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What Boxing Taught Me About Business and Leadership
In 2016, I stepped into a boxing gym for the first time.
I went on a whim after my sister suggested it. She had walked past the gym, thought that I’d be interested, and she encouraged me to check it out. I was shy, intimidated, and uncertain, but also curious. At the time, boxing was completely outside of my comfort zone. I decided to give it a try anyway.
One visit, and I was hooked.
Now, nearly a decade later, boxing has become an important part of my lifestyle. It continues to challenge me physically, gives me space away from the demands of work and life, and teaches me lessons that extend far beyond the gym.
I train with my coach at least once a week and have since introduced my son to the sport. Whenever we can, we train together. Boxing gives us the opportunity to connect over something we both genuinely enjoy.
It's never easy to find the time. Between running a business, showing up for my clients, managing family life, and everything else in between, there are plenty of days when skipping a session is the easier choice.
Despite that, I've learned that the moments where I feel that I have the least time are usually the moments where I need to make some for myself.
Focus on What Matters
My profession is fast-paced, and high-pressure. As an accountant and business owner, my days are spent solving problems, making decisions, and helping clients navigate uncertainty, often amid tight deadlines and with high stakes.
Sparring has taught me that not everything deserves my immediate attention, or any attention at all.
Losing focus in boxing for even a moment can cost you. One clean punch can alter a whole match. However, smaller punches slowly wear you down, and cost you valuable energy. Especially if you react to every punch that comes your way.
There is no universal defensive maneuver in boxing. Each hit requires a different reaction: sometimes I slip, sometimes I weave, sometimes I parry. Sometimes, I simply stay composed knowing that a punch will miss entirely.
Business is much the same.
Each day can bring new requests, unexpected challenges, distractions, and competing priorities. But not every issue deserves the same amount of energy. Some problems are real. They require action. Others never materialize; they are simply noise.
Consistency and efficacy aren’t about reacting to everything that comes your way. It's about staying focused on which things matter the most and choosing your response intentionally, with clear priorities and a clear game plan.
Timing Is Everything
One of the biggest lessons that boxing has taught me is that not every opportunity is the right opportunity.
When you're sparring, you can't throw punches continuously. You'll waste energy, tire out quickly, and lose your composure, leaving yourself exposed and weak.
Sometimes the smartest move is to defend.
Sometimes it's to create space.
Sometimes it's to wait.
You're constantly reading your opponent, watching for openings, and choosing the right moment to act. Patience isn't only passive; it's strategic, intentional.
As business owners, we're constantly faced with decisions. From short-term hiring and cash flow decisions to long-term decisions on business strategy and exit planning.
Not every decision requires immediate action. You must prioritize. Deal with what is in front of you instead of worrying about what might happen next. Sometimes the best decision is to wait, watch, and gather information before you respond.
I've learned that good leadership isn't about always being the fastest to react. It's about knowing when to take initiative, when to defend, and when to conserve your energy for the opportunities that matter most.
Creating Space to Think Clearly
One of the unexpected benefits of boxing has been what it does for my mind.
There are days when I don't feel like going. I'm busy. I'm tired. I go anyway. Because after an hour of training, I leave feeling calmer, clearer, and far less stressed than when I walked in.
The problems that felt overwhelming suddenly seem manageable. Ideas flow more easily. Decisions feel clearer.
As business owners, we spend so much time trying to become more productive and forget one of the most rudimentary aspects of productivity is efficiency. We can not work efficiently when we aren’t giving ourselves space to think.
For me, boxing creates that space.
Step Into Discomfort
Boxing has reminded me that growth happens outside your comfort zone.
When I first walked into the gym, I was completely outside of my comfort zone. As a woman, boxing felt like an unconventional interest, and for a long time I wasn't confident enough to own it.
But with the support of a great coach and self-confidence built through showing up consistently, that discomfort slowly faded.
I'm certainly not a professional boxer, but I’ve earned my salt over the years. More importantly, I've proven to myself that I'm capable of learning something that once felt completely beyond me.
I think this is a sentiment that many women can relate to. We're often taught to be prepared, have all the answers, and conditioned not to take risks.
Whether it's starting a business, taking on a leadership role, speaking up in a meeting, or walking into a boxing gym for the first time, confidence doesn't come first.
Confidence comes from taking the step, making mistakes, learning, and showing up again.
The Lessons We Learn Outside the Office
I've come to realize that many of the most important lessons in leadership aren't learned in a boardroom, or behind a desk. They're learned in places that challenge us, humble us, and force us to grow.
For me, that place has been a boxing gym. I’ve learned to stay present under pressure, to choose my battles wisely, to wait for the right opportunity instead of forcing one, and to create space to think clearly before making decisions.
