Business Start-up In Thorndale, Ontario
- Business Name
- Corporation Initial Return
Develop a bookkeeping system:
Before we jump into establishing a bookkeeping system, it’s helpful to understand exactly what bookkeeping is and how it differs from accounting. Bookkeeping is the day-to-day process of recording transactions, categorizing them, and reconciling bank statements.
Accounting is a high-level process that looks at business progress and makes sense of the data compiled by the bookkeeper by building financial statements. As a new business owner, you’ll need to determine how you want to manage your books. We support/guide you to choose a kind of system that fits with your business.
Set up a payroll system:
Many businesses start out as a one-person show. When you’ve reached the point where it makes sense to hire outside help, you need to establish whether that individual is an employee or an independent contractor.
For employees, you’ll have to set up a payroll schedule and ensure you’re withholding the correct taxes. We are helping you with this too.
For independent contractors, be sure to track how much you’re paying each person. You need to keep their name, address and SIN on file.
Establish sales tax procedures:
Customers pay the GST/HST whatever province they make the purchase in, no matter if they live in that city or they’re visiting from somewhere around the world.
Canadian businesses only need to start collecting GST/HST when they have revenues of $30,000 or more in a 12-month period. You can submit the GST/HST you collect in instalments. If you want, you can collect GST/HST even if you don’t earn this much in revenue, as you can put it toward input tax credits. To make that kind of decision you may need professional advice, and we will help on this too.
Selling to international customers can be easier than domestic sales. Canadian store owners don’t need to charge GST/HST to customers who are outside of Canada.