Blog

Thoughts and ideas from Leonard tam

  • How to set up payroll for your small business in Canada
    February 10, 2021 at 5:00 AM

    Doing payroll for your small business in Canada isn’t always simple, but doesn’t have to be hard if you follow some necessary steps to set it up. While working with a professional payroll assistance company is the best way to ensure your payroll is corr...

  • 3 benefits of a tax preparer for your Toronto small business
    January 4, 2021 at 8:00 AM

    Many small business owners tend to take the DIY approach when it comes to their organization’s needs. After all, that scrappy mentality is probably why your company has thrived in the first place.

    However, tax preparation is one thing you may wan...

  • 4 reasons to use an accountant for 2021 personal tax planning
    December 1, 2020 at 7:00 AM

    It’s the end of the year and tax season is rapidly approaching. 2020 brought the COVID-19 pandemic and a whole new circumstance that none of us have ever seen, which will also bring new tax implications. In addition to the pandemic, personal tax plannin...

  • It's Time for Toronto to Start Preparing for Tax Season
    November 3, 2020 at 5:00 AM

    We here at Leonard Tam of Toronto, Ontario believe it’s always a good idea to start preparing for tax season early.

    You may wonder, why use tax services when I can handle my taxes myself?

    We’re glad you asked.

  • 3 Best Small Business Tax Deductions and Preparation Tips in Toronto
    October 22, 2020 at 6:00 AM

    Nearly all businesses in Canada are considered small businesses, making them the foundation of Canada’s economy. To function most optimally, small business tax deductions and preparations are essential for Toronto businesses’ financial soundness.

  • Avoid dealing with the CRA – Work with Leonard Tam, CPA
    August 31, 2020 at 4:00 AM

    There’s a lot to do when owning a business, including financial planning, paying taxes, bookkeeping and more. You may find yourself in situations where you must deal with the CRA, which can be stressful. Instead, work with me, Leonard Tam, CPA in Toront...

  • What You Need to Know About Setting Up Payroll for a Small Business in Canada
    August 12, 2020 at 7:00 AM

    Let’s face it: there’s no simple part about starting and running a small business in Canada. Whether you’re a one-person team or are slowly expanding your operation, challenges and opportunities are likely ample. But setting up payroll for your small bu...

  • Top 3 reasons why you shouldn’t do tax planning only once a year
    June 29, 2020 at 7:00 AM

    As a top tax planning company in Toronto, our team helps individuals and businesses prepare and file their yearly taxes. A common problem we see is that many people don’t start getting organize...

  • What is an Outsourced CFO? A Toronto Consulting Firm Explains
    June 3, 2020 at 4:00 AM

    If you’re considering the possibility of hiring an outsourced Chief Financial Officer (CFO), you’ve come to the right place. At Leonard Tam, we’re dedicated to helping your business achieve not only financial stability, but financial profits and success...

  • Your Tax Refund FAQs Answered by a Toronto Tax Advisor
    May 6, 2020 at 4:00 AM

    As a Toronto tax advisor, we know that clients often have the same queries and concerns about tax refunds. To help you understand more about how tax refunds work and how long the process typically takes, here are the answers to the most commonly asked q...

  • Tax Filing Advice from an Expert: 2020 Deadline
    April 15, 2020 at 4:00 AM

    As you may already have heard, the Canadian federal government has extended the 2020 tax filing deadline to June 1. According to the Canada Revenue Agency, the original filing date of April 30 was due to the COVID-19 pandemic currently wreaking havoc on...

  • Your Own CRA Agent, Is It Worth It?
    March 24, 2020 at 4:00 AM

    Whether you’re starting a new business or have been in business for a while, you know how much of your time and mind space day-to-day operations occupy. You are constantly pulled in different directions, and you’re usually called away from what you’re m...

  • The Benefits of Working with the Small Business Strategy Consulting Firm
    March 2, 2020 at 5:00 AM

    Navigating the world of small business is time-consuming, stressful, and sometimes overwhelming. More than anything, though, it’s rewarding or you wouldn’t put your heart and soul into it. We’ve yet to meet the business owner excited to do their tax ret...

  • Leadership: What not to do to keep the best employees
    January 1, 2020 at 6:30 PM

    Good leadership recognizes a good work culture, but even the best can miss signs that might induce excellent employee to leave. As awareness is the key, there are signs to watch for. What might a good leader be overlooking?

    1 Fail...

  • Let Age be an Asset to Your New Business Venture
    September 30, 2019 at 11:00 AM

    Let maturity be a prime asset to your starting a new business. While some young entrepreneurs like Mark Zuckerberg are enormously successful, older entrepreneurs, statistically, have a higher rate of success. We don’t hear about the young failures. Ther...

  • COMMON ERRORS TO BE AVOIDED BY SMALL BUSINESSES WHEN FILING TAXES
    September 16, 2019 at 3:00 AM

    Filing and paying taxes for small businesses is a legal responsibility and not a pleasure. Business owners should be aware of preparing for the deadline all year in order to take the stress out of tax season.