Perhaps most importantly, it reminded me that showing up for myself isn't selfish, it's necessary.
Because when I take care of my body, challenge my mind, and make space to think, I become a better leader, a better parent, and a better version of myself. We spend so much of our professional lives investing in our businesses, our careers, and the people around us. Don't forget to invest in yourself, too.
You might be surprised by how much of what you learn outside of work changes the way you show up within it.
As business owners, one of the greatest freedoms we have is the ability to intentionally create time and space for the things that keep us healthy, challenged, and growing.
Boxing for me has become far more than a workout. It's one of the ways that I make space to be a better leader, a better parent, and a better version of myself.
4 Things to Look for When Choosing an Accountant
Over my years in industry, I've seen the same situation unfold time and time again. A small business owner calls in a panic: there's a CRA issue, a missed deadline, an unresponsive accountant, or a dispute over records and fees. The situation feels overwhelming. In many cases, the problem could have been avoided with proper professional practices.
Consider these real-life examples:
Client 1: Multiple CRA GST review requests were ignored, until finally a deadline was missed. What started as a routine review snowballed into assessments, penalties, interest, and significant professional fees to correct the situation.
Client 2: Two weeks before an important filing deadline, a client discovered that their accountant had effectively disappeared. With no response to emails or phone calls, and no copies of historical records, the client was left scrambling without professional assistance.
Client 3: After deciding to switch accountants, a client was presented with several years of previously unbilled fees. A dispute followed, and access to historical records became a contentious issue.
The common thread? None of these clients had verified their service provider's qualifications. None of the individuals involved were CPAs, and none were subject to the professional standards, ethics requirements, or regulatory oversight that come with the designation.
The reality is simple: anyone can call themselves an accountant. That doesn't mean that they have the training, accountability, or expertise to provide sound, consistent professional advice.
Before hiring a new accountant, here are four things every business owner should consider:
1. Qualifications
Anyone can call themselves an "accountant" without holding specific qualifications or a professional licence. This differs from professions such as law or engineering, where the use of professional titles is regulated.
When choosing an accountant, look for a CPA designation. Accountants who are registered members of Chartered Professional Accountants of Alberta are required to maintain high professional standards, complete ongoing professional development, adhere to a code of ethics, and are subject to regulatory oversight and practice review.
To verify the status of an accountant or firm, visit CPA Alberta's member directory.
2. Established Presence and Accessibility
Is your accountant easy to reach, and do they have an established professional presence? Basic indicators of professionalism include a business phone number, a professional website, a physical office or established place of business, and additional team members who can assist you when needed.
Potential red flags include:
- No phone number or established place of business.
- Using a personal email address (such as Gmail or Hotmail) rather than a business domain.
- Asking for your CRA user ID or password instead of being properly authorized as your CRA representative.
- Holding information and records hostage by refusing to provide copies of records, reports, tax returns, or other important documentation.
- No website, online presence, established reputation, or trusted referral sources.
3. Professional Fees Within Market Range
Professional accounting firms incur significant costs to provide quality services. These costs include professional software, licensing fees, continuing education, professional memberships, and liability insurance.
In addition, a CPA has invested years in university education, professional training, examinations, and practical experience requirements. Professionals who have made this investment and maintain these standards generally cannot offer services at substantially below-market rates. While low fees may be appealing, unusually low prices can warrant additional scrutiny.
4. Shop Around
Ask friends, family members, business associates, or other trusted advisors for referrals. Meet with a few different professionals before deciding. Comparing qualifications, communication styles, service offerings, and fees will help you determine who is the best fit for your needs.
A good accountant should make you feel comfortable asking questions, explain matters clearly, and demonstrate a genuine interest in helping you achieve your goals.
Conclusion
Choosing an accountant is about more than finding someone to file your tax returns. The right advisor should help you stay compliant, avoid costly mistakes, identify opportunities, and provide valuable guidance as your business grows. The wrong advice can result in a myriad of avoidable issues: missed deadlines, penalties, unnecessary stress, and unnecessary costs.
Taking appropriate steps to verify qualifications, assess professionalism, compare service providers, and ask the right questions can save you significant time, money, and frustration in the future.
If you're currently working with an accountant, consider whether they meet the standards outlined above. If you're searching for a new advisor, take the time to do your homework before deciding.
Have questions about your accounting or tax situation, or looking for a second opinion? Contact our team to schedule a consultation. We'd be happy to discuss your needs, and help determine whether we're the right fit for your business.
TFSA Mistakes That Can Cost You More Than You Think
Even small mistakes in your TFSA can create ongoing tax consequences. Rules around contributions, withdrawals, and timing are more complex than many people realize.
This guide breaks down the key areas where TFSA errors commonly happen, why they matter, and what you need to know to avoid unintended penalties or long-term tax consequences.
