Bookkeeping Category

The latest bookkeeping information to help your business.

Irrespective of the form of business in which you operate, if you are going to have employees then you will have to contend with payroll deductions and remittances. The brief summary that follows will give you some guidance in the rules and regulations of the various taxing authorities.

A Corporation's first tax return is very important. Several elections are made which will dictate the way the corporation is taxed for many years to come. Some of the more significant elections that may need consideration are outlined below:

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.

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