Let’s get you some information to run with.
Frequently Asked Questions
The Titanium Team
09/07/2023
There is a right way and a wrong way to take money out of your business. The “wrong way” is to simply withdraw cash from your business bank account. It’s not wrong because it’s punishable by the Gods or the law enforcers, but it can result in a punishingly high tax bill. It can also…
The Titanium Team
03/16/2023
With the end of the Financial Year getting closer and closer, we elaborated a recap of when are your taxes due so you don’t miss any deadline! Different dates apply for each category Personal Taxes – In Canada, the deadline to file your personal tax return is April 30 of each year. In 2023, April…
The Titanium Team
01/31/2023
“Unless you are well-versed in accounting, it’s worth your investment to outsource it”. This is what Mike Taylor of The Smoke Bloke recommends to other business owners who are struggling through doing the accounting themselves. When we first met Mike he was running The Smoke Bloke on his own. He was the bloke, smoking. After…
The Titanium Team
11/24/2022
Ready to take the plunge and start your own business? Here are ten steps to successfully set up your small business: Register your business with the province of Ontario. Google “register a business Ontario” – make sure to use the ontario.ca page Think about setting up your systems for future growth now. It’s easier…
The Titanium Team
11/10/2022
Are you ready to start to pay less personal taxes? Here’s a summarized guide on how to achieve that. Maximize your deductions: CRA specifically allows certain deductions to reduce your taxable income and help you pay less tax. The most popular deductions are: RRSP and pension contributions Childcare expenses Moving expenses Spousal support payments Employment…
The Titanium Team
10/26/2022
Nothing crushes the high of finding an amazing new team member for your business more than thinking about payroll. Our PDF guide helps make payroll easy to you can have freedom to grow. Download the guide>
The Titanium Team
10/20/2022
Congratulations on hiring the first employee for your small business. It’s time to run your first payroll but where to start? Let’s talk about getting your new employee paid and how to fulfill your responsibilities as an employer. Here’s what you need to know to set up payroll for your small business: As an employer,…
The Titanium Team
09/29/2022
A growing business is a business that is usually consuming cash flow. Rapid expansion means investments in development costs, marketing, inventory, and accounts receivable, the time between your investment and receiving the money from your customer can stretch out for months. Large construction projects can take forever! Additionally, we want to match the cash flow…
The Titanium Team
09/15/2022
Business is great, customers are excited about your product but you need more capital to service all of your new accounts. It’s time to think about bank loans to expand your business. What to consider when applying for a business loan to expand your business Start early! Banks are going to want to see two…
The Titanium Team
09/02/2022
As business owners, we invest our experience and capital to service our customers, pay our employees and return a profit on our investments. Capital can come from the owner in the form of equity investments and also your first bank loan. At a certain point, your business may need more investment to continue to…
The Titanium Team
08/18/2022
The old onerous ways of bookkeeping and accounting have gone the way of the dodo bird! We’re great at helping shoe box clients but we can do so much better. Cloud accounting means that a lot of the drudgery in accounting has been eliminated. The marriage of cloud-based accounting and open architecture have enabled third…
The Titanium Team
08/11/2022
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…
The Titanium Team
08/04/2022
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…
The Titanium Team
07/28/2022
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…
The Titanium Team
07/21/2022
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…
The Titanium Team
07/14/2022
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…
The Titanium Team
06/28/2022
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,…
The Titanium Team
06/06/2022
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…
The Titanium Team
05/17/2022
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…
Staff
03/15/2022
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…
The Titanium Team
03/14/2022
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…
The Titanium Team
03/03/2022
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…
The Titanium Team
02/16/2022
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…
The Titanium Team
02/05/2022
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…
Staff
01/23/2022
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…
The Titanium Team
01/08/2022
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…
The Titanium Team
01/03/2022
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…
The Titanium Team
12/20/2021
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…
The Titanium Team
12/10/2021
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…
The Titanium Team
11/14/2021
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…
The Titanium Team
11/01/2021
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 Titanium Team
10/20/2021
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….
The Titanium Team
10/02/2021
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…
The Titanium Team
09/20/2021
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 Titanium Team
09/07/2021
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…