CONTACT US

Resources and articles

Blog
Exploring the full potential
Amanda

From Bookkeeping Reset to Tax Season Ready: Why January Makes All the Difference

If tax season feels stressful every year, the problem often starts months earlier. January is one of the most overlooked opportunities for small businesses to get ahead financially, and can be the foundation for how smoothly your business will operate in the months ahead. For many small businesses, tax season stress doesn’t come from the taxes themselves, but from disorganized books leading up to them. That’s why a January bookkeeping

Read More »
January 21, 2026
Exploring the full potential
Amanda

NEW YEAR / CLEAR BOOKS – The Bookkeeping Reset Every Business Needs

The start of a new year is more than a clean calendar. Think of it as an opportunity to reset how your business operates. January is the ideal time to review, organize, and strengthen your bookkeeping so the rest of the year runs smoother. A small amount of attention now can prevent costly issues later and give you clearer insight into your business from day one. 1. Why January Is

Read More »
January 6, 2026
Tax Preparation
Amanda

A Beginner’s Guide to Business Taxes in Canada 

Starting a new business in Canada can be exciting and rewarding! It also comes with responsibilities, including taxes – which can sometimes be confusing to wrap your head around. Understanding business taxes from the start can and will help you avoid problems later and keep your business running smoothly from the beginning. Whether you’re a sole proprietor or incorporated, this guide will walk you through the key things you need

Read More »
October 3, 2024
child rearing - amanda & family
Finance
Amanda

Can I optimize my CPP for the years I raised my children?

I was recently asked by a client who is getting ready for retirement if there was any way she could optimize her CPP to take into account the years she was raising her children.   If you have children born after December 31, 1958, you may qualify to increase your Canada Pension Plan benefit through the child-rearing drop-out provision.  For more information on the Canada Pension Plan (CPP) click here. Why

Read More »
July 30, 2022
claim office expenses
Finances
Amanda

Claiming work from home expenses made easier

In response to the sheer volume of Canada’s workforce that moved from downtown offices into their homes; the government has introduced a simplified process for claiming work from home expenses.  Previously, to claim work from home expenses the requirement had to be included in the employment contract and a Conditions of Employment T2200 had to be completed annually by the employer.  The form was lengthy and many employers shied away

Read More »
December 28, 2020
tax preparation, bookkeeping, financial services
Tax Preparation
Amanda

It’s Tax Time – Are You Celebrating?

“It’s Tax Time” nobody ever cheered excitedly – well except maybe tax-preparers and accountants. Most people find taxes complicated, overwhelming and sometimes downright punitive! So let’s talk about how to prepare for and even get excited about tax time! Prepare for Preparing for tax time doesn’t start in February when you start adding your receipts into a spreadsheet.  It starts at the beginning of last year after you’ve talked to

Read More »
February 2, 2019

Celebrate Your Success With Tax Time!

Part 3 – Don’t Fear Rental Income So many small businesses fixate on the almighty write off; sometimes even attempting to hind income such as rental income, in an effort to pay less tax. As mentioned in previous blogs, it is good practice to not pay more than required. But there are two important reasons why hiding rental income is a MISTAKE. First of all it’s always important to be

Read More »
March 12, 2015

Celebrate Your Success with Tax Time!

Part 2 – Capital Cost Allowances Do you look around your office and see piles of receipts that you have been meaning to deal with? Were enjoying the warm after effects of the holidays when you realized that the end of December means the coming of January and with it TAX PREPARATION TIME… Are you starting to feel a slight panic rising? If you’re thinking that Capital Cost Allowance is

Read More »
March 12, 2015

Part 1 – Do You Know What You Can Write Off

Knowing your business is key to knowing how to apply tax regulations properly thus optimizing your financial situation. Many small business owners know you can write off the basics like travel, parking and meals related to your business. But Amanda can help you take it a step further! Did you know: Actor’s can write off teeth whitening, show tickets, costumes, haircuts and more Graphic designers and tattoo artists can write

Read More »
January 26, 2015

Celebrate Your Success With Tax Time!

Everyone hears the word taxes and groans; they seem complicated, overwhelming and sometimes downright punitive! Amanda Mungal, Owner of It’s Your Time is pleased to be offering a seminar for small business owners on how to prepare for and even get excited about tax time! Small business is a small world and people handle their taxes differently. You may have overheard entrepreneurs bragging about using various “tips and tricks” to

Read More »
January 15, 2015