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29-Sep-2020

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EMPLOYMENT INSURANCE (EI): Voluntary Departure

Eligibility for CERB is based on whether it is the employer or employee’s decision to leave, and why that decision was made

22-Sep-2020

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UNREASONABLE ALLOWANCES: Taxable fully or Partially?

Ensure that allowances paid are reasonable. If they are determined unreasonable, the full allowance could be taxable

15-Sep-2020

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OAS DEFERRAL: Undoing an Application

Before applying, make sure if your income (& expected income) will erode the benefits. If so, consider deferring OAS application.

08-Sep-2020

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LOANS FOR VALUE: Income Splitting Tool

Consider if there is significant investment capital available, and a family member at a lower marginal tax rate

04-Sep-2020

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VIDEO CONFERENCING TIPS: Making it Look Professional

Virtual communication will likely be a permanent fixture in the future for professional meetings

01-Sep-2020

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Watch Out! Real estate sector focused by CRA

Even a fully exempt principal residence sale was required to be reported for 2016 and later years

30-Aug-2020

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UNEMPLOYMENT BENEFIT (SUB): TEMPORARY LAY-OFFS

Consider setting up SUPPLEMENTAL UNEMPLOYMENT BENEFIT (SUB) plans as individuals transition to traditional EI

30-Aug-2020

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CHANGES TO PAYROLL: Correcting Errors

If a T4 correction or wage adjustment is required, consult with the detailed guidance in publication RC4120

23-Aug-2020

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Reimbursing Employees for Technology Costs: Working from home

Up to $500 reimbursement to employees for the personal purchase of equipment for working remotely

20-Aug-2020

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TAX TICKLERS August 2020

Some quick points to consider: A webpage, was launched to help manage one’s business during COVID-19

18-Mar-2020

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MOBILE HOMES, RV PARKS, CAMPGROUNDS Loss of the Small Business Deduction?

Income from the rental of seasonal and extended seasonal campsites and the storage of RVs (Specified investment businesses) are not eligible for the small business tax rate. Instead, they are taxed at over 50% in all provinces and territories, although 20.67% may be refunded when dividends are paid.

11-Mar-2020

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TAX ON SPLIT INCOME: The 20 Hours Test

One of the exceptions from TOSI occurs when the income recipient is actively engaged in the business and works an average of 20 hours per week. Where the 20-hour test is not met, the ongoing nature and labour requirements of the business must be considered.

04-Mar-2020

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CPP/EI RULINGS: Do they Trigger Payroll Audits?

CRA commented on whether a CPP/EI ruling triggers follow-up assessing and review. A referral to the Trust Accounts Examination Division (often leading to a payroll audit) is not automatically sent. However, it is sent in situations such as..

26-Feb-2020

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TRAVEL EXPENSES Shareholder-Employees

CRA released the promised guidance for employment expenses incurred by shareholder-employees to be deductible:

19-Feb-2020

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EMPLOYMENT EXPENSES Costs of an Assistant

A deduction can be claimed for salary paid to an assistant. Any deduction must be for salary, requiring it be paid to an employee.

12-Feb-2020

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U.S. EXPATRIATES New Relief Procedures

On September 6, 2019, the IRS announced Relief Procedures for Certain Former Citizens, a new process to facilitate eligible individuals in becoming compliant with their U.S. tax obligations, in conjunction with renouncing their U.S. citizenship (IR-2019-151)

12-Feb-2020

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MOTOR VEHICLE EXPENSES Deductible?

Produce a T2200 which indicate that motor vehicle expenditures were requirements of employment with records that support total kilometres traveled such as repair receipts, employment/business travel logs

05-Feb-2020

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FEDERAL CARBON TAX Costs and Rebates

The Department of Finance announced the climate action incentive payment amounts for 2020. The following amounts may be claimed on the 2019 personal tax returns:

05-Feb-2020

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ADOPTION EXPENSES Step-Child

Legally adopting the child of a common-law partner may be eligible to claim the costs under the adoption expense tax credit ($16,255 @ 15% for 2019)

28-Jan-2020

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TAX TICKLERS some quick points to consider JAN 2020

Recent changes include rise in tax free Basic personal income to $13,229, 100% immediate write-off for zero-emission vehicle used in a business etc.

02-Dec-2019

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EMPLOYMENT EXPENSES Commuting

Commuting to work, no matter how far, is considered personal. However, there are some exceptions to this rule, such as where the individual travels to a temporary special work site, or a remote work location

25-Nov-2019

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PROTECTING YOUR TAX INFORMATION: CRA guidelines

CRA released various suggestions to safeguard tax information, including the following:

18-Nov-2019

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UNCLAIMED BANK DEPOSITS OR PROPERTY- Are you the rightful owner?

