If you are thinking about starting a small business then at the same time you also need to think about getting yourself off on the right foot with the Canada Revenue Agency (CRA) as well as retaining the services of a quality Toronto accountant ideally that also offers Toronto bookkeeping services as well.
These are all important factors that will help keep your new Toronto based business on the right track. The first course of action will be determining if you should incorporate your business, run it as a partnership, or as a sole proprietor. This is a big and important decision as each of these has its own set of rules and regulations pertaining to its tax obligations. This is one of the reasons that you want to hire your Toronto accountant as soon as you have decided that you are going to start a business. This expert will help guide you with obtaining your business registration number (BN). Along with this you may need to have other accounts set up with the CRA such as GST/HST, and payroll. There are also rules for import/export pertaining to tax as well.
If you are going to incorporate your business then you are best to choose a lawyer that specializes in this type of law. Incorporated businesses have many advantages to them and can provide business protection that may be important in your particular business situation. Then once your business has been incorporated legally you can then set up your services with your accountant who also specializes in Canada tax. If you choose an expert in this field who also offers bookkeeping services then it can really make life easy for you when it comes to the business financial obligations of your business.
Keeping the financial obligations of your business in proper shape right from the start will dramatically reduce a lot of tension of frustration as your business becomes stable and your first year end approaches for your tax filing.
Aside from getting you the best breaks on the tax you may have to pay, your accountant can be instrumental in other areas of your tax obligations such as your payroll tax and GST/HST.
Here at torontoaccountant.ca we really enjoy helping a new business owner get set up properly in respect to their financial responsibilities for the business. With so many things to do for getting your new business established it’s easy to forget how valuable accounting services can be for you right from the beginning.
If you need assistance with your new business please call me at (416) 398-1700 or fill out the contact form on the right hand side.
