One of the great things about being a business owner and having to sort out the running of a business is I get to experience some of the headaches and pains that my clients dealt with when I was an employee.
Like paying their taxes.
When I started as a baby accountant, we would often get cheques from clients, and then send them on to appropriate CRA tax centre. Of course, we would have to make sure things got sent when they were supposed to, and we sent what was supposed to be sent. Not to mention hanging on to client cheques for months.
Since then it’s progressed to more electronic payments, either through the bank (online or in person), through CRA’s My Payment, or a third party (such as Wagepoint who handles my source deductions).
Now that I have my own business, I’ve discovered that I could also set up a pre-authorized payments via My Business Account, and this is how I made sure my own Corporate Tax and HST balances were paid.
Even better, I could schedule the monthly instalments for my next tax year which helps me manage cash flow, and saves me from having to remember to make the payment every month, and prevents tax sticker shock next year when I file my tax returns (currently scheduled for June 1, 2023).
Having spent some time around computers, I believe that automatic things should be done automatically. Being able to access My Business Account to make tax payments, combined with regular bookkeeping in Xero, I can help turn your year-end from New Year’s Day into just another Tuesday.
If you’re a business owner, and want to start moving things off your plate, managing your cash flow, and want to see where the business is going, rather than where it’s been, I’m here. Let’s chat.