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Get ready to file your 2016 income tax return…

…on time and stress free!


Don’t procrastinate!  Prepare your 2016 taxes on time.  Your filing deadline is June 15, 2017.  However, if you have a balance owing for 2016, to avoid any penalties you have to pay it on or before April 30, 2017. 


If you are self-employed and not incorporated, you must report your business income on your T1 General income tax return.  Any money you make through your business is required to be claimed on your tax return.  Your business expenses should also be included in the return, such as business startup costs, office expenses, marketing and advertising etc.  It is a good idea to contact Canada Revenue Agency for a complete list of required forms or if you find yourself in need of some additional information on claiming business income and expenses. 



  • Know your dates and forms
    • Filing deadline is June 15, 2017
    • Balance owing is April 30, 2017
    • T1, T2125
  • Take advantage of the CRA Guide T4002 to help you calculate business or personal income
  • Keep separate records for all income sources
  • Support all records with original sales invoices, cash register tapes, receipts, fee statements and contracts
  • Business Income
    • See for a list of business expenses with CRA
    • Deduct eligible expenses from your income to reduce the amount of tax the business has to pay
    • Conduct business out of your home?  You may deduct part of your home maintenance costs, such as heating, home insurance, electricity, property taxes, mortgage interest and more
    • Deduct a percentage each year of major capital expenditures such as building or equipment
  • Net Income and Taxes
    • Business revenue minus business expenses, you are left with the profit your business generates.  The profit is added to personal income on the personal income tax form.
  • Feel you made a mistake?  If you need to correct your taxes for past year’s visit cra-arc.gc.ca/voluntarydisclosures/
  • Visit www.cra-arc.gc.ca/bsnsss to learn more
  • Visit the Waterloo Region Small Business Centre and ask about our Access to Professionals Program- entrepreneurs receive business solutions and advisory services relating to their business during a 40 minute one-on-one consultation.
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Mentorship: Pro-Mance For The Ages




Blog post byThe Marketing Multi-tool


If you could write 25-year-old you a letter and fire it off in a time machine, what would it say? Consider those times at the start of your business when you sat at your desk in the dead of night worrying how you were going to make your dream job work while still paying your bills.

That younger you, the one freaking out alone in the dark, still exists. They might also be 25 and shiny, or they might be 45, laid off for the third time and ready to create their own job. They have the same hopes, dreams, worries, and stresses that you did about their new business venture, and they’d really appreciate the advice you would give 25-year-old you.


As a business mentor you, personally, volunteer your time to provide guidance to a new entrepreneur during some or all of the early years of their business. This commitment can be as little as 2 hours per month or every few months. If you sign up through a business help centre, such as the Waterloo Region Small Business Centre, you can identify the amount of time you have for the project and be matched up with a mentee that is both eager to learn from you and who can help you grow. If you yearn to give back to the community and support the local economy, your time to shine is now. How benevolent do you feel today?


Acting as a mentor isn’t purely altruistic. To help someone improve their business can’t be the only reason you take time out your work day. That would be a poor business decision and you’re a successful entrepreneur who makes awesome business decisions. So, what’s in it for you as a mentor? The opportunity to grow your business.


Mind blown? Yes, we’re for real. If you take a peek around the web for advice on how to choose the best mentor, you’ll find lists that describe people who are open-minded, good listeners, honest, and who show interest in the mentee’s business goals. That’s a verbal illustration of someone who is as interested in learning from the mentorship as the mentee is. Here is your opportunity to talk to someone regularly who gets social media marketing either because they grew up with it or they spent their early business days monkeying around with it. Now is the time to find out how to integrate healthy staff practices into your existing work ecosystem from a generation that doesn’t accept burnout as the status quo. Bestow your knowledge of legalese, customer care, and vendor negotiations while in turn soaking up fresh ideas from someone who isn’t jaded.


Approach this relationship as a partnership and ditch the superiority. There is a lot for you to gain by finding out what your mentee has tried, failed, and succeeded at while you give them solicited advice. Find out what fuels their passion and let them inspire you to be a stronger entrepreneur yourself.

25-year-old you is waiting for that letter. What are you going to say?

