When starting a new business or growing a new business could be challenging. You will need to plan and research your product and services, marketing plan, financing plan, permits and licenses, books and records, etc. It could be more challenging if you are a new immigrant.
Tips and Resources for New Business Owners and Start-Ups
Here are some government programs that you can apply for and if you’re eligible.
Business Start Up Support
We are also here to help to the best of our abilities and in a cost-effective manner. We know that starting or growing a new business could be challenging, many a time, you might miss your revenue projections, and your want to keep your operating costs minimal.
Here are some further reading links that can help in understanding your business requirements, benefits that could be available to you or your obligations.
TYPES OF BUSINESS STRUCTURES AND LEGAL ENTITY
Before starting your new business you may want to choose the legal entity which suits your need. You can start as sole-proprietorship, or a partnership, or as a Corporation. Each type of business structure has its own advantages and costs associated. To learn more please click the link above.
When you incorporate your business the most important advantage is that your liability is limited and your personal assets are safe. A corporation is a separate legal entity. There are several other benefits of incorporating your business. To learn more please click the link above.
Once you have decided to incorporate your business you may also want to have a general understanding as to how the corporation taxation works in Canada.
TAX RATES – FEDERAL & PROVINCIALS
Your tax rates will be dependent the province in which your business is registered. Your tax rate may very form one province to another province.
To learn more about the tax system and tax differences between Ontario and Quebec when you are incorporated.
The product and services you intended to sell may be taxable, or exempt, or zero rates. If your products are taxable, you must register for GST/HST/QST once your sales exceeds $30,000 in 4 consecutive quarters. Knowing more on GST/HST or the benefit of registration will help you make informed decision.
What are your responsibilities as an an employer? Knowing your responsibilities will help focus on your business instead of dealing with tax issues. Please click the link above to learn more on this.
TAX-DEDUCTIBLE BUSINESS EXPENSES
The are several expenses that you can deduct from your taxable income and reduce your tax liability.
KEEPING YOUR BUSINESS RECEIPTS
You need to save your receipts and the proof of transactions when you are preparing for your tax. This will not only help in claiming all expenses that you are allowed to but also to provide a copy to CRA when CRA asks you.
Business Start Up Research and Useful links
Business Permits and Licenses that you may need
Importing goods into Canada, step by step guide
Classifying your goods when importing
Advance ruling on tarrif classification and import duty
Canada/USA/Maxico trade agreement
Mange your risk – Export Development of Canada
CRA Payroll deductions online calculator
CRA filing and payment due dates
RKB Accounting has expertise in cross-border taxation and has been providing accounting and taxation services for the last fifteen years in Canada and USA. RKB services include incorporating a business on both sides of the border, bookkeeping, sales tax, payroll, and corporate and personal income tax. RKB’s expertise includes cross-border tax planning, long-term tax planning, helping business start-ups, business structure planning, and resolving complex tax matters.
Disclaimer: Information in the blog/post/article has been presented for a broad and simple understanding. This is not legal advice. RKB Accounting & Tax Services does not accept any liability for its application in any real situations. You need to contact your accountant or us for further information.