June 30, 2015

Finance and Taxation

Connect Legal suggests you “contact your local city government office to find out the kind of business that is permitted at your location and whether there are any restrictions. Understand the taxes (e.g. sales taxes, employee-related taxes, such as payroll deductions and remittances) you must collect and send to the government.”

Familiarize yourself with the government agency that deals with taxation. In Canada, this is the Canada Revenue Agency (CRA). On the CRA website, you can find information on obtaining your business registration number, GST/HST, corporation income tax, payroll, and a payroll calculator.

An accountant can help with tax planning.

Although it can be difficult, RBC suggests you separate your business and personal finances. “Separating your business expenses from your personal spending can actually make your life easier. Even if you’re just starting out, it’s smart to split up both sides of your financial life right from the beginning.”

Here are some tips:

  • Open a bank account for your business – This will save you accounting time during tax season.
  • Use a business credit card – Easily track your expenses to simplify budgeting, forecasting, and tax flow management.

This is intended as general information only and is not to be relied upon as constituting legal or other professional advice.

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