What does the term pay yourself first really mean? It commonly refers to payroll deductions to a group RRSP provided by your employer. How is that paying yourself first? Let me explain. When you are paid, your gross amount is taxed, also known as taxable income. So, the concept is this, lower your taxable income, pay less tax. The idea is to pay yourself some money before the Government grabs their little piece, hence the term “pay yourself first” is used. If you make regular

There is a lot of uncertainty during the current pandemic, navigating during these times can be difficult as a business owner with so many moving parts. We have created a resource page dedicated to COVID-19, and related news. Please visit our COVID-19 Resources Page. We will try to update it as frequently as possible. We encourage you to keep informed with the many different changes happening during this crisis. Please keep informed by watching the daily briefings by Trudeau

No, of course not, that wouldn’t make any sense. Please allow me to stop you there, before you start talking about being a vegetarian, gluten intolerant, paleo, keto, vegan, or any other diet restrictions you may have or follow, just stick to the fundamentals; hamburgers and fries are meant to be on the same plate. So now that we agree, eating a hamburger without the fries doesn’t make any sense; processing your own payroll doesn’t make any sense either. Look at it this way.