TFSA losses don’t cancel out overcontributions
One of the most common misconceptions is that if your TFSA drops in value, the drop in value resolves the overcontribution. It doesn’t.
If you over-contribute to your TFSA, penalties apply based on the excess contribution amount, even if the value of your investments later decreases. Market losses do not remove or reduce the original overcontribution for tax purposes.
Penalties continue until the excess is removed
The monthly penalty tax only stops once the actual excess contribution is withdrawn. If the market value drops after the over-contribution occurs, it may become even harder to correct the issue. If the value drops enough, you may not have enough cash to withdraw to fully eliminate the excess contribution, further extending the problem.
Small mistakes can quietly compound
Even a small over-contribution can result in ongoing monthly penalties if it is not identified and corrected quickly. Over time, these charges can accumulate and create a potential long-term tax trap.
Contribution room only resets annually
Timing matters. TFSA contribution room is restored annually on January 1. This means that withdrawing funds and re-contributing them in the same calendar year can unintentionally create an over-contribution if not carefully tracked. A common trap for taxpayers.
Timing matters more than most people realize.
CRA penalties are strict, even for honest mistakes. While many Canadians assume that honest errors will be forgiven, recent court decisions have consistently upheld the CRA’s position on TFSA over-contribution penalties.
In practice, this means that even good-faith mistakes can still result in penalties and interest if not corrected promptly.
A more proactive approach
TFSA rules are not meant to be complicated, but they do require careful attention, especially if you are actively contributing, withdrawing, or managing multiple accounts.
The key is to track timing and available room consistently throughout the year to stay ahead of it.
- Monitor TFSA contributions regularly
- Track withdrawals and re-contributions carefully
- Understand how timing affects available room
- Confirm contribution space before making deposits
At Square One, we help clients look beyond compliance and into proactive planning.
That includes identifying risks before they become issues and understanding how tax rules apply in real life (not just on paper). We provide strategic advice to help you avoid costly surprises.
TFSA planning is a good example of where small details matter more than most people expect. And when those details are managed properly, it becomes what it’s meant to be: a simple, effective savings tool, and not a source of unexpected tax consequences.
Accounting Should Feel Clear
Most entrepreneurs start their business because they see an opportunity. It’s a chance to create something meaningful, solve a problem, gain independence, and build meaningful relationships entirely on their own terms.
In the beginning, accounting and record-keeping are often an afterthought, managed reactively and on the sidelines. It’s a strategy that might work at first… until one day, it doesn’t.
As your business grows, so do the semantics. You start hearing terms like cash flow, profitability, KPIs, and EBITDA. Naturally, you begin to wonder: what do these actually mean? How do they affect my business? How can they help me plan for the future?
Before long, the numbers can start to feel overwhelming. Year-end becomes a source of anxiety, tax season raises more questions than answers, and decisions that should feel simple suddenly feel uncertain.
At Square One, we’ve seen this pattern repeatedly. More often than not, the issue isn't a lack of capability on your part. It’s the lack of reporting processes, meaningful conversations, and predictive advisory support that make you feel secure about your business's trajectory.
Traditionally, accounting support is centered around a few routine “obligations”:
- Keeping the books updated
- Filing tax returns
- Producing year-end reports
While that work matters, it’s only the baseline. It’s reactive, and it doesn’t provide the guiding information that you need to answer critical business questions:
- Can I afford to hire right now?
- Revenue increased, so why am I tight on cash?
- Am I missing out on tax-saving opportunities?
- How much can I afford to pay myself? What's the best way to do it?
- Are these numbers normal for my industry, or am I falling behind?
When those questions go unanswered, accounting is reactive rather than proactive. But when your financial information is clear, consistent, and current, the numbers become useful and their meaning becomes tangible. That shift from guessing to knowing is when financial reporting becomes a powerful tool for growth.
We believe financial and tax planning requires a year-round mindset. You shouldn't have to wait until year-end to find out how your business performed. With modern, cloud-based tools at our fingertips, the right information can be accessible whenever you need it, so that your business decisions are made with direction and clarity.
Our mission is to seamlessly integrate a modern financial system into your business by:
- Maintaining consistency: delivering timely, reliable financial reporting.
- Facilitating meaningful communication: interpreting and explaining what the numbers actually mean, not just reporting them.
- Guiding your choices: helping you understand the financial impact of decisions before and as you make them.
- Eliminating stress: implementing predictable systems that reduce uncertainty and overwhelm.
You started your business for freedom, and we're here to help you protect it. We do that by communicating with absolute clarity, staying engaged throughout the year, and building a true partnership that supports your vision and allows you to feel free as a business owner.
Free from the overwhelm of financial and tax complexity.
Free to focus entirely on your core business.
Free to keep building a life you love.