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:
The latest bookkeeping information to help your business.
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.
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.
The LedgersOnline team takes Halloween seriously, and we wanted to wish you a Happy Halloween by offering three not-so-spooky tips to help businesses get prepared for their calendar year-end. For many, October 31st marks the beginning of the end-of-year preparation process, and brings a whole new aspect into this busy season.