At the end of 2018 approximately 2 million unclaimed balances, valued at $816 million, were held by the bank, with $11 million being paid out in the year. Of interest, the oldest balance dates back to 1900..

11-Nov-2019

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PROPERTY FLIPPING Income or Capital?

If the motive for the sales were not personal but, rather, in pursuit of profit (sold on account of income) it is not eligible for capital gains treatment. As the gains were not capital in nature, the principal residence exemption could not apply.

11-Nov-2019

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Good News-TRUSTS FOR DISABLED BENEFICIARIES

Each program’s terms must be examined to determine whether a trust interest would properly be considered an asset of the individual.

04-Nov-2019

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PARKING PASS taxable benefit?

The Court upheld the previous Tax Court decision which classified an employer-provided parking pass as a taxable benefit..

28-Oct-2019

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NOV 2019 TAX TICKLERS- some quick points to consider

Taxpayers may be entitled Employment insurance benefits when working outside Canada. A new Government of Canada report shows shocking statistics on tax actually paid and collected in 2014

28-Oct-2019

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IS IT TAXABLE? LOAN FROM A SIBLING’S CORPORATION

Special rules apply to loans advanced from a corporation to a shareholder or any related person which require an income inclusion in the hands of the borrower..

28-Oct-2019

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TRACKING OF OWNERSHIP INFORMATION CHANGES: Canada Business Corporations Act

Changes to the Canada Business Corporations Act , which came into force on June 13, 2019...

21-Oct-2019

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DEMAND FOR CLIENT INFORMATION: CRA’s Abilities

CRA intend to continue and increase the use of information gathering methods to get information about other taxpayers

14-Oct-2019

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WORKERS COMPENSATION: Replacement Payouts by Employer

If receiving full salary even after being injured, consider whether some of it could be classified as Worker Compensation and therefore tax-free.

07-Oct-2019

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ANXIETY DEPRESSION AND PHOBIAS Disability Tax Credit

A taxpayer may be eligible for the Disability tax credit (DTC) if the impairment(s) represents a marked restriction in the ability to perform a basic activity of daily living

30-Sep-2019

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ZERO-EMISSION VEHICLES: Personal and Corporate Incentives

Transport Canada released details on the purchase incentive of up to $5,000 for zero-emission vehicles as originally proposed in the 2019 Budget...

23-Sep-2019 Practiceplus

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Workplace vs. New Generations

When trying to find ways to engage new generation workers, consider these two thoughts; first, are millennials, and the older generation needs different?

23-Sep-2019 Practiceplus

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Small Business making big financial decisions- here’s how!

Nobody can act you more than you! If you would be making huge financial decisions, you might have to consider several factors- both personal and financial.

23-Sep-2019 Practiceplus

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Building a Business: Be your own customer.

The best way to stay in tune with your customers is to understand your customer; a way to do that is by being your own customer.

23-Sep-2019

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REIMBURSEMENT FOR WORK CLOTHING: Taxable

Clothing reimbursements - consider including distinctive visual markings such that it would be considered a uniform and therefore not subject to tax for the employee.

18-Sep-2019 Entrepreneur

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Survive the upcoming Conference season with these hacks

Because we all know any conference day is a long one.

18-Sep-2019 Businesses Grow

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Perhaps your company’s branding strategy is YOU.

You can become famous through luck. But becoming known and a trusted a personal brand requires consistent work over many months, and perhaps even years.

16-Sep-2019

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SPECIAL WORK SITE ALLOWANCE: Home Base Needed

SPECIAL WORK SITE ALLOWANCE planning to sell your residence because most of your time is spent at a special work site, note that your allowance may become taxable.

15-Sep-2019 ReadWrite

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Website Security: How to keep your website safe in 2019

No matter how strong your passwords are, chances are that sooner or later they can be breached.

15-Sep-2019 Readwrite

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7 actionable ways to turn stress into success

Stress is an unavoidable consequence of our everyday work lives. There are going to be times where we’re going to deal with it, and there are going to be times where all it seems like it’s doing is piling up and finding its way into our personal lives.

06-Sep-2019

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TAX TICKLERS… some quick points to consider… Sep 2019

In May and June of 2019, the provincial courts of appeal in Ontario and Saskatchewan ruled that the Greenhouse Gas Pollution Pricing Act (the Carbon Tax) was constitutional.

21-Aug-2019 PracticePlus

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Strategies, Plans and Commitment

The most easily executed strategic plans are no more than 2 pages long

21-Aug-2019 Debtfix

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Is it a business debt or personal debt, or both?

One of the most common issues seen when businesspeople find themselves in trouble with debt, is that they don’t actually know what they might actually be liable for.

