Emma Carlisle leaned back in her chair at Carlisle Creative, coffee in hand, her studio unusually quiet for a Wednesday afternoon in late July. The hustle of the spring campaigns had slowed, and summer’s slower pace gave her breathing room—a rare and welcome pause in the usual creative chaos. But as she gazed at her wall calendar, half the year already gone, she felt a small nudge of unease.
It wasn’t the kind of panic that kept her up at night—not anymore, not since partnering with Number Crunchers®—but it was a reminder: It’s time to look ahead. Tax season may be months away, but the smart planning happened now, not in the frantic weeks before the deadline.
She picked up her phone and scheduled a meeting with Randall at Number Crunchers®. It was time for her mid-year financial check-in.
Looking Back to Move Forward
During their Zoom meeting the next day, Randall greeted Emma with his usual calm demeanor and a simple question:
“Are you where you want to be, financially, at this point in the year?”
Emma chuckled. “I think so? I mean, we’ve landed some new clients, the team’s humming along, but I haven’t really looked under the hood.”
That was exactly the point.
Randall pulled up her financial dashboard. “You’re on track revenue-wise, but there are a few things we should tighten up now, so you’re not scrambling come December.”
Mid-Year Tax Planning: Why It Matters
For growing businesses like Emma’s, mid-year is the ideal time to assess and adjust. Randall walked her through the critical areas she should focus on during the second half of the year:
- Revisit Your Income Forecast
Emma’s revenue had increased—great news! But it also meant she might cross into a higher tax bracket. Randall helped her model what her estimated tax owing might look like and whether it was time to increase her installment payments. - Capture All Deductible Expenses
“Remember that design retreat in Montreal?” Randall asked.
Emma nodded. “Of course! Amazing venue, plus it gave us two new clients.”
“Make sure all those travel costs, meals, and even your team’s accommodations are tracked properly. It’s all deductible—but only if it’s documented.”
Emma made a mental note to review Dext entries with her studio manager.
- Evaluate Payroll and Contractor Payments
With new freelancers brought on for upcoming product launches, Randall advised Emma to ensure T4A planning was already in motion.
“Also,” he added, “let’s revisit your own salary versus dividends—your mix could be optimized before year-end.” - Use Up Any Available Tax Credits
Randall flagged a few government grants and provincial credits Emma hadn’t yet taken advantage of—things like digital adoption programs and employer training incentives.
“Those could shave thousands off your tax bill,” he said, “but you’ve got to apply now, not later.” - Maximize Retirement Contributions
Emma had been meaning to contribute more to her RRSP but hadn’t made the time.
“We can spread contributions over the next few months instead of rushing in February,” Randall suggested. “You’ll smooth your cash flow and still get the deduction.”
Planning Ahead for Growth
The conversation turned to the future. Emma was considering opening a second studio in Toronto or at least hiring a full-time account manager out east. Randall advised her to model the financial impact now—everything from overhead to taxable income shifts—so she wouldn’t face surprises in 2026.
“Tax planning isn’t just about avoiding penalties,” he said. “It’s about giving you options—like whether to incorporate a new entity, reinvest earnings, or even restructure.”
Emma appreciated the proactive approach. This was why she stayed with Number Crunchers®—not just to stay compliant, but to stay confident.
What Emma Walked Away With
By the end of the hour, Emma had a mini action plan to carry into the fall:
- Adjust her tax installment payments based on her updated earnings
- Clean up her expense entries with her team, especially around travel and meals
- Confirm contractor payments were on track for proper reporting
- Apply for two tax credits that could offset recent software and training investments
- Schedule RRSP contributions to hit before year-end
More than anything, she left the call feeling in control.
As she closed her laptop and returned to her design board, Emma felt lighter. Tax planning wasn’t a burden anymore—it was part of building the business she envisioned. And with Number Crunchers® in her corner, she wasn’t just creating compelling brands for her clients; she was crafting a financially sound future for her own.
Start Your Financial Journey with Number Crunchers® today and discover how we can support your business’s growth and help you achieve your goals. Whether it’s tax strategy, financial forecasting, or expense optimization, we’re here to help you finish the year strong—just like Emma.