Blogs

A high percentage of small to medium-sized businesses will look to grow sometime during their life cycle. Therefore it is important to know some of the new tax requirements that come with growth. In this post you will find some important information relevant to this which first appeared on the Small Business BC website.

Tax Requirements Change as Your Business Changes

As you build and grow your business, any number of events and activities can trigger new tax requirements. Here we show you what you need to consider as you grow your business.

Whether you area a small business or just a start up tax related questions will always arise. Below is some useful information I came across on the Small Business BC website that will help with such questions.

Know what is taxable income.

HST is a controversial topic and has been for some time. There are some views from people that this will provide many benefits and I’ve touched on this in earlier posts. But in reality this can be hard to believe with many questioning where these voiced benefits are coming from. Lu Wang of "The Province" newspaper has strong views on this and below is an excerpt from a recent writing.

“I'm so sick and tired of all these claims about supposed benefits of the HST. They're marketing propaganda ..”

The deadline for tax filing has passed, but there are still a few important things to know or keep in mind:

With everyone being so serious about HST it was only fitting I came across this article shown below in “The Globe and Mail” newspaper by Dianne Nice. This bold look into ducking the harmonized sales taxman was an interesting read and some what controversial. Therefore I decided to make my own observation on Dianne’s tips.

1. Buy Now, Use Later
 

After treading through the internet recently looking for information related to HST and how Technology companies can prepare, I stumbled upon a descriptive article from KPMG. Prepared by Lesley Tela and Dianne Bomben below is an excerpt from that article summarizing some relevant points from the detailed piece.

Below is an excerpt from an article by Carl Beck, CMA, Sales Tax Advisor. This article underlines some of the benefits HST may bring to BC's construction industry. It is a detailed article with some interesting to questionable points on the benefits and how it may vary across the industry. The excerpt summarizes some of these points.

LedgersOnline Accounting and Bookkeeping services, integrates easily with the popular online accounting version of QuickBooks. All our staff are highly qualified and trained to use QuickBooks online. We are also an affordable and cost effective solution to any sized company looking for Accounting or Bookkeeping help and use the QuickBooks online version.

We act as a virtual Accountant and Bookkeeper working with your existing QuickBooks package logging in from our office in North Vancouver, BC.

LedgersOnline Accounting and Bookkeeping services integrates with the every popular web-based construction software, Corecon. All our staff are highly qualified and trained to use this software. We are also an affordable and cost effective solution to any sized construction company looking for Accounting or Bookkeeping help and use the Corecon package.

We act as a virtual Accountant and Bookkeeper working with your existing Corecon package logging in from our office in North Vancouver, BC.

Many small businesses without knowing are and will not be ready for HST when it comes into effect. Below is information with some of the essentials of what a small business needs to do to comply.