What’s In This Email

• The Entrepreneur’s Ultimate Guide to Stress-Free Tax Prep in Canada

• Spring Reset: How To Embrace the Season of Renewal

• Notable Spotlight: Pride & Prejudice by Kate Hamill

• Notable Plug 🔌

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The Entrepreneur’s Ultimate Guide to Stress-Free Tax Prep in Canada

For Canadian entrepreneurs like the Notable community, tax season isn’t just about filing paperwork—it’s about maximizing deductions, staying compliant, and making smart financial moves for the year ahead. Whether you’re a freelancer, small business owner, or incorporated entrepreneur, preparing early can save you money and stress. Here’s how to navigate tax season like a pro and ensure you’re not paying more than you need to.

Key Takeaways:

1. Know Your Deadlines (And Avoid Penalties!)

• Self-employed Canadians and sole proprietors have until June 15 to file their taxes—but if you owe money, you must pay by April 30 to avoid interest charges.

• Corporations have six months after the fiscal year-end to file, but any taxes owed are due within three months after year-end.

• GST/HST Returns: If your business earns over $30,000 annually, you must register for a GST/HST number and file accordingly.

2. Maximize Your Tax Deductions (So You Don’t Overpay!)

• Home Office Expenses: If you run your business from home, you can deduct a portion of your rent, mortgage, utilities, and even internet.

• Vehicle Expenses: If you use your car for business, track mileage and deduct expenses like fuel, insurance, and maintenance.

• Business Supplies & Equipment: Laptops, software, office supplies, and even furniture can be claimed as business expenses.

• Marketing & Advertising: Website costs, social media ads, and branding expenses can all be written off.

• Professional Fees: If you hire an accountant, consultant, or lawyer, those fees are deductible.

3. Keep Your Books Clean & Organized

• Use Accounting Software: Tools like QuickBooks, Wave, or FreshBooks can help track expenses and generate reports to simplify tax filing.

• Separate Business & Personal Finances: Open a business bank account and credit card to keep transactions clear for tax purposes.

• Save All Receipts & Invoices: The CRA can audit businesses up to six years back, so digital copies of receipts are crucial.

4. Consider Incorporating Your Business for Tax Savings

• If your business earns more than $50,000 per year, incorporating could help you lower your tax rate and protect personal assets.

• Corporations are taxed at 15% federally (lower than personal income tax rates), allowing you to reinvest earnings at a lower tax burden.

5. Set Money Aside for Taxes (Don’t Get Caught Off Guard!)

• Many entrepreneurs make the mistake of spending all their income without setting aside money for taxes.

• A good rule of thumb: Set aside 25-30% of your income for taxes, especially if you don’t make quarterly payments.

• Consider enrolling in CRA’s installment payment program to break your tax bill into smaller, manageable payments.

Why It Matters:

Taxes don’t have to be a last-minute headache for Canadian entrepreneurs. With smart planning, you can reduce your tax bill, avoid penalties, and stay financially secure. By keeping track of deductions, organizing your finances, and knowing key deadlines, you can turn tax season into an opportunity to strengthen your business finances rather than a stressful burden.

The goal? Pay only what you owe, claim what you deserve, and keep more of your hard-earned money in your pocket. 🚀

Spring Reset: How To Embrace the Season of Renewal

Winter in Canada can feel long and draining, but as the snow melts and the days get longer, spring brings a fresh start. It’s not just about warmer weather—it’s a mindset shift. Spring is a season of renewal, growth, and getting out of the winter slump. Whether it’s refreshing your routine, reconnecting with others, or simply shaking off the heaviness of the colder months, here’s how you can use spring as a reset for your mindset, habits, and energy.

Key Takeaways:

1. Shake Off the Winter Slump

• Months of short, dark days take a toll, often leading to lower energy, motivation, and even seasonal depression.

• Spring is the perfect time to break out of autopilot—open the windows, take a morning walk, and bring more movement into your day.

2. Refresh Your Routine

• Feeling stuck in the same habits? Use the seasonal shift as a cue to switch things up.

• Try waking up earlier with the sunrise, setting new personal or career goals, or even making small home changes to signal a fresh start.

3. Get Back to Social Connection

• Winter often makes socializing harder, with many opting to hibernate indoors.

• With longer daylight and better weather, it’s the perfect time to reconnect—whether that means outdoor meetups, local events, or simply calling an old friend.

4. Do a Mental Spring Cleaning

• Just like we declutter our homes, spring is a great time to declutter our minds.

• Take a moment to reset your mindset, let go of winter stress, and set a fresh perspective for the months ahead.

5. Welcome More Nature Into Your Life

• Spending time outside isn’t just about enjoying the weather—it’s a proven mood booster.

• Whether it’s weekend hikes, morning coffee on the balcony, or just a daily walk, getting outside more can improve energy, focus, and mental clarity.

Why It Matters:

Spring isn’t just a season—it’s an opportunity to refresh, refocus, and recharge. After months of winter survival mode, now’s the time to reclaim energy, shake up routines, and embrace new possibilities. By making small shifts, you can step into the season feeling lighter, more motivated, and ready to grow. 🌿☀️

🌐 AROUND THE INTERWEBS

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Pride & Prejudice by Kate Hamill

A fresh and vibrant take on Jane Austen’s classic novel with Kate Hamill’s acclaimed adaptation of Pride and Prejudice.

Learn More.

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ABOUT NOTABLE
Notable Life is Canada for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.