Insolvency means you’re unable to pay your debts as they come due. When used as a commercial term, it means that your business is unable to pay off its debts. It is typically defined in two separate ways: cash flow insolvency and balance sheet insolvency. Let’s look at both now. Cash flow insolvency (otherwise known…
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If you live in the province of Quebec, you most likely celebrate National Patriots’ Day. The annual holiday falls on the Monday before May 25th. It is a statutory holiday that many Canadians outside of Quebec may not be aware of. National Patriots’ Day coincides with the Victoria Day holiday that is observed in the…
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Digital shopping is great for convenience, but for those who tend to shop too much, Apple Card can be a dangerous tool in the palm of their hand. Here is what we know about Apple Card, digital wallets and the dangers of over shopping.
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Activity-based budgeting is a method associated with business: it’s when you figure out all the costs for all your products and services. After you have a list of those costs, you then make a budget based on all your business’s activities. Usually when you’re budgeting, you look at the previous year’s budget and make changes…
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Being an entrepreneur is a tough job. It often means long hours of putting in the grunt work to get your business off the ground. In many cases, you wear several hats, learn to manage employees and gain skills as you go along. One way to protect your business is to have, from the beginning,…
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Buying a car is an expensive proposition. You want to do your research and make sure the vehicle you’re purchasing is best for your needs. The decisions don’t stop there, though. Once you’ve chosen the car that best suits your lifestyle and budget, you must decide how you’re going to pay for it. There are…
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The younger you are, the harder it can be to imagine what retirement is going to look like. For some, that major life event is 40 or more years away. The reality is this: the earlier you start retirement savings, the more likely you are to have a successful retirement, one that’s filled with all…
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Technology can be a force for good when it comes to budgeting and saving. Canadians like you who want to spend money wisely can use apps to keep you on track. With the power of budgeting in the palm of your hand, there’s no excuse for being unable to keep your finances in line. Here…
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Incremental budgeting is a budget type where you add a specific amount of capital to a previous quarter’s or period’s budget to permit slight increases. This method is mostly used as budgeting for businesses. Although this budget method is simple (much simpler than activity-based budgeting), most financial professionals won’t recommend it. The main reason is…
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If you’re a small business owner or sole proprietor in Canada and have a My Business Account, you can use your login information to access the CRA BizApp. It’s a mobile application that offers secure access to make payments, view accounting transactions and help you keep track of upcoming payments and remittance. According to Canada.ca the application…
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