Cathleen Rulli, CPA

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Cathleen Rulli, CPA Offering accounting services with a focus on small business, personal taxes and trusts. Making the DTC less overwhelming—and easier to understand.

Specializing in assisting families in the disability commmnity navigate DTC, RDSP and Henson Trusts. Canadian CPA specializing in small business accounting, personal tax returns, and DTC. I’m passionate about financial literacy and making finances easier to understand.

Good bookkeeping is not about being perfect. It is about routines you can keep.Five habits that make the biggest differe...
10/17/2026

Good bookkeeping is not about being perfect. It is about routines you can keep.

Five habits that make the biggest difference:
1. Keep business and personal money in separate accounts.
2. Record transactions weekly instead of once a year.
3. Photograph and store receipts the day you get them. Records generally need to be kept for six years.
4. Reconcile your books to your bank statements every month.
5. Move the GST/HST you collect into its own account so it is ready when it is due.

Add a monthly look at revenue, expenses and profit, and you will know where your business stands before anyone asks.

Which habit will you start this week? Tell us in the comments, and save this post for your next check-in.

General information only, not personal tax, legal or financial advice.

10/16/2026

Net Worth? Do you know how you’re trending?

Net worth is one of the simplest and most useful numbers in personal finance.Assets (what you own) minus liabilities (wh...
10/15/2026

Net worth is one of the simplest and most useful numbers in personal finance.

Assets (what you own) minus liabilities (what you owe) equals your net worth. It is a snapshot, and it is not the same as your income. Someone earning a high salary can have a low net worth, and someone earning less can have a growing one.

If your number is negative right now, that is common, especially with student loans or a new mortgage. What matters most is whether it is moving in the right direction.

Try this: list your assets and liabilities, calculate your number, and update it once a quarter. Swipe for a worked example.

Save this post and share it with a friend who is starting to plan.

General information only, not personal tax, legal or financial advice.

10/13/2026

Applying for the DTC can feel overwhelming. Instead of rushing through or assuming your doctor has all the information, read the form.

"Should I incorporate?" is the question. "It depends" is the honest answer — here's what it depends on.Incorporating ten...
10/10/2026

"Should I incorporate?" is the question. "It depends" is the honest answer — here's what it depends on.

Incorporating tends to make sense when:
▪️ You're earning more than you need to live on. Leaving profits in the corporation defers personal tax, and that deferral is real money you can invest.
▪️ You want liability separation between the business and your personal assets. ▪️ You're building something you may sell one day — the Lifetime Capital Gains Exemption can shelter a large gain on qualifying shares.
▪️ Clients or contracts require it.

It tends not to make sense when:
▪️ You spend everything you earn. No retained profit means no deferral, and you've added costs for nothing.
▪️ The business is losing money — those losses may be more useful against personal income.
▪️ You'd be a personal services business, which carries punishing tax treatment.

And the costs are real: annual corporate filings, separate books, payroll or dividend decisions, minute books, higher accounting fees.

👉 The break-even point is different for everyone.

Wealth is boring. That's the secret.The habits that actually move the needle:▪️ Automate first. Money moved on payday ge...
10/08/2026

Wealth is boring. That's the secret.

The habits that actually move the needle:
▪️ Automate first. Money moved on payday gets saved. Money saved at month end gets spent.
▪️ Know your number. What you spend in a normal month. Most people are off by 20%.
▪️ Pay the highest interest first. Debt at 20% beats an investment at 7% every time.
▪️ Use the accounts you already have. An unused TFSA or RRSP is a tax break you're declining.
▪️ Increase savings with every raise. Half the raise to lifestyle, half to future you. ▪️ Review quarterly. Not daily. Checking constantly makes you trade; checking rarely makes you drift.
▪️ Keep the emergency fund boring and liquid. It isn't an investment. It's insurance.

None of these are clever. All of them compound.

👉 Save this one and pick one habit to start this month.

10/08/2026

Building wealth doesn’t have to be complicated. Do the boring things like automate and buy boring investments.

If you're a Canadian resident, the CRA wants to know about income earned anywhere. Not just here.That includes:▪️ Rental...
10/07/2026

If you're a Canadian resident, the CRA wants to know about income earned anywhere. Not just here.

That includes:
▪️ Rental income from a property abroad
▪️ Foreign pensions ▪️ Interest, dividends and gains in overseas accounts
▪️ Income from foreign employment or self-employment
▪️ Crypto held on foreign platforms

Separately, there's Form T1135. If the total cost of your specified foreign property crosses the reporting threshold at any point in the year, it must be filed — even if you earned nothing and even if you owe nothing. The penalties for skipping it are steep and they're per year.

The good news: tax treaties and the foreign tax credit usually prevent you being taxed twice on the same dollar. But only if it's reported.

Voluntary disclosure exists for people who didn't know. Coming forward early is always better than being found.

👉 Have assets or income outside Canada? Let's make sure your filings match.

10/06/2026

DTC tip for those with ADHD, LD, ASD or other diagnoses that fall under mental health, go through the mental functions section of the DTC application and score yourself.

A good year end takes two weeks. A messy one takes two months and costs you more.What to have ready before we meet:▪️ Ba...
10/03/2026

A good year end takes two weeks. A messy one takes two months and costs you more.

What to have ready before we meet:
▪️ Bank and credit card statements for every business account, through year end
▪️ Reconciled bookkeeping — or an honest heads-up that it isn't
▪️ A list of unpaid invoices and unpaid bills as of year end
▪️ Inventory count, if you carry any
▪️ Loan statements showing principal vs. interest
▪️ Details on any major purchase — equipment, vehicles, tech
▪️ Anything unusual: a new shareholder, a new province, a grant, a lawsuit, a big write-off

And the questions worth asking while you're there: salary or dividends this year? Any bonus to declare? Any purchases worth timing before the year closes?

👉 Year end is the one meeting where preparation directly lowers your bill. Book early.

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Virtual Options
Richmond Hill, ON

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm

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