Daily Archives: March 14, 2013

Real estate rentals

Rental income is earned by renting space and providing only basic services, such as heating, air conditioning, and building maintenance. If additional services, such as meals, cleaning, fresh linen and washroom supplies, among others are provided, the rental income may be considered business income. The more services provided, the greater the chance the rental operation

Continue Reading →

Sole Proprietorship vs. Corporation (Part II) – Legal Aspects

Legally and practically as sole proprietor there is no separation between the sole proprietorship business organisation and the individual. In this form of organisation, the sole proprietor gets all the benefits, and all the burden of the business. And this means the following: –          As a sole proprietor you cannot be an employee of the business

Continue Reading →

Keeping the paperwork

Each business sale or purchase must be backed-up by records containing the amount, the date, and details of what the money was used for (e.g. I bought a power tool from Canadian Tire for $150 on 5th January) or received in respect of (Mrs Jane paid me $100 to fix her Shower on 1st April)

Continue Reading →

How to organize your bookkeeping?

If you just opened a business or you intend to open one it is important to have control of your papers. The invoices issued and the receipts for service of goods purchased should all be kept because these are the things which will determine your income tax. If you are an organized person probably you will

Continue Reading →

Overcoming your fear of sales

1. SELF-TALK: Recent studies show that over 70% of what we say to ourselves in our minds is negative. Replace this with positive affirmations. Example: When approaching someone about your product or service, you might think the following or some variation of it- “I’m doing this person a favour. I’m spending my time, money, educational

Continue Reading →