21-Aug-2019 PracticePlus

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Boost your potential with these accounting certifications

Having a certification would not only give you an edge in the accounting labour market, but it would also increase your earning capacity.

19-Aug-2019

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Getting creative to reach the unreachable customer

In the early days of media, you had a daily newspaper, three network television stations, and some magazines.

18-Aug-2019 PracticePlus

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Empathy: 4 things to remember

Being able to see the world from others point of view is such a beautiful talent- don’t waste it.

14-Aug-2019 FeedSpot

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Lost in Translation

On average, business people receive about 90 emails each day and send about 40

14-Aug-2019 Startups

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How to run a carbon neutral business

Your small business can make a big carbon-cutting impact! The 6 steps to running a carbon neutral business and why it’s the must-make business move of 2019 – all explained here

14-Aug-2019 PracticePlus

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5 things social media posts have in common

Not everyone understands how to appropriate the use of social media when it comes to marketing.

12-Aug-2019 Xero

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How to get new accounting clients

A fifth of small businesses don’t have an accountant. As they grow, they’ll eventually want to get one. So how do you welcome those fresh young businesses into your practice?

12-Aug-2019 Xero

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Creating an accounting newsletter that works

Email has been around since the ‘70s but it’s still our favourite form of online communication. Because of that, email newsletters are a great marketing tool and offer some of the best returns on investment in the industry. So how do you do it well?

08-Aug-2019 Xero

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Doing it differently, keeping accounting simple

Bruce Earle’s clients might not recognise the beanie wearing, craft-beer drinking, fan of “the Boss” (singer/songwriter Bruce Springsteen) outside of work days at his accounting practice. But Bruce has always been one do things a bit differently.

22-Jul-2019 PracticePlus

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Dealing with abusive emails

This article will be focused on how users can deal with cases of abusive emails.

22-Jul-2019 PracticePlus

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Brand yourself

Instead of waiting for marketing agencies to do the work, it is time for companies to start branding themselves.

21-Jul-2019 PracticePlus

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What is an audit report and what are the types?

An audit report could be either summarized or lengthy.

21-Jul-2019 PracticePlus

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The three forms of business activities in accounting

The three major forms of business activities are financing, investing and operating.

21-Jul-2019 Entrepreneur

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8 Funny and relatable experiences that all entrepreneurs go through

The same things happen to everyone in different ways.

17-Jul-2019 AMP Capital

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The nine most important things I have learned about investing over the past 35 years

My nine most important lessons from investing over the past 35 years are that: there is always a cycle; the crowd gets it wrong at extremes; what you pay for an investment matters a lot; getting markets right is not as easy as you think; investment markets don’t learn; compound interest applied to investments is like magic; it pays to be optimistic; keep it simple; and you need to know yourself to succeed at investing.

17-Jul-2019 Xero

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The first accountant to use Xero Tax talks stress-busting and time-saving this EOFY

Over 5,000 firms rely on Xero Tax to lodge their tax returns

17-Jul-2019 Entrepreneur

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Answer These 7 Questions Before Starting Your Side Business

Take stock of the assets you have and create a realistic plan to define your purpose, gather resources and develop market insights.

14-Jul-2019 Journal of Accountancy

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How firms of any size can innovate

From small to large, accounting practices of all types can be effectively thinking ahead.

14-Jul-2019 Xero

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Helping small business through the succession planning process

A good succession plan can secure a business owner’s legacy, and their retirement. Why not help your clients come up with one? It could be one of the most important and enduring things you do for them. Here’s how to get the process started.

14-Jul-2019 Xero

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Accounting strategy emerges out of the wilderness

Jason Blumer realised his creative talent would be curbed if he stuck to the traditional ways of running an accounting business. So when he was let loose to manage his father’s firm, he started experimenting and having fun.

24-Jun-2019 PracticePlus

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What you can learn from an unhappy client

When a customer complains about your product, ask yourself first whether they have a point.

24-Jun-2019 PracticePlus

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How to sound a little more human in a live chat

It is essential to create a great first impression.

24-Jun-2019 PracticePlus

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Cash flow forecasting for Accountants

Cash Flow is what makes businesses live

23-Jun-2019 Journal of Accountancy

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What tax firms need to know now about technology

More than anything, companies must prepare their employees to be deeply knowledgeable but broadly adaptable.

23-Jun-2019 PracticePlus

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6 conference tips for business-people

This blog article will help suggest a few things that you can do to make conferencing less of a hassle for business owners.

23-Jun-2019 Journal of Accountancy

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4 ways to protect your data from the dark web

It’s not just personal data that are in jeopardy.

