• How’s Your EBITDA? Put on your Owner Hat for a minute

    | Categories: Small Business , Amortization , Business Tips , Depreciation , Interest , Tax

    Blog by Fuel Accountants

        I know, you wear lots of different hats every day. There is so much to get done, and there is not always someone specifically assigned to do it. That is the nature of a Small/Medium Business (SMB). But those little things all need to be done, so we constantly switch roles (or change hats) and make it happen. The problem is that SMB’s often are so busy changing hats, that they lose focus on the big picture. Are you so busy flying the plane that you forget about the destination? Alright, so slow down for a minute here, Turbo, and put on your…

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  • GST Changes for Holiday Accommodation

    | Categories: GST , Holiday , New Zealand , Tax

    Blog by Fuel Accountants

      Starting in April 2024 new rules apply to charging GST on holiday accommodation in New Zealand.  Previously, if your gross revenue from accommodation was under $60,000 per year then you did not have to register for GST or charge your guests GST. While that general rule continues to exist, operators of Online Accommodation Platforms (such as airbnb, vrbo, bookabatch, etc.) are required to charge and remit GST on all rentals facilitated through their platforms.  This means that your guests will be paying GST whether you are registered or not. An interesting part of this new plan is that the OAP will…

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  • Taxing Crypto in Canada

    | Categories: Profits , bitcoin , Building Strategy , Canada , Cryptocurrency , mining , Tax , Trading

    Blog by Fuel Accountants

      IMPORTANT NOTE: This article discusses Canadian Taxation matters and may not be applicable to those outside of Canada.  Personal circumstances play a significant role in determining your taxation situation and should be discussed with a tax professional to determine your unique situation.  This information is provided for informational purposes only and does not constitute tax advice. SECOND IMPORTANT NOTE: Be careful where you get your tax advice from.  Rules in the US are quite different from rules in Canada, and most stuff you find on the internet is written from a US perspective.  Also, don’t take tax advice from a plumber!…

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  • Shutting down your business

    | Categories: Building Strategy , Business , Business Coaching , Business Tips , GST , Tax

    Blog by Fuel Accountants

      We love to focus on profit and business growth. But sometimes (for all sorts of reasons) we still need to shut down a business. This needs to be done and planned well.  It will take several months and the steps will vary based on location and situation. The following steps are designed for a Canadian incorporated business, but the general steps may be similar in other locations as well. Cease Trading. It's important to have all operations completed. If you’re still accepting orders or doing the odd job this will stretch out this process. Make sure that your website reflects your non-trading status (we recently had…

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  • Managing Expenses on behalf of Clients

    | Categories: Accounting , Canada , Expenses , GST , Sales Tax , Tax

    Blog by Fuel Accountants

    When you work in the service industry it is common to have to spend money in order to deliver the service to your client. In many cases you may be able to charge these expenses back to your client.  This practice goes by many names, including Reimbursements, Recharges, Billable Expenses, Disbursements etc. The issue comes when you are spending money that you then need to be reimbursed for by a client.  This is complicated when there are multiple sales taxes involved and expense deduction limitations (such as on meals and entertainment).  The question is who claims the sales tax back and…

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  • Underused Housing Tax Act

    | Categories: Canada , Property Investing , Tax

    Blog by Fuel Accountants

    Canada's Underused Housing Tax requires reporting of many residential properties in Canada and tax payable if the property is vacant.

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