merch

04/30/2023

The late-filing penalty is 5% of your 2022 balance owing, plus an additional 1% for each full month that you file after the due date, to a maximum of 12 months.

04/30/2023

Penalty for filing your tax return late

04/30/2023

If you cannot pay your balance owing, you should still file on time to avoid being charged the late-filing penalty.

02/27/2023

If you’re a Canadian Entrepreneur, this NEW club is for you. Join our weekly rooms for a Q&A…. You never know what you would learn with Ida Azefor

Welcome to Accounting for Canadian Entrepreneurs, aka ACE.

02/27/2023

What an intense week at Peerless Accounting!

It’s the beginning of tax season. It will be a great one.