Cathleen Rulli, CPA

07/20/2026

07/18/2026

Your chart of accounts is the foundation of your bookkeeping system.

It organizes every transaction so you can properly track business performance.

A clean chart of accounts helps you:
✔ Understand profitability
✔ Track expenses accurately
✔ Make better business decisions

Good reports start with clean bookkeeping.

07/16/2026

RESP withdrawals can be taxable or non taxable and it’s important to complete the withdrawal form correctly. It’s also important to optimize the withdrawals so your child pays the least amount of tax on the taxable portions.

07/16/2026

RESP withdrawals can be confusing—but understanding the basics helps.

There are two main types of withdrawals:
PSE withdrawals = your original contributions (tax-free)
EAP withdrawals = government grants + investment growth (taxable to the student)

Because students often have low income, tax on EAP withdrawals is usually minimal.

Planning withdrawals strategically can maximize RESP benefits.

07/15/2026

We’re halfway through the year—this is a great time to check in on your finances.

Ask yourself:
• Am I staying on budget?
• Am I saving consistently?
• Have I reduced debt?
• Am I planning ahead for taxes?

You don’t need to wait until January to reset your financial goals.

Small adjustments now can improve your financial picture by year-end.
Progress matters more than perfection.

07/14/2026

A Henson Trust is a powerful estate planning tool. While I mentioned ODSP, a Henson Trust provision in your will is beneficial in most provinces if your child receives provincial disability benefits.

07/11/2026

If you own a corporation, paying yourself isn’t always straightforward.

Should you take salary, dividends, or a mix of both?
Salary creates RRSP room and contributes to CPP.
Dividends can offer flexibility and lower cash outflow.
The right strategy depends on your income needs, tax planning, and long-term goals.

07/09/2026

An RESP helps families save for a child’s future education.

Your contributions grow tax-deferred, and the government may add grant money through the Canada Education Savings Grant (CESG).

That means every dollar saved today can go even further later.

Starting early allows more time for growth—but starting later can still be beneficial.

07/08/2026

Not all tax credits work the same way. Most of the tax credits available in Canada are non refundable.

Non-refundable tax credits help reduce the amount of tax you owe—but they won’t create a refund beyond taxes paid.

Refundable credits can put money back in your pocket, even if you didn't pay any income tax.

Understanding the difference can help you better estimate your tax refund or balance owing.