What Everyone Wants to Know About Late Taxes in Canada (2019)
First, every business owner and individual in Toronto must ensure they file their tax returns on time with the Canada Revenue Agency to avoid penalties and added stress. It’s in our own best interest to avoid penalties, for no one needs the added stress and expense of filing late. The consequences are straight forward and consistent. Penalties will […]
How to Avoid Burnout and Take Your Life Back
10 Simple Ways to Health and Sanity Industry, business and finance have become so demanding in our work lives that everyone is feeling enormous pressures to perform seven days a week with no rest. Furthermore, in so many fields, social media has added to demands of time and efficiency that to keep up has become […]
Starting a Business — the Right and Wrong Reasons
Taking the leap to start a new business venture is not a decision to be taken lightly. Most people fail to ask themselves the difficult questions before making that move. The strength of the answers may mean success or failure. So, what makes you cut out to be an entrepreneur? As our world goes global […]
4 Reasons Small Business Owners Need to Outsource Their Bookkeeping
Finding someone to balance your books isn’t just about taking some of the workload off your shoulders. Professional bookkeeping services ensure you stay on top of all your tax obligations, and, a good accountant will help your business save money. They also make running a business a lot less stressful. If you’re still struggling to […]
Four Tips to Effective Marketing
Marketing makes the success or failure of a product. Marketing principles are tried and true, developed for decades by scientific research; there is no guessing game. The evidence speaks for itself. Any product can be a success with effective techniques. 1. Your Product is the Solution, Not a Product Never sell a product! Sell a […]
How to Minimize Your Risks of Being Audited?
The last thing you need is a letter from Canada Revenue Agency informing you that you are being audited. In the year 2017, more than 35,000 of such letters were issued to businesses, and almost 55% of such letters targeted small to medium-sized businesses. Although there is no avoiding one, there are ways to cut […]
Top 5 Questions to Ask Before Business Start
It’s exciting to start a business. And that’s scary. One of the best ways to boost the excitement and shrink the fear is to take the time to ensure that you are fully prepared for what is to come. While it’s hard to plan for any possibilities and challenges that may arise, you can get […]
Everything You Need to Know About Working With Leonard Tam
At Leonard Tam, we specialize in helping small business owners with their financial needs. What exactly does that mean for you? Here are the answers to some of the most common questions potential clients ask us. Are There Any Business Size Requirements? We are happy to work with businesses of all sizes. However, we specialize […]
No Receipts, No Deduction. Unless?
How Can You Declare Expenses in Income Tax Without Showing Receipts! Receipts work as evidence for our business expenses and the Canada Revenue Agency may decide to reduce the number of expenses you have deducted. All of our claimed business expenses on our income tax return need to be supported with original documents like receipts. […]
A Look at the Services We Offer at Leonard Tam
When it comes to sales tax returns and small business consulting, you don’t want to go it alone. Instead, you want the guidance of an experienced consulting business to help steer your business in the right direction and help you avoid the traditional pitfalls that can come with errors related to bookkeeping or tax preparation. […]