If you’re self-employed in Canada, listen up because this episode is for you! Since posting some videos about setting up a small business and figuring out income tax and sales tax on my YouTube channel years ago, I still get questions about write-offs, tax rules, and registering a business on the daily. But I’m not an accountant, so often I have to tell people to seek professional advice from a CPA. Enter my next guest https://www.youtube.com/channel/UCRWJtP7TXOl0-NPbpnj5b-Q who is a CPA and has a ton of great resources including a course all about how to set up your small business properly in Canada. In this episode, she shares some new tax updates if you haven’t filed your 2023 taxes yet, but for the most part, we just do a deep dive on the most common questions I get from self-employed folks about bookkeeping, accounting and making sure they are doing everything right. ============================= CHAPTERS 00:00 Introduction 02:32 Guest Background 05:48 Tips and Updates on Personal Income Taxes 12:09 The Importance of Proper Financial Management for Entrepreneurs 24:15 Commonly Missed Write-Offs for Small Business Owners 28:11 Navigating Sales Tax: Understanding the Rules and Regulations 28:15 Introduction to Sales Tax 29:11 When and How to Register for Sales Tax 30:32 Choosing the Right Tax Rate for Your Sales 32:20 Simplifying Bookkeeping with an Automated Checkout Cart 38:03 Registering Your Business: What You Need to Know 41:46 Common Mistakes to Avoid with Sales Tax 47:43 Managing Income Tax and Sales Tax Installments ============================= TAKEAWAYS • Entrepreneurs should take their business finances seriously from day one and educate themselves on bookkeeping and tax requirements. • Having separate bank accounts and keeping receipts for business expenses is crucial for proper financial management. • Commonly missed write-offs include cell phone bills and home office expenses. • Sales tax can be confusing, and it's important to understand the rules and regulations. • Proper financial management and understanding tax requirements can save entrepreneurs time and money in the long run. Register for sales tax when you have made $30,000 or more in sales over four consecutive quarters. • Charge your local tax rate if you are unsure of the appropriate tax rate to charge. • Use a checkout cart that automatically collects sales tax to simplify your bookkeeping. • Register your business if you want to use a different name than your personal name. • Pay attention to income tax and sales tax installments to avoid penalties and interest. ============================= RESOURCES 📌 Check out Jami Monte's Chillbooks course https://jessicamoorhouse.com/chillbooks 📌 Show notes & transcript https://jessicamoorhouse.com/397 ============================= GET STARTED ➡️ BUDGET SPREADSHEETS & MERCH https://jessicamoorhouse.com/shop ➡️ INVESTING COURSE https://jessicamoorhouse.com/course ➡️ EMAIL LIST https://jessicamoorhouse.com/subscribe ➡️ RESOURCE LIBRARY https://jessicamoorhouse.com/resources ➡️ RECOMMENDATIONS https://jessicamoorhouse.com/recommendations FOLLOW ME ✏️ BLOG https://jessicamoorhouse.com/blog 🎙 PODCAST https://jessicamoorhouse.com/podcast 📺 PODCAST YOUTUBE https://www.youtube.com/channel/UCqn4iwsORrFmWRCDdIc_nMg 🐥 TWITTER https://twitter.com/jessi_moorhouse 📘 FACEBOOK https://www.facebook.com/jessicaimoorhouse 📸 INSTAGRAM https://www.instagram.com/jessicaimoorhouse ABOUT ME I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada®, speaker, content creator, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and run my own business, MoorMoney Media Inc., to educate others about financial literacy. To learn more, check out my website https://jessicamoorhouse.com/ #personalfinance #financialliteracy #money --- DISCLAIMER & DISCLOSURE The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/