Beyond the Numbers: A Conversation With Grant Gullekson, Chartered Professional Accountant
Small business owners across British Columbia face a long list of financial responsibilities, from filing taxes to managing payroll to keeping accurate records. In this episode of the True North Compliance Podcast, I sat down with Grant Gullekson, a Chartered Professional Accountant and the founder of KPI Advising, to talk about the real challenges business owners face and the practical steps they can take to stay compliant and confident.
Grant works with small, owner operated businesses across Vancouver Island, many of whom feel overwhelmed by the rules and deadlines that come with running a company. One of the most common questions he hears is how much money to save for taxes. While corporate tax rates in BC are predictable, personal taxes can be confusing. Grant explains personal tax using a simple bucket analogy that helps owners understand how their income is taxed and how to plan ahead.
We also talked about what happens when businesses fall behind on filings. Many owners focus on serving customers and growing their business, and paperwork slips through the cracks. Grant shared examples of clients who ignored GST, payroll, or corporate filings and ended up facing penalties, interest, and arbitrary assessments from the CRA. These assessments are often intentionally high to prompt action, and they can be frightening for someone who does not understand what they mean. Grant offers free consultations to help people interpret these letters and take the right next steps.
Beyond federal rules, Grant explained the provincial requirements that BC businesses must follow, including PST, WorkSafeBC registration, and the speculation and vacancy tax. He also discussed FINTRAC regulations and how they affect accountants, especially when it comes to verifying client identity and reporting certain transactions.
Another important part of our conversation was the growing focus on tax on split income rules. Grant highlighted how common strategies that were once acceptable are now under increased scrutiny. This makes good bookkeeping and strong record keeping more important than ever. Without clear records, even a simple review can become stressful and expensive.
Grant also shared how he uses a one page financial health dashboard, developed with Fractional CFO Jeffrey Denissen, to help clients understand their financial position at a glance. This tool highlights liquidity, cash flow, and other key indicators that can spark meaningful conversations about the future of a business.
If you want to hear the full conversation, this episode of the True North Compliance Podcast is available on most podcast apps. It is a valuable listen for any business owner who wants to stay organized, avoid penalties, and build a stronger financial foundation.
