Articles and advice



Mike McLenehan

Recent Posts

Do you use a home office for earning employment or business income? Claiming home office expenses on your tax return is going to reduce your taxable income and save you money.


Change can be scary. If you’re familiar with the desktop version of QuickBooks you may be hesitant to try QuickBooks Online. Luckily, McLenehan and Associates CPAs can help to make your transition as quick and as painless as possible.

If you're on the fence, here are six great reasons to switch from Quickbooks desktop to Quickbooks Online!

Before choosing a date for your year end, think about the date that works best for your kind of business.

Before choosing a date for your year end, think about the date that works best for your kind of business.

When entrepreneurs incorporate their businesses under their respective provincial articles of incorporation, often, little thought is given to the date for the fiscal year end. 

Can you write off your cell phone expenses?

If you use your cell phone for business and personal calls you may have wondered how much of the cost you can deduct on your tax return each year.

As a sole proprietor, you may be looking back at last year’s results and ahead to the time you have to pay your taxes, and wondering whether you might not be better off incorporating to control the income tax expense on earned income. 

The first time I called Canada Revenue Agency (CRA) for a client I was nervous. The prospect of dealing with CRA can be intimidating. But the agency has a requirement to respect the rights of taxpayers while they pursue their mandate to implement the Canadian tax system.

Crowdfunding is a new way to raise money; however, be careful of the tax implications.

One of the latest means of raising money to start a new business, raise operating funds, or tackle costly research and development projects is to make a broad-based appeal for funds with crowdfunding. 

Buy/lease decisions are much more than a matter of taxes.

Buy or lease? That is the question that arises whenever a business needs a new asset. The question usually elicits a follow-up comment that a 100% write-off of the lease expense is available, whereas a purchased asset can only write off the capital cost allowance.

 You can deduct your vehicle expenses if you normally work away from your place of business. There are two accepted methods for owners of corporations to write off vehicle expenses for personally-owned vehicles used to earn business income.

Increasing revenue is not the only way to improve the bottom line.

Businesses are constantly trying to improve the bottom line. Better profits usually reflect good cash-flow management, cost control, incentivized employees and loyal, hard-working management. 

Canada Revenue Agency (CRA) can be difficult to deal with at the best of times. No one likes to feel as though they are at risk of being assessed a fine by CRA when preparing their payroll. Here are five common payroll mistakes (and how to avoid them):


The way a bonus is paid has a significant effect on corporate and personal after-tax income.