Glossary and quick answers

Short, plain meanings. Where a word comes from CRA, we say so, and you can check the details on the CRA website . This is general information, not tax advice.

📖 Words you will meet

Business income: money your business earned. In SoloBook, a deposit counts as business income unless you say it does not.

Transfer: money you moved between your own accounts. It is neither income nor an expense.

Unreviewed / Confirmed: the state of a transaction. Unreviewed means you have not looked at it yet. Confirmed means you have.

Category: a label you put on a transaction, such as Software or Travel.

Tax line: a line on a CRA form, such as T2125, the form self-employed people use to report business income. A category can be linked to one, so spending in that category counts toward it.

Business-use percent: the part of a cost that is for business. A phone used for work and for family might be partly business.

Capital purchase: something you buy that lasts for years, such as a laptop. CRA treats it differently from everyday expenses.

CCA (capital cost allowance): the way CRA lets you claim a capital purchase over several years instead of all at once. Each kind of asset belongs to a CCA class.

Cash basis: counting money when it is received or paid. The Budget and the Tax year screen use this.

Envelope: a pot in your budget for spending, saving or tax.

Tax reserve: money you set aside for tax during the year.

Instalment: a payment toward your tax that you make during the year, before you file.

CPP: the Canada Pension Plan. Self-employed people contribute to it themselves. Check CRA for how it works for you.

RRSP / FHSA: registered savings accounts. A contribution may reduce your taxable income. Check CRA for the rules.

Notice of assessment: the document CRA sends after it processes your return.

Snapshot: a saved copy of your Tax year statement as it stood on a given day.

Fiscal year end: the day your business’s financial year ends, in month and day.

GST/HST: Canada’s sales taxes. SoloBook does not calculate them. See What SoloBook does not do.

❓ Quick answers

How much does it cost? SoloBook is currently free for everyone, with one business included, and no card is needed. If pricing changes, it will be announced on the site.

Who is it for? Canadian freelancers, contractors and sole proprietors, and their accountants.

How do I sign in? With Google. Facebook and Apple are marked “soon”.

Which languages? The app is in English and Russian. This documentation is in English, Russian and French.

Where is my data? In a securely hosted database, with access control per user and per business. Every access to financial data is logged.

Can my accountant use it? Yes. See Your accountant, your data and your privacy.

My bank is not supported. What now? Order the import from us, free of charge: write to support@solobook.ca. See Importing statements.

Who do I ask? support@solobook.ca, or the chat in the app.