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How should I manage accounting for my business?
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Separate your business and personal transactions with a business bank account and credit card. From there I can onboard your business accounting to QuickBooks Online and efficiently help your business keep track of expenses, vehicle mileage, and receipts.
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What are my tax filing responsibilities as a sole-proprietor?
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- Filing statement of business or professional activities with personal tax return
- Remittance of estimated tax installments
- Collection of HST, GST and PST from customers and annual filing
- Retention of receipts and documentation to support eligible tax deductions and Income Tax Credits
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Should I incorporate?
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There are various legal and tax considerations that are factors in this decision so it always circumstantial. New businesses running initial losses are able to offset other income earned by the taxpayer, so it is often a good tax planning practice to not incorporate and take advantage of the losses for personal tax purposes. However, when a business is turning in a profit, corporations can take advantage of the small business rate and defer income tax expense by leaving funds in the corporation to further invest in the business. Each business is unique and requires advice from a qualified professional when it comes to this decision. Contact today for a free consultation.
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Additional Services
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- Incorporation Consultations
- Transfer of Assets into a Corporation (Section 85 Rollover)
- Audit support
