LedgersOnline Blog

For all things accounting and bookkeeping.

There are only two certainties in life, death and taxes. Once you start your new business, you will have to deal with income taxes. The Canadian Income Tax Act is extensive and it can take years of study and training to master many of its rules and regulations. The following discussion is not an all-encompassing discussion of the tax issues and compliance issues you and your business might face. It does, however, aim to provide guidance on complying with the laws and regulations within the Income Tax Act.

A crucial yet often over looked part of starting a new business is ensuring you have appropriately complied with the plethora tax and information filing requirements from various government authorities. Failure to comply with these requirements on a timely basis, often results in punitive penalties being assessed.

One of the first technical decision you will make for your business, will be to choose a legal structure. This decision will have an impact on how much you pay in taxes, it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise capital for your business. To a large degree this decision may be dictated by the way you have organized your operations and whether you intend to work on your own or with others.

At its most basic level, the Business Plan is roadmap for your business. It will outline your businesses goals, as well as how your business plans to achieve those goals. Good business plans take it one step further and create buzz about the future prospect of your business. In that sense, the business plan is as much about selling your business, as it is about carefully setting goals and planning how to achieve them. Poor planning and financial management are the leading causes of business failure - don't fall victim to this easily avoided pitfall.

We are happy to welcome Karina, our latest addition to the LedgersOnline bookkeeping team. After working as a bookkeeper for many years in Germany, Karina decided to move to beautiful British Columbia with her husband and three daughters. She now calls Squamish, BC home, which is a relatively short, but very scenic commute along the sea 2 sky highway to the LedgersOnline office.

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Trusted bookkeeping and accounting services provider to businesses for over 10 years.

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