Blog — Insightful Content

Check out these great value-add blogs for contractors and entrepreneurs.

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You should also check out Simplify’s videos on common tax and accounting questions.

March 24, 2021

Living Out Allowance (LOA) for Contractors

The Living out Allowance (LOA), also referred to as subsistence, is common among oilfield contractors in Northern Alberta, but it’s often misunderstood. This article explains what it is and how it can reduce your taxes.

July 10, 2023

Personal Taxes – Credits & Deductions

Credits & deductions, what's the difference? Deductions and credits are both ways to reduce your taxes, but they work differently.

June 26, 2023

How Depreciation Affects Your Small Business

Depreciation is basically a reduction in the value of an asset over time, but what does this means for your business?

June 12, 2023

How to set up a Corporation

Although picking a cool name is a great start, there's more to setting up a corporation properly. Here's a few steps to get you started in the right direction.

May 29, 2023

What are Fixed Assets?

Fixed assets refer to assets that a company owns and uses in its business operations for a long period of time. Fixed assets can take many forms and are typically purchased with the intention of using them for several years.

May 15, 2023

Salary vs. Dividends

As the owner of a small company, you need to decide how you want to pay yourself. Dividends or salary?

May 1, 2023

Tax Payments – Corporate, GST, Payroll?

Taxes can get confusing, but that's what your accountant is for! As long as you get them the information and documents they need to accurately file your taxes, you shouldn't have anything to worry about.

April 17, 2023

Business Expenses – What Can Be Claimed?

A business expense is a cost you have for the sole purpose of earning your business income and if an expense does not contribute to the process of earning your business income, you likely can't claim it.

April 3, 2023

Personal Service Business (PSB)

What is a Personal Service Business (PSB)? It's not what it sounds like. If you have a corporation, this may apply to you.

March 20, 2023

What is a Shareholder Loan?

You might hear your bookkeeper or accountant use the term "shareholder loan" and wonder what it means. Let us simplify it for you!

March 6, 2023

How to Reduce Your Corporate Tax Bill

Taxes! There’s no avoiding them but, there are ways to reduce the amount you have to pay. Reducing the amount of tax you have to pay is down to good habits, good records and forward thinking. It literally pays to be organized.

February 20, 2023

4 Reasons to Switch to Cloud-based Accounting

If you’ve been considering making the move to a cloud-based accounting system, you’re not alone. Cloud technology has impacted many business functions, including making managing financial aspects of your business easier and more efficient.

February 6, 2023

3 Consequences of Avoiding Your Bookkeeping

Bookkeeping might be many business owners’ least enjoyable task, but it’s an important one. If you find yourself putting off bookkeeping or dreading doing it, it’s a good idea to look into hiring someone to do it for you.

January 23, 2023

Why Bookkeeping is Crucial to Your Success

Employing a professional bookkeeper can allow business owners to focus on their business, not crunching numbers. Invest in effective bookkeeping and you’ll build a solid foundation for a resilient, forward-moving business.

January 9, 2023

6 Solutions to Accounting Problems

Accounting problems can have serious consequences for your business and are definitely worth avoiding. Keeping on top of your records and reconciling accounts often are simple ways to avoid accounting complications.

December 26, 2022

Why Accountants are an Asset

A good accountant will do all they can to help minimize the amount of tax you have to pay, they will pinpoint any opportunities and if your business gets into trouble, they’ll be the one to guide you.

December 12, 2022

Should I Move All my Accounting to the Cloud?

The Internet doesn’t know if you’re in an office on your laptop or at a worksite on your phone. Cloud accounting frees you and your business away from a physical location.

November 28, 2022

Why Hiring a Bookkeeper is a Great Investment

If you don’t like bookkeeping or don’t have the time or knowledge to do it well, a bookkeeper could be a valuable resource and a great investment for your business.

September 13, 2021

Oilfield Employee vs. Oilfield Contractor

Oilfield workers in BC and Alberta are often given the option of being an employee or contractor. This choice may not impact fieldwork, but it can make a big difference from a tax & responsibility perspective.