Definition: Working capital refers to the difference between a company’s current assets and current liabilities. In lay man terms… It is a measure of a company’s short-term financial health and operational efficiency. Working Capital = Current Assets − Current Liabilities Where: Current Assets include cash, accounts receivable, inventory, and other assets expected to be converted into cash within one year. Current Liabilities include accounts payable, short-term debt, and other obligations due within a… Read More
Tax Credits and Subsidies for Feature Film Producers in Canada and Ontario
Canada and Ontario have long been recognized for their vibrant film industries, offering a wealth of opportunities for filmmakers. To support this creative sector, both federal and provincial governments provide various tax credits, grants, and subsidies to ease the financial burden on film producers. This blog will delve into the tax credits available, the government grants, the accounting methods used during film production, and the necessary tax forms to be… Read More
Tax Planning for Health Professionals in Canada: An Essential Guide
Tax planning is a critical aspect of financial management for health professionals in Canada. Whether you are a doctor, dentist, nurse, or another health professional, understanding tax regulations can help you maximize your deductions, minimize liabilities, and ensure compliance with the law. This guide aims to provide comprehensive information on key tax forms, deductible expenses, and the rules around HST, GST, and provincial sales tax. Essential Tax Forms for Health… Read More
Tax Changes to the Dental World
GOOD NEWS! Canadian Dental Care Plan (CDPCP) In 2024, the Government of Canada launched a dental care program for those under the age of 18, seniors, and Canadians holding a Disability Tax Credit certificate were eligible to apply for the CDCP. In 2025, the plan is being expanded for Canadian resident families with a gross household income of less than $90,000 and do not have dental insurance. The amount of… Read More
The Dreaded CRA Audit & The 3 Golden Rules
I made a YouTube video on this very topic, and I highly recommend you watch the video. Before we begin, I have a confession to make. It was my second video, I was still learning, the graphics and effects are horrendous. Looking back, it’s quite embarrassing. On the flip side I am super happy to say the content itself is top shelf. Save yourself the eye strain and listen to… Read More
Companies need a budget, and they need it now!
Starting a company is fun, exciting, and scary at the same time. It’s natural to make mistakes as you go along your journey, it’s all part of the learning process. Pretending as if something doesn’t exist is not natural. Let me explain… Managing and monitoring cashflow, monthly financials, taxes filings, and preparing budgets and forecasts are part of your fiduciary duty as an officer of the company. In too many… Read More