MiAccounting Blog

As a small business owner, maximizing your tax deductions is crucial for reducing your taxable income and keeping more money in your pocket. Many business owners overlook key deductions that could make a significant impact on their bottom line. Whether you run a consulting firm, a real estate corporation (PREC), or an e-commerce business, here’s a breakdown of commonly missed tax deductions for 2025 to help you save on taxes and improve your business cash flow.

Nobody enjoys paying more tax than necessary, which is why understanding available tax credits is crucial. One often-overlooked opportunity to reduce your tax bill is the Medical Expense Tax Credit (METC). By keeping track of your eligible medical expenses throughout the year, you can maximize your tax deductions when filing your return.

The health and wellness industry is growing rapidly in Canada, with a wide variety of professionals providing essential services to help individuals maintain their health and well-being. From chiropractors and massage therapists to physiotherapists, nutritionists, and fitness trainers, these professionals face unique financial challenges that require specialized accounting support.

Running a successful restaurant in Canada is about much more than just serving delicious food—it’s about managing your finances effectively and staying compliant with Canadian accounting laws. Whether you own a small café, a fast-food chain, or a high-end dining establishment, understanding restaurant accounting is crucial for ensuring long-term success.

Running a construction business is no easy task. It involves managing multiple projects, balancing budgets, keeping up with provincial tax laws, and ensuring your financial operations are running smoothly. Construction accounting is complex, but it plays a critical role in ensuring a construction business's profitability and compliance with regulations. The unique challenges faced by the construction industry—from fluctuating project timelines and costs to payroll management—require precise financial solutions.

As healthcare professionals in Canada establish their private practices, many opt to register their business as a Medical Professional Corporation (MPC). This decision brings numerous advantages, from tax benefits to enhanced legal protection. However, operating as an MPC also comes with unique financial management challenges.

The global shift towards digital transformation has drastically impacted how businesses operate, and e-commerce has become a vital sector for Canadian entrepreneurs. The Canadian e-commerce industry offers exciting growth opportunities for start-ups and established companies alike. With low start-up costs, access to a vast online marketplace, and the convenience of online shopping, it’s no wonder the e-commerce business model is thriving in Canada. However, this competitive industry demands careful planning, financial management, and a clear understanding of both Canadian tax rules and international tax compliance.

In the highly competitive real estate market, financial efficiency is critical to success. Ontario real estate agents can significantly maximize their earnings and enhance financial flexibility by incorporating their business into a Personal Real Estate Corporation (PREC). Operating as a sole proprietor subjects you to higher personal tax rates and fewer options for managing income. However, with a PREC, real estate professionals can take advantage of corporate tax benefits, deferred income, and superior investment opportunities. In this guide, we'll explore the benefits of forming a PREC, how it can help you as a real estate agent in Ontario, and how MiAccounting offers specialized accounting services for real estate agents to optimize their financial management and tax strategies.

Navigating tax filing as a university student in Canada can be a daunting task, but with the right knowledge and strategies, you can optimize your tax returns and make the most of available credits and deductions. In this expertly curated guide, we'll walk you through essential tips and advice to ensure a smooth and advantageous tax filing experience.

Welcome to your ultimate roadmap for the 2023 tax season, brought to you by MiAccounting. With the landscape of tax regulations continually evolving, it's pivotal to stay informed and proactive.

Choosing between leasing and financing a business vehicle can be a challenging decision for entrepreneurs and small business owners. With tax implications, Capital Cost Allowance (CCA), and the growing popularity of electric vehicles to consider, it’s essential to understand the different aspects involved. MiAccounting, a full-service accounting firm, is here to help you navigate this complex decision. In this article, we will discuss the pros and cons of leasing and financing a business vehicle, delve deeper into Capital Cost Allowance, explore electric vehicles and their CCA rates in Canada, and reveal the better option for your business.

The Canadian underground economy, often hidden from plain sight, has a considerable and lasting impact on the tax system and the nation’s financial landscape. This shadow economy comprises unreported income and transactions that evade taxes and government regulations. While it may appear harmless to some, it carries far-reaching consequences for individuals, businesses, and the Canadian economy as a whole.

