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Frequently Asked Questions

So now you’ve got the big job and it’s time to get things done. But…the job is too big for your firm or maybe involves a sub-trade that is not your specialty. It’s time to assemble your dream team of partners to help get the job done. You’ve got sub contractors! What’s the best way…

We understand some topics may seem more complex than others when talking about our business. Find here the answers to our most frequently asked questions. How long is it going to take? Services can be done quickly if all back up documents are submitted and organized and submitted well before your deadlines.  It’s human nature…

You may wonder, how do successful businesses like yours save money for taxes? Your business is off to a great year and you know you’re going to owe some taxes at year-end. Now is the time to consider putting some money away to pay your tax obligations. Different methods to save for taxes First thing…

Considering whether to purchase or lease a new piece of equipment? What’s right for your business? There’s more to consider than the monthly costs alone. You need to look at your expectations, service life and the total cost of ownership to determine the best for your business. How does a lease work vs. buying Leasing…

You know you need help with the financials but can you get by with only one or the other? When is the right time to bring on a bookkeeper vs accountant? What does a bookkeeper do? Bookkeepers can be thought of as your tactical support team.   On a day-to-day basis they help your business…

You’ve decided you need a bookkeeping service to help keep your books in order and are in the process of deciding what sort of tasks you need them to do. Let’s have a look at what some different tiers of bookkeeping look like… Annual Bookkeeping Service If your business has no employees and simple accounts,…

Whew! Congratulations on a successful year. As a result of your success, you now have a tax bill to pay. You’ve got multiple choices to pay your personal, corporate and HST tax balances and instalments.   And The Winner is ….Bill Payment via Online Banking    Using the tax bill payment function in your Canadian bank…

Choosing how to pay yourself (payroll vs dividend) is confusing. Is it better to take payroll or a dividend? The answer for your company will depend on your budget, planning, and appetite for administration. In general, payroll should be used for day-to-day living expenses and dividends should be used to clear excess retained earnings from…

  Titanium HQ welcomes you to our Spring 2022 Personal Tax Update   Let’s take 5 minutes to update you on the 2021 Tax Filing Deadlines,  supply you with a link for our 2021 Tax Checklist and talk about some of the 2022 Personal Income Tax Changes and start you on the right foot for your…

Your medical practice is doing well. You’ve worked hard to prioritize patient care while still bringing in a profit, and now you have a surplus of cash that you don’t need to cover day to day operations. While this is exciting, deciding exactly what’s best to do with that extra income can feel paralyzing.  To…

You’re a Type A business owner with grand visions of where you want to take your company. Because of this, you’re always looking for ways you can improve your business, or things you’re doing that might unintentionally be holding you back. In my years of experience working with talented entrepreneurs, I’ve noticed four big mistakes…

Cash is the number one limiter of growth for most businesses.        The bigger you grow the more cash your business needs to buy inventory, pay staff, develop intellectual property and provide credit terms to your customers.      A cash flow crunch can force a profitable company to halt its growth or even become insolvent.    A…

So, you’re thinking about using QuickBooks as your accounting system but are confused whether to go Quick Online QBO and QuickBooks Desktop QBD. You may want to consider the following questions when deciding Quickbooks Desktop vs. Quickbooks online. Who: Who is going to be doing your books? Are you going to do them yourself or…

How to Run a Payroll – from paper & pen to automated payrolls Congratulations on hiring your first or your fiftieth employee!  You must learn how to run payroll that complies with government regulation. As you may already know, the Canada Revenue & Agency and Service Canada requires you to calculate and withhold the Canada…

Crypto – I’m sure there will be winners and losers and most times we’re only going to hear from the winners.   At this pioneering stage, no one knows which coins will survive;  it’s going to be a thing but central banks and bigger players need to get involved to scale.   I respectfully share…

Your company is doing well. You’ve seen a boost in profits, have made key strategic decisions, and now you have a surplus of cash that you don’t need to cover day to day operations. While this is exciting, deciding exactly what’s best to do with that extra income can feel paralyzing. One of your first…

Incorporation vs Sole Proprietor – have you been struggling with the decision on which type of company is right for your company? Check out our attached guide to some of the nuances between Corporations and Sole Proprietors. Organization differences between Incorporation vs Sole Proprietor A sole proprietor is the simplest business organization. You can still…

Bookkeeping is the process of recording the transactions ie. the ins and outs of your business. Great books – those that are accurate and complete bookkeeping provide better decision making for your business. The vast majority of your bookkeeping bill comes from Volume, Complexity and Errors all of which can be reduced to save money…

How can I catch any bookkeeping errors I make when I’m doing it myself?  You’ve decided to take on your own bookkeeping. Maybe it’s to help you stay on top of your numbers or because you’re still deciding what outsourced finance solutions are right for your business. Whatever the reason, daily bookkeeping is no easy…

Number 1 on the list of 10 Business Secrets I wish everyone knew Our 10 Business Secrets starts off with: A business is not what you do, what you own or what you sell. A business is culture – a set of common beliefs that bind people around an objective or goal. Your employees take…

The modern bookkeeper is a strategic partner critical to your operation and is responsible for much more than record keeping. Bookkeeping is responsible for Compliance – that is the work to satisfy government requirements such as payroll calculations & remittances, WSIB compliance and HST filing. Compliance is a hidden cost center when not properly done….

Many people have an outdated view of bookkeeping. Most imagine a scene out of A Christmas Carol or Gringotts’s Bank where a goblin is bent over an enormous ledger making minute entries. When I took accounting in high school, we were still taught the ledger method. Luckily, technology has replaced paper and eliminated a lot…

How do I avoid audit triggers? Why do businesses get audited? If you’ve ever been audited, you know that it’s a very unpleasant surprise. It’s a stressful process that can drain you of time and money you can’t afford to spend. But what if who the CRA chooses to audit isn’t actually a surprise?  The…

The very best business owners know how to delegate, but you’re still uncertain if it’s the right time to bring in an outsourced accounting team for your growing company. Whatever stage of business you’re in, whether you’re starting up or scaling up, all small & medium sized businesses should invest in outsourced accounting.  The truth…