17-Jun-2019 HubPages

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Writing better emails

Imagine that any email you send was given to every employee at your company. If this thought makes you nervous, and it isn't due to privacy laws, you may need to reevaluate your message.

16-Jun-2019 Entrepreneur

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Leadership techniques that build unstoppable teams

Understanding and articulating your company’s “why” is fundamentally important, but the “how” behind how you and your team execute drives your organization’s culture and ultimately, it's brand.

16-Jun-2019 HubPages

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Challenges and problems of the modern business managers

The resources of every organisation includes among other things, physical, financial, time, information as well as human.

13-Jun-2019 Xero

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How to start a bookkeeping business

If you've ever thought of starting a bookkeeping business, now's the time. There are fewer barriers to entry than ever. Read our seven tips on how to get started.

13-Jun-2019

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May 2019 TAX TICKLERS some quick points to consider

Interest rates on Canada Student Loans and Canada Apprentice Loans will be lowered starting in 2019-2020...

13-Jun-2019

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Medical Expense Tax Credit- SAUNA AND HYDROTHERAPY POOL

CRA was asked whether the costs of installing a steam shower (sauna) and hydrotherapy pool could be eligible for the medical expense tax credit (METC)?

13-Jun-2019

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HOME BUYERS’ PLAN (HBP)- Enhanced Possibilities

Consider whether an RRSP contribution should be made now in order to benefit from the tax deduction, while making equity available for a later home purchase. Funds withdrawn under the plan must be in the RRSP at least 90 days prior to the withdrawal...

13-Jun-2019

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FIRST TIME HOME BUYER INCENTIVE- New Possibility

Watch out for details of this new incentive to be released in the fall...

12-Jun-2019

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VIDEO LEGACY- What Message Am I Leaving?

Consider revisiting your estate plan, will, and any other communications you would like to leave for your family.

11-Jun-2019

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SHARED CUSTODY OF A CHILD- The Equal or Near Equal Issue

Each parent is entitled to half of the credits/benefits which would be available if the child resided primarily with them

11-Jun-2019

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OLD AGE SECURITY (OAS) DEFERRAL- Opting Out Retroactively

Determine whether it is best to defer receiving OAS prior to applying...

11-Jun-2019

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GST/HST NEW HOUSING REBATE Meeting the Conditions

To qualify for the rebate, the purchaser, or a person related to the purchaser, must, at the time they become liable for the purchase, intend to use the property as their primary place of residence...

09-Jun-2019 Feedspot

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Why a Web App is important for your business

A web app puts you out to the world, gives you a platform, brings traffic to your site.

20-May-2019 Xero

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A nudge in the right direction: how our brains have evolved, and what we need to do about it

As a member of the learning and development industry, I am bombarded with research, insights, event invites, and models almost daily

19-May-2019 PracticePlus

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Why planning is important

Planning is simply a process that involves shaping a course of action that is to be done at a later date.

19-May-2019 PracticePlus

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Want to create an effective budget? Here are 10 tips for you

On the list of crucial things that determine if a small scale business will stay relevant or fold up within a short while, money is right on the top.

19-May-2019 PracticePlus

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The 5 reasons you should hire a external expert

Ever heard the quote by David Allen, who says “You can do anything, but not everything.”

19-May-2019 PracticePlus

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Benefits of advertising on YouTube

The Internet has made it very easy for a business to make its goods and services reach more and more people all over the world.

19-May-2019 Xero

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9 steps to an awesome invoicing process

You need billing to be fast and accurate.

12-May-2019 Xero

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What is depreciation and why should I care?

Depreciation affects your bottom line, your tax bill, and the value of your business. Those are three good reasons to learn what depreciation is and how it works. Here are the basics.

08-May-2019 Hubpages

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Understanding debits and credits in Accounting

Debits and credits are one of those fundamental concepts in accounting..

06-May-2019 Readwrite

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The bright future of online banking

Technology has facilitated all aspects of life

05-May-2019 Entrepreneur

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The importance of 'positioning' your brand when you're just starting out

"Positioning" is a term that gets thrown around a lot but can often be confused with other marketing activities.

05-May-2019 Entrepreneur

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Before you launch your business, make sure you have a safety net. Here are 13

All entrepreneurs need a parachute.

16-Apr-2019 PracticePlus

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Time Management 101

You understand the phrase, “Time is money” better when you are in the labour market.

16-Apr-2019 PracticePlus

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How much does your employee really cost?

Do you know that the wages you pay your employee is not all that your employee costs?

14-Apr-2019 PracticePlus

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Why you should advertise on Facebook

Facebook started in 2005 as a small networking site at Harvard University.

14-Apr-2019 PracticePlus

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Tax Season: 4 ways to make tax season less painful.

Tax Day is just right around the corner