Thoughts and ideas from Leonard tam

  • What's Included in Strategic Financial Planning?
    September 1, 2022 at 7:00 AM

    Strategic financial management involves managing a company’s finances with the intention to succeed. This essentially means that strategic financial planning is responsible for attaining a company’s long-term goals and objectives and maximizing sharehol...

  • Filing Your Taxes Late? Read This First
    July 29, 2022 at 5:00 AM

    While filing your taxes late can feel stressful, it's always best to take action and begin the process as opposed to letting it drag out any longer. Here’s everything you’ll want to know.

    Canada’s Tax Deadline


  • How to Find the Best Outsourced CFO for Your Business
    June 28, 2022 at 7:00 AM

    If you just started your small business, you may be fine handling basic bookkeeping and expense management yourself. But...

  • Starting a Business? Consult with Business Strategy Firms First
    June 1, 2022 at 5:00 AM

    If you’re just starting your business, it’s easy to become overwhelmed by all of the excitement. You’re becoming your own boss, you’re providing a service or product you’re proud of, and the future looks bright.

    But even if you already have a sol...

  • Should You Set Up Payroll with a Chartered Ontario Accountant?
    April 28, 2022 at 5:00 AM

    Amongst all the tasks of getting your business off the ground, setting up payroll is a crucial component. No matter your industry or team size, employees will want to be paid on time. And, even if the process of setting up payroll may seem intimidating ...

  • How Much Does a Bookkeeper Cost for a Small Business?
    April 2, 2022 at 11:30 PM

    When you’re the owner-operator of a small business, there is a lot to keep you occupied throughout the workday or week. Juggling competing responsibilities means that sometimes things fall through the cracks. But when it comes to bookkeeping, payroll, a...

  • How Small Businesses Benefit from Financial Counselling Services
    March 11, 2022 at 6:00 AM

    When you started your business, you did so because you had a product or service to provide. Thanks to your expertise and skill, your business is solving problems in people’s everyday lives, and doing good things for your community.

    However, with ...

  • Why self-employed people hire a tax accountant in Toronto
    February 17, 2022 at 7:00 AM

    We get it. You’re always looking for ways you can save money when you’re self-employed. Not only is maximizing your revenue important, but frugality takes on a new meaning because you’re entirely dependent on your own efforts to bring in your paycheck e...

  • 5 benefits of working with a small business consultant in Toronto
    January 28, 2022 at 7:00 AM

    Running a small business comes with many perks and freedoms you don’t get working for someone else. However, running your business comes with challenges of its own. Problems come up along the way (both good and bad) that you don’t always have the answer...

  • Filing CRA form RC376 for taxpayer relief
    December 15, 2021 at 5:00 AM

    As a taxpayer and Canadian citizen, you may sometimes go through tough financial times and be unable to pay taxes owed come tax season. CRA form RC376 is one document you may have to fill out to achieve this. The Canada Revenue Agency (CRA) allows indiv...

  • 3 Ways Small Business Tax Preparation Saves You Money
    November 11, 2021 at 5:00 AM

    One of the first rules of starting a small business is to learn how to save money.

    However, with...

  • Do small businesses get a late-filing penalty from the CRA? And other tax FAQs
    October 4, 2021 at 7:00 AM

    Taxes are due to be paid to the CRA by April 30 each year. This is true for everyone from individuals to small business owners. However, there is somewhat of a grace period that runs to June 15 that comes with interest charges. With help from our team a...

  • Things your Toronto accountants can help your small business write off
    September 10, 2021 at 7:00 AM

    It’s no secret that part of running any business is finding ways to maximize your revenue as you minimize your expenses. This is especially critical when running a small business because the revenue might not outweigh the expenses by very much each mont...

  • What to look for in a tax accountant in Toronto
    August 13, 2021 at 7:00 AM

    Doing your taxes can be a frustrating and tedious process. Knowing how much you have to pay and getting that amount right can feel like a guessing game. Furthermore, you would hate to short-change the government then have to pay a considerably larger ta...

  • How to avoid a CRA late filing penalty and other penalties
    July 1, 2021 at 7:00 AM

    When running a business, you have enough on your plate. Particularly for small business owners in Toronto, managing the bookkeeping and taxes is overwhelming. The penalties you incur when neglecting or mismanaging finances cripple operations. Luckily, w...

  • 3 Ways Outsourcing CFO Services Helps Small Businesses Grow
    June 5, 2021 at 9:30 PM

    As a small business owner, there’s probably a long list of projects, plans, and goals you’re waiting to embark on until you’re more established. You think you should delay until your bottom line is secure before overextending into a new marketing strate...

  • Top accounting tips for small business owners who manage their finances
    May 4, 2021 at 7:00 AM

    When you run a small business, there are many everyday operations that you’re not specialized in. This can include things like hiring employees, accounting and payroll, and others. We believe that you can do all these things and do them well.

  • What Does a CRA Agent Do If You File Late Taxes?
    March 29, 2021 at 9:30 PM

    Just because taxes happen every year, it doesn’t make it any easier to get the paperwork together in time to file. Even when you meet the deadline, you may wonder if you’re filing correctly or over or underpaying–especially if you have a complicated tax...

  • Late Taxes Done Right with Toronto Late Tax Filing Services
    March 1, 2021 at 10:30 PM

    No matter how good your intentions to get your taxes filed this year, life can come at you fast. Unpredictable events happen, and sometimes taxes aren’t your top priority. While not filing taxes is a serious issue, experienced tax professionals can help...

  • 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...

    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...

    July 22, 2019 at 3:00 AM


    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 ...