Small Business

Do you have a great idea for a new business?  Where do you start?  

Check out One Stop Business Registry at http://www.onestopbc.ca/

Have you been providing a service or product to the public and now realize you need to get sorted out?  Aries Accounting is here to help.  We work closely with our clients to keep them up to date and organized.

 

Items to keep in mind:

  • You should register as a Sole Proprietor in BC and do a Name Search.  This can be done through http://www.onestopbc.ca/
  • Do you anticipate having Sales of more than $30,000?  If so, you may be required to register for GST with the CRA.  Check out the Registering for GST page at http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/rgstrng/menu-eng.html
  • You may be required to register for PST if you are providing tangible products to clients in the province of BC.  PST can be very complicated so it’s best to meet with your accountant or contact the Minister of Finance directly.  For more information on PST here’s a link http://www2.gov.bc.ca/gov/content/taxes/sales-taxes/pst
  • Accounting software packages are now less expensive and more user friendly than they used to be.  There are multiple on line cloud based services that are easy to use.  We also provide software and bookkeeping training to get you set up and going.
  • Are you considering hiring employees or subcontractors to work with you?  The CRA has very strict rules on Employees or Self Employed persons.  Read this link to know more http://www.cra-arc.gc.ca/E/pub/tg/rc4110/ We can help with Subcontractor/Self Employment Agreements to ensure you stay within the guidelines.
  • Keep your receipts!  Expenses you incur to earn business income are generally deductible for tax purposes.
  • Meal  receipts must be for business purposes.  For example you must have been having a Meal with a Customer, Supplier, Employee, etc in order to be able to deduct the Meal from your income.  You must indicate the person’s name on your receipt and/or the nature of the visit in order to comply with CRA standards.
  • Golf Green Fees and Membership Dues are NOT a business write off.  Sorry!  

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Aries Accounting
Aries AccountingTuesday, January 16th, 2018 at 12:19pm
Tax Tip Tuesday: During the months of January and February many tax related items will begin to arrive in the mail. Save yourself time and stress by putting them all together in a tax folder.
Aries Accounting
Aries AccountingTuesday, January 9th, 2018 at 8:58am
Tax Tip Tuesday: When your annual mortgage statement arrives, put it with your tax package. You may need it for your Business Use of Home expenses. Trust us, your accountant/tax preparer will ask for it!
Aries Accounting
Aries AccountingTuesday, January 2nd, 2018 at 10:56am
Tax Tip Tuesday: As part of their Budget 2017, the Government of Canada now recognizes nurse practitioners as being able to certify Form T2201, the Disability Tax Credit Certificate. For more information on this initiative as well as the Disability Tax Credit please visit this site https://www.canada.ca/en/revenue-agency/campaigns/nurse-practitioners-certify-disability-tax-credit-certificate.html.

202-879 Anders Road, West Kelowna, BC, V1Z 1K2

admin@aries-accounting.com

250-454-9483