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Blog post by Marketing Multi-tool


The Waterloo Region Small Business Centre (WRSBC) has an epic track record of hosting valuable seminars and workshops. We’ve all been burned before by workshops that didn’t live up to the hype. What’s WRSBC’s secret to success? We chatted up Rob Clement, Senior Small Business Advisor for the WRSBC to get the scoop on why their workshops are packed and leave attendees begging for more.


Showcased on the WRSBC Events are the bountiful seminar and workshop resources covering a variety of topics including accounting, legal fundamentals, business coaching, digital marketing, and start-up basics for small businesses  [SBC] at all stages.  Rob says that feedback from WRSBC workshop attendees are highly favourable in particular for workshops that include some hands-on or interactive component besides Q&As. “I think that we’ve moved on to the kind of experiential workshop that’s put on by people who have actually done it [the work they’re presenting]. And I think that that’s very important for entrepreneurs.” The fact that the teacher has been where attendees are right now and succeeded is comforting as well as inspiring.

Rob recently guided 14 people through a 2-hour business plan seminar during which each person constructed a business plan using their own model. He provided general input to the groups and personalized advice to each person in the room. Rob said the success of the seminar was based on the fact that, “The act of actually doing it and interacting while doing it was something none of them had ever done before. There were people who had learned about business plans, but not had somebody actually walk them through that stage and then shown them how they can grow that out from there. I think that attention to detail is something that our customers really value.” No one left with a complete business plan – that takes far longer than 2 hours – but everyone did leave with at least some value in each section of the plan to seed the document. An interactive component isn’t always possible. Rob points out that in some cases, Legal Business Structure Fundamentals, for example, is limited to going through the list of requirements with options for attendees to ask questions.


To get the most benefit from your time and money spent on a workshop, Rob’s tried tested and true advice is, “Start to work on the tools you were given right away. Put them into practice. There will always be things that will have to be worked out when you learn something new, but playing with it yourself so that you get a deeper understanding of it and then meeting up with the person or people who can guide you through that is very important. Then assess what additional help you may need.” Rob recommends that event attendees get in touch with him or another advisor at WRSBC to find out how to move forward with your newfound skills. They have your back!


It’s vital that workshop and seminar facilitators keep in touch with the evolution of business and marketing strategies. In Rob’s experienced opinion, the only thing that has really changed about general business strategy in the last 10 years is the way people look at it. The goals are still to make money and grow the company, but how entrepreneurs approach those goals now relies heavily on digital and social media tools. When the WRSBC’s business planning events were getting stale, the facilitators overhauled the seminar and rebranded it as business coaching and filled the room once again. “Things in the marketing world have changed dramatically in the last 10 years. People are starting to focus more on the social side of it, so as that evolves and the interaction evolves between social media, our workshops have to change.” Rob believes that the next big thing for workshops will be video training to empower entrepreneurs with the tools and strategies to incorporate high quality videos on their websites and in their social media engagement internally.

[Digital Bootcamp Workshop New Hamburg 2]


Our very own Sanjeev Rajput, facilitates the wildly popular Digital Marketing Bootcamp through the WRSBC. This 3-evening workshop teaches entrepreneurs the nitty gritty about digital marketing and how to make it work for them. The workshop contains several interactive components, starting with detailed introductions to identify attendees and to be able to address their specific needs. As you can see in the slide, Sanj asks a number of questions that go beyond “what’s your name and why are you here?”:


• Write your name and company name
• Describe your company
• Why are you here?
• Are you a B2B or B2C?


And that’s just the beginning!


This kind of attentive workshop experience is what makes professional development worth your time and money. Not sure whether a workshop is going to rock your world? Call the organization hosting it and find out what the format of the event is and research the facilitator’s previous engagements. You’re spending your time and money attending an event like this, so a little legwork is worth the effort.


You’re spending your time and money attending an event like this, so a little legwork is worth the effort.


Workshops hosted by the Waterloo Region Small Business Centre are popular for good reason, so enroll as soon as possible to avoid disappointment. Events are staggered to cover multiple time slots and locations, including Cambridge, Kitchener, Waterloo, St. Jacobs, and New Hamburg. Check the events page for the next Digital Media Bootcamp!


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