    Filing and Paying on Time

  • Personal Tax Returns vs. Business Tax Returns
    August 12, 2019 at 12:00 AM

    When it comes time to file your annual tax return with the CRA, you'll notice there are lots of similarities between personal tax returns and business tax returns. However, comparing the two by the same scale will give you a good idea of how differ...

  • BE A SUCCESS IN YOUR OWN CONTRACTING BUSINESS
    July 22, 2019 at 3:00 AM

    INDEPENDENCE

    So many people are lured by the promise of independence and its advantages in owning an independent business. Of course, such a step might require leaving rewarding employment in a strong company by assuming ...

  • Independent Business Owner Income: Salary or Dividends?
    July 15, 2019 at 2:30 AM

    You have the choice of one or the other, or a mixed income.

    From the basis of a registered business corporation, you must decide how to pay yourself: a business salary, payment in dividends, or a mix of both. It is important to kn...

  • So, You Want to Go into Business with Friends and Family: Consider these points
    July 8, 2019 at 2:30 AM

    You are confident of your relationship with your brother-in-law, high school buddy or the maid-of-honor in your wedding party. Looking for a new business venture, of course you want people that you not only can trust but are personally compatible with. ...

  • 4 Essential Tips on Understanding Business Sales Tax Obligations
    July 2, 2019 at 12:00 AM

    No matter where you run a business in Canada, if you sell a product you have the obligation to collect sales tax. Ignoring that crucial step in doing business can lead to serious legal complications with your sales tax returns filing. This could potenti...

  • What Everyone Wants to Know about Late Taxes in Canada (2019)
    July 1, 2019 at 2:30 AM

      

    First, we all know that we must be responsible for filing our returns on time to the Canada Revenue Agency, for we all must be accountable both as persons and as business owners. It’s in our own best interest to avoid penalties, for ...

  •  How to Avoid Burnout and Take Your Life Back 
    June 24, 2019 at 2:30 AM

      

    10 Simple Ways to Health and Sanity

    Industry, business and finance have become so demanding in our work lives that everyone is feeling enormous pressures to perform seven days a week with no rest. Furthermore,...

  • Starting a business — the Right and Wrong Reasons
    June 17, 2019 at 2:30 AM

    Taking the leap to start a new business venture is not a decision to be taken lightly. Most people fail to ask themselves the difficult questions before making that move. The strength of the answers may mean success or failure. So, what makes you cut ou...

  • 4 Reasons Small Business Owners Need to Outsource Their Bookkeeping
    June 13, 2019 at 12:00 AM

    Finding someone to balance your books isn’t just about taking some of the workload off your shoulders. Professional bookkeeping services ensure you stay on top of all your tax obligations, and, a good accountant will help your business save money. They ...

  • Four Tips to Effective Marketing
    June 10, 2019 at 7:30 PM

    Marketing makes the success or failure of a product. Marketing principles are tried and true, developed for decades by scientific research; there is no guessing game. The evidence speaks for itself. Any product can be a success with effective techniques...

  • How to Minimize Your Risks of Being Audited?
    May 12, 2019 at 7:30 AM

    The last thing you need is a letter from Canada Revenue Agency informing you that you are being audited. In the year 2017, more than 35,000 of such letters were issued to businesses, and almost 55% of such letters targeted small to medium-sized business...

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    Top 5 Questions to Ask Before Business Start
    May 1, 2019 at 5:30 AM

    It's exciting to start a business ... And that's scary. One of the best ways to boost the excitement and shrink the fear is to take the time to ensure that you are fully prepared for what is to come.

    While it's hard to plan for any possibilities ...

  • Everything You Need to Know about Working with Leonard Tam 
    April 29, 2019 at 12:00 AM

    At Leonard Tam, we specialize in helping small business owners with their financial needs. What exactly does that mean for you? Here are the answers to some of the most common questions potential clients ask us. 

    Are there any business siz...

  • No Receipts, No Deduction… Unless...???
    April 22, 2019 at 6:30 PM

    How can you Declare Expenses in Income Tax without showing receipts!!

    Receipts work as evidence for our business expenses and the Canada Revenue Agency may decide to reduce the number of expenses you have deducted. All of our cla...

  • A Look at the Services We Offer at Leonard Tam
    April 1, 2019 at 12:00 AM

    When it comes to sales tax returns and small business consulting, you don't want to go it alone. Instead, you want the guidance of an experienced consulting business to help steer your business in the right direction and help you avoid the traditional p...

  • Introduction to Leonard Tam 
    February 26, 2019 at 12:00 AM

     

    Tax law can be incredibly complicated, especially for businesses. The last thing you want is to file your taxes with errors in them. In doing your taxes yourself, you also run the risk of missing out on valuable deductions and credits for ...