IFMSolutions

Hiring staff this fall or heading into the ? Don’t forget prep.

Here are 3 key things owners should know:

✅ Employee or contractor? Seasonal workers still need proper classification. Misclassifying someone as a contractor when they’re really an employee can cause headaches with CRA.

✅ Even short-term employees require CPP, EI, and income tax deductions from every paycheque. Seasonal = temporary, but the payroll rules are the same.

✅ Keep good records no matter how long they worked. Tracking hours and wages now saves stress later.

Here’s a simple bookkeeping tip that Canadian small business owners can implement right away: Keep your business and personal completely separate. This not only simplifies your record-keeping but also ensures you’re audit-ready and maximizing all possible deductions.

Opening a dedicated business account and using business makes it much easier to track spending, categorize transactions, and prepare accurate reports for the CRA. Plus, you’ll spend less time sorting through receipts and more time focusing on growing your business.

Have you set up separate accounts for your business? Share your experience or any questions about expense tracking below. If you need help setting up your bookkeeping system, our experts are here for you— book an appointment online.

Want to pay less next year? Let’s start now. The smartest strategies don’t happen in later in the year, they start early. Here are 3 easy things you can start doing today to make next tax season less stressful (and less expensive):
✅ Are you paying yourself in the most tax-efficient way? A mid-year review lets you adjust now before it's too late to optimize.

✅ Planning to renew , , or contracts? Prepaying before your fiscal year-end can reduce taxable income this year. We help make sure the timing makes sense for your cash flow and cycle.

✅ Did you forget to claim use, business use of a vehicle, or capital purchases last year? Reviewing YTD expenses now gives you time to course-correct, maximize deductions, and avoid missing claimable write-offs.