Starting a Business

Know the Simple Steps for Starting a Business Right.

Owning your own business is right up there with apple pie and baseball as an American pastime. In order to assure that your business succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having all pertinent information in place before you begin your venture.

We can help you avoid becoming another failed business statistic. With our help, you will identify and avoid the common mistakes many new business owners make. We will help you build a business plan for success, as well as provide financial management services to meet your needs. Here are our steps to starting a business right…

9

Prepare a business plan and determine your initial capital needs.

9

Identify your current resources, as well as sources of start-up capital and your borrowing capacity.

9

Review potential business structures in terms of tax advantages and portability in case you need to relocate.

9

Plan for financial management of your business by selecting accounting software that fits your projected budget and gaining the hardware necessary to run it.

9

Understand the key components of a Cash Flow Projection and develop one to cover each month of your business for the first year, at least.

9

Learn about the best billing and collection procedures to maximize your cash flow.

9

Research and gain an understanding of employment laws so that you are prepared to comply from the start.

9

Consider a home office for maximizing tax deductions.

9

Prepare and file for all local and state licenses and permits.

9

Gain a Federal Employer Identification Number and set up payroll services and payroll tax filing systems with your first employee.

9

Identify any business insurance needs.

9

Develop a Partnership Agreement. By putting the terms of all business partnerships into writing, you will save a lot of future pain and headache, as well as the potential detriment of your business.

Don’t let this list overwhelm your desire to start a business. Our services were created with small business owners like you in mind.

    Call us today to get help with starting a business the right way!

    Ontario Corporate Tax Rate: Your Complete Guide

    If you run an incorporated business in Ontario, two numbers define your corporate tax obligation before any deductions or credits enter the picture. Understanding which rate applies to your corporation, and why that number can shift from one year to the next, is the...
    Read More

    Back Taxes in Canada: What You Owe, What Happens Next, and How to Fix It

    Finding out you owe back taxes to the CRA is one of the more stressful financial situations a Canadian can face. Whether you missed a filing deadline, underreported income, or simply could not afford to pay what you owed at the time, the situation does not improve by...
    Read More

    Alberta Corporate Tax Rate: What Every Business Owner Needs to Know

    If you run an incorporated business in Alberta, you are operating in one of the most tax-competitive environments in Canada. Understanding exactly what rates apply to your corporation, how the federal and provincial rates interact, and what filing obligations come...
    Read More

    Line 10400 on Your Tax Return: Other Employment Income Explained

    Most Canadians know their T4 slip covers their employment income. What fewer people realize is that there is a separate line on the T1 return specifically for employment income that never appears on a T4 at all. Line 10400, labelled Other Employment Income, is one of...
    Read More

    Incorporating in Canada: What It Actually Costs and Whether It’s Worth It

    Every year thousands of Canadian sole proprietors and freelancers ask the same question: should I incorporate? The answer depends on where your business is, where it's going, and whether the benefits outweigh the added costs and obligations. This post breaks down...
    Read More

    Line 15000 on Your Tax Return: Total Income Explained

    Line 15000 on your tax return in Canada is your total income for the year, every dollar earned from every source, combined into one figure. It is not limited to employment income alone. It captures self-employment earnings, pension payments, rental income, investment...
    Read More

    Self Employed Taxes Canada: What You Need to File, Pay, and Claim

    Running your own business in Canada means the CRA is not your employer's problem anymore. No one is withholding income tax from your pay, remitting CPP on your behalf, or handing you a T4 at year end. All of that falls on you. Understanding how self employed taxes...
    Read More

    Capital Gains on Inherited Property in Canada: What You Need to Know

    Inheriting property in Canada comes with a common misconception. Many people assume that because Canada has no inheritance tax, there is no tax to worry about at all. That is not accurate. While Canada has no inheritance tax, capital gains tax is applied to inherited...
    Read More

    Fiscal Year in Canada: How to Choose the Right Year-End for Your Business

    One of the first decisions a newly incorporated business makes in Canada is one that most owners do not spend nearly enough time on. Your fiscal year end date affects your corporate tax deadlines, your cash flow planning, your GST/HST reporting schedule, and your...
    Read More

    PREC: The Tax Advantage Every Canadian Real Estate Agent Should Know About

    If you are a real estate agent in Canada earning strong commission income and still operating as a sole proprietor, there is a good chance you are paying significantly more tax than you need to. A Personal Real Estate Corporation, commonly known as a PREC, is a...
    Read More