Construction businesses require efficient and accurate accounting practices to ensure financial success. In this blog, we will discuss some dos and don’ts to help construction businesses navigate the complex world of accounting. At MiAccounting, we offer tailored financial solutions for construction businesses, including cloud accounting services, payroll management, and accounting best practices to help businesses thrive.

Hello everyone! In this post, I’ll be breaking down the process of reporting income and understanding HST rules for Canadian self-employed individuals or Canadian-controlled private corporations (CCPCs) operating small businesses and providing services outside of Canada. With the assistance of MiAccounting and the power of cloud accounting software, you can navigate this process effortlessly and accurately.

In today’s business world, cloud accounting has revolutionized the way small businesses handle financial accounting operations. MiAccounting is a team of specialist cloud accountants that provides cloud accounting services using the latest cloud technology and online accounting software, such as Xero and QuickBooks, to businesses throughout Canada.

In today’s digital world, subscription services have become increasingly popular, offering convenience and ease. From streaming services to meal delivery kits, online subscriptions are convenient, but they come with monthly recurring charges that can add up over time. This is where MIAccounting’s bookkeeping technology comes in, as it can help identify recurring monthly subscriptions and cancel the ones that are no longer needed, resulting in cost savings over time.

Running a successful restaurant is not only about serving great food, but also about having a solid understanding of accounting principles. As a Canadian restaurant owner, it’s essential to be familiar with the country’s accounting laws and regulations to keep your business financially stable. This blog will provide an overview of various accounting aspects that are crucial to Canadian restaurant owners, such as paying servers tips on paychecks, payroll, bookkeeping, HST, CRA rules, tax filing, leasehold improvements, and financing.

The pandemic has drastically accelerated the shift towards digitization in every aspect of our lives, including shopping. The e-commerce sector has experienced unprecedented growth and is a prime opportunity for Canadian start-ups. The low start-up costs, the ability to access a wider marketplace, and the ease of online shopping make it an attractive venture. However, the e-commerce industry is also highly competitive and demands careful planning and execution for success. Here are ten tips for Canadian e-commerce companies to maximize their chances of success.

Nonprofits play a critical role in Canadian society, helping to address some of the most pressing issues affecting the country’s most vulnerable populations. Despite their significant impact, however, nonprofits face a range of challenges in today’s rapidly changing world. To stay relevant and effective, nonprofit leaders must adopt new strategies and approaches, such as virtual fundraising, social media engagement, and donor retention programs. However, this can be difficult when financial management tasks consume so much of their time and energy.

If you’re a Canadian who owns a rental property, you may be wondering about the tax implications of rental income. The Canada Revenue Agency (CRA) has specific rules that landlords must follow to properly report rental income and expenses on their tax returns. In this blog, we’ll explore these rules and provide tips for maximizing your rental income while minimizing your tax liability.

As a startup, deciding whether to hire people as subcontractors or employees can be challenging. Both options have their benefits and drawbacks, so it’s important to evaluate them carefully before making any decisions. In this blog, we will breakdown what Canadian small businesses need to know when evaluating hiring people as subcontractors vs. payroll, including CRA rules and tax implications.

Starting a new corporation in Canada can be an exciting and challenging experience for any entrepreneur. Whether you are starting a new business or transitioning from a sole proprietorship or partnership, there are several critical tax and accounting considerations that you need to keep in mind.

Running a small business can be challenging, especially when it comes to managing finances and staying on top of accounting and compliance requirements. However, with the right accounting services, you can streamline your financial management processes and focus on what really matters – growing your business. At MiAccounting, we offer comprehensive accounting services at affordable monthly rates to help small businesses and startups meet their accounting and CRA requirements. In this blog post, we’ll cover everything you need to know about small business accounting and how MiAccounting can help.

As a small business owner, you know that keeping track of your finances is crucial to your success. However, managing your finances can be a daunting task, especially during tax season. The good news is that you don’t have to do it alone. At MiAccounting, we provide full-service accounting services to Canadian small businesses just like yours.

As a millennial small business owner, you know that keeping your finances organized can be a daunting task. From managing your income and expenses to filing your taxes, it can be a challenge to navigate the complex world of finance. That’s where the MiAccounting team comes in. We understand the unique needs of millennial small business owners, and we are here to help you succeed.