NONPROFIT: Savings for Impact

As a nonprofit, fiscal responsibility is critical to sustaining impactful initiatives. To navigate financial challenges without compromising quality, leverage technology, explore shared services with fellow nonprofits, and maximize the power of volunteers. Negotiate vendor contracts and embrace remote work to minimize overhead costs. Foster a culture of transparent budgeting, encouraging innovative solutions from your team. By adopting these measures, you can ensure resources are channeled effectively, sustaining a collective mission.

Tax Hacks for Small Biz Success

Navigating the 2024 tax season requires a proactive approach as a small business owner. Keep abreast of any new tax laws or changes impacting your business. Maximize deductions by maintaining meticulous records of business-related expenses (Keep your receipts game strong for max deductions – every coffee meeting counts). Explore tax credits and incentives tailored for small businesses, like the Small Business Deduction.

And, of course, make tax time a breeze by embracing some user-friendly accounting software. Let’s ace those taxes this year!  

Exciting News for First-Time Home Buyers in Canada! 

Did you know that Canadians can now save for their dream home tax-free using the First Home Savings Account (FHSA)? Prospective first-time home buyers can contribute up to $40,000 from their RRSP towards buying or building their first home, with contributions being tax-deductible.

Act fast! Make FHSA contributions by December 31, 2023, to claim up to $8,000 as a deduction on your 2023 income tax return. The best part? Qualifying withdrawals, including investment income, are non-taxable when used for a qualifying home. Over 300,000 Canadians have already seized this opportunity to save for their first home.

Are you eligible? If you’re a Canadian resident aged 18-71 and a first-time home buyer, the FHSA is tailored just for you. Learn more about opening your FHSA and take the first step towards homeownership! 

Important Update for GST/HST Registrants: Changes to Electronic Filing in 2024! Starting this year, all GST/HST registrants (excluding charities and selected listed financial institutions) must submit their returns electronically. Embrace the convenience and efficiency of online filing for your reporting period in 2024. Stay compliant and make the transition seamlessly! Ensure you’re up-to-date with the latest changes and simplify your filing process. We are here to help.