How To: Add Tax To Your Website - Canadian Edition
Nicole Hart from Supernova Sites and Arielle A Smith from Fix My Books for this in depth tutorial on how to add taxes to your Wordpress website - Canadian edition.
This video explains the basics of tax every Canadian entrepreneur needs to know including where to set up a GST/HST number, when you should start charging tax, how to charge tax on different products (physical vs. downloadable), and how to charge your customers the correct tax % by province.
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Adjust/amend an HST Return (Canada)
In this video Arielle from Fix My Books will be showing you how to adjust/amend an HST Return.
CRA Login: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html
Check out how to file an HST Return here: https://youtu.be/MtZYniyArV4
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: Whats the difference between Sales Revenue Gross Profit and Net Profit?
In this video Arielle from Fix My Books will be teaching you the difference between:
1. Sales/ Revenue / Top Line
2. Gross Profit
3. Net Profit / Bottom Line
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: What are Canada Revenue Agency (CRA) Installment Payments?
In this video Arielle from Fix My Books will be teaching you about what Installment Payments are, who's required to make these installment payments and how to find out if you're required to pay, when you need to pay and how much.
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Pay HST Owing (Canada)
In this video Arielle from Fix My Books will be showing you how to pay your HST owing using:
1. CRA Make a Payment - https://bit.ly/3NAvNVH
2. PaySimply - https://www.paysimply.ca/cra/
3. Plastiq - https://www.plastiq.com/cra-blp/
Check out how to file an HST Return here: https://youtu.be/MtZYniyArV4
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: What is Earned Income according to the Canada Revenue Agency?
In this video Arielle from Fix My Books will be teaching you about the different types of income that constitutes Earned Income. This is important as this affects your Registered Retirement Savings Plan (RRSP) Contribution room!
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: What is a Tax-Free First Home Savings Account (FHSA)
In this video Arielle from Fix My Books will be teaching you about the new Tax-Free First Home Savings Account (FHSA) that will be available this year (2023).
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: What is a Notice of Assessment / Notice of Reassessment from the Canada Revenue Agency (CRA)?
In this video Arielle from Fix My Books will be teaching you the difference between:
1. Express Notice of Assessment
2. Notice of Assessment
3. Notice of Reassessment
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
What is a Tax-Free First Home Savings Account (FHSA) (aka First Time Home Buyer Savings Account)
The Canadian Government has proposed the introduction of the Tax-Free First Home Savings Account (FHSA) in the 2022 budget. This new registered plan would give prospective first-time home buyers the ability to save towards their first home by allowing account holders to contribute up to $40,000 over the lifetime of the plan on a tax-free basis.
An FHSA combines the features of a Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). Similar to a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home, including from investment income, would be non-taxable, like a Tax-Free Savings Account (TFSA).
In the 2023 tax year, Canadians will be allowed to contribute the full $8,000 annual limit during the year.
Quick Tips: T1 vs. T2 Vs. T3 vs. T4 - What's the difference?
In this video Arielle from Fix My Books will be teaching you guys the difference between a T1, T2, T3 and T4.
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: File T4s with CRA using XML File (2022 Tax Year)
In this video Arielle from Fix My Books will be showing you how to file your T4's with the CRA using an Internet File Transfer (XML File) aka electronic transmittal.
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Tax Filing Prep - Year End Review of your Quickbooks account
In this video Arielle from Fix My Books will be showing you how to prepare your books for Tax Filing by doing a Year End Review of your financial statements in your Quickbooks Online Account or any other accounting software that you're using.
Here are some things we are going to look at:
1. Profit and Loss Statement
2. Balance Sheet
3. Accounts Receivable
4. Accounts Payable
5. HST Return and Balances
6. Property, Plant and Equipment (Fixed Assets) and Depreciation
7. Inventory and Cost of Goods Sold
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Find your CRA Business Number
In this video Arielle from Fix My Books will be showing you how to find your Business Number using your CRA My Business account.
CRA Login: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Fix My Books Inc Joins A2X Partner Program
Fix My Books Inc joins A2X Partner Program.
Fix My Books is now officially a part of the A2X Partner Program, and is one of only five Canadian Bookkeeping and Accounting firms to be a Certified A2X Partner.
How To: Find your T4's using your CRA account
In this video Arielle from Fix My Books will be showing you how to find your T4's using your CRA account.
CRA Login: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: Best Accounting Software (Xero vs. QBO vs. Freshbooks vs. Wave vs. Sage)
In this video Arielle from Fix My Books will be showing you a high level overview of which accounting software would be right for your business.
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Find your RRSP Deduction Limit & TFSA Contribution Room
In this video Arielle from Fix My Books will be showing you how to find your RRSP Deduction Limit & TFSA Contribution Room.
CRA Login: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Change / Update your address with the CRA
In this video Arielle from Fix My Books will be showing you how to change/update your address in your CRA Individual Account.
CRA Login: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Authorize a Representative in your CRA My Business Account
In this video Arielle from Fix My Books will be showing you how to authorize a representative in your CRA My Business Account.
CRA Login: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Authorize a Representative with the CRA (Individual)
In this video Arielle from Fix My Books will be showing you how to authorize a representative in your Individual CRA Account.
CRA Login: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!