Starting a Business

I am starting a business.

 

 

 

 

  • What software should I use?
  • Should I incorporate or operate as a sole proprietor?
  • What are my options for paying myself ?
  • How do I register my business?
  • How do I file my GST return?
  • How do I keep track of my finances?

Starting your own business can be a liberating experience. You may have been drawn in by the prospect of making your own rules and answering only to yourself. However, it probably didn’t take long to realize that before you get to the fun stuff, you have a lot of decisions to make.

KWB has helped me grow from a small sole-proprietorship to a corporation managing a large client list and several contractors. Dustin Delfs, Laughing Dog Photography

And that’s where we come in. We want you to enjoy the process of getting your business started, so we do everything we can to ease the process. We understand that it can seem overwhelming at first, but the key to feeling at ease is to obtain as much information as possible. We’re here to provide you with that information, and can even connect you with other professionals, such as lawyers, bankers, financial planners, and insurance providers, to ensure that all your needs are met.

Some services you might find useful include:

Business Year-End
Wealth Management: Your Working Years
Structuring Your Business

If you’d like to know more about what we can do to help you start your business, contact us.

If you’re an existing client, please give us a call and set up a meeting.

If you’re a new client, give us a call or send us an email – we’ll set up a no-commitment consultation for approximately a half-hour. We’ll talk about your business, your personal and professional goals, and answer all of your questions about us as well. If there’s a good fit, we’ll provide you with actionable advice and get you started down the path towards your goals.

Blog posts about Starting a Business

Sep 18 2013
CRA's Cash Receipts Window

Canada Revenue Agency (CRA) has announced that they are closing their cash receipts window effective September 30, 2013. Find out how this might affect you.

Jan 26 2016
Borrowing Best Practices

You may not always understand what your banker is seeing or what they are asking for, but the good news is that both your banker and you want to see the business succeed. Here is more info on the 9 simple things that will help you become a more successful borrower.

Jul 29 2013
What can a Quickbooks ProAdvisor offer you?

There are many benefits that KWB receives as a member of the Quickbooks ProAdvisor program and can pass along to you. Read about what they are, including some potential cost savings for you.

Jan 12 2013
Remote Accounting Support

Would you like to have a KWB staff person work directly on your accounting system at a time that is convenient for you? Or to help you figure out why your accounts aren’t balancing or why your accounting software has crashed? KWB is here to help! Learn more about our remote accounting support.

Feb 16 2016
Income Splitting

Do you own a business - either incorporated or unincorporated - and have a spouse or one or more adult children with an income lower than your own? If so, you may be able to shift your income to these other family members, effectively moving the income from a high tax rate to a low tax rate and decreasing the overall tax burden on your family. This is called income splitting.

Jun 19 2012
The Value of a Unanimous Shareholders Agreement (USA)

The financial wealth of many individuals is represented by the shares of a privately-held corporation, and, as such, a shareholder agreement is an invaluable legal instrument when the corporation is being continued by other shareholders or family.

Apr 25 2017
Personal Services Business (PSB)

In the past, it was OK and even advisable to conduct business through an incorporated company even if PSB rules applied. With recent changes to the rules, though, this is no longer true.  So what are these changes, and what do they mean to you?

Jan 12 2016
Save Money with a Health Plan

Save Money with a Health Plan How can you save $100’s and maybe $1,000’s in taxes in one simple step? Are you an employee of your own company and do you have significant medical expenses each year of $2,000 or more not covered by a health plan? Then creating a “Private Health Services Plan” (PHSP) as soon as possible could save you big dollars.

Nov 22 2016
Tax Filing Deadline

What is your tax filing deadline? How much time do you have to file and what are the costs of not filing or of filing late? Personal Tax Filing Deadline Personal taxes are due on April 30 unless that date falls on a Saturday, Sunday or a holiday in which case the return is due on

Nov 9 2016
Leasehold Improvements To Your Home Office

Have you made some renovations or leasehold improvements to your home office?  You should be claiming any “repairs” in the year that they occur, but you have some options when it comes to claiming the amortization from leasehold improvements to your home office. However be aware that this option may mean losing your homes

Nov 1 2016
Payroll Remittance

Depending on the amount of your payroll remittance you may have some options as to when you are required to remit it to CRA. Regular Payroll Remittance You are a regular remitter if you are a new employer or your average monthly withholding amount (AMWA) two years ago was less than $25,000.  In

Sep 27 2016
Employment Insurance For Related People

Employers are required by law to deduct Employment Insurance (EI) premiums from all insurable earnings paid to their employees who are engaged in insurable employment. If an employer is unsure whether or not an employee is engaged in insurable employment, the employer can request a ruling from the CRA.  A letter or completed form

Jul 15 2014
Guide for setting up your business

The following checklist has been prepared to assist you with the steps required and other points to consider when setting up your business. This checklist is not all encompassing, but one tool to help identify key issues that need to be addressed and considered. In addition, we recommend reading Canada Revenue Agency’s (CRA’s) guide "RC4070

Jun 24 2014
Online Backups - Keeping it simple

Do you know someone who has lost critical and precious information that was stored on their computer? Are there things on your computer that you don’t want to lose such as financial or business records or personal information like family photos? We live in a digital world and we don’t have hard copies of anything

Jul 15 2014
Starting a new business?

There are a number of things that you will need to do including: 1)      Incorporating a company.  But before you do, you should talk to us about the types of shares and number of shares that should be issued to each person that you are thinking about involving in your business. And who should

Jul 21 2016
Switching to Quickbooks Online (QBO)

Considering making the switch from QuickBooks Desktop to QuickBooks Online (QBO)? Here are a few reasons why QBO might be the right choice for you. If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product

Jul 5 2016
Bookkeeping Services

Are you unable to make good decisions because your financial information is inaccurate or not provided to you on a timely basis? KWB Chartered Accountants offers bookkeeping and similar services. With timely and accurate information we can help you address your issues and make better decisions as a result. These are definitely tough times, and

Jan 5 2016
EI for the self-employed

An advantage to being self-employed is that you don’t pay into Employment Insurance (EI) like employees do. However, a program was introduced in 2010 which allows self-employed individuals to opt in to pay Employment Insurance (EI) premiums. Now that this has been in effect for a number of years, let’s revisit some of the key

Nov 24 2015
New Business Guide for setting up your business

If you are starting a small business in Canada or are operating one already, then this article is for you. Types of business structures The type of structure you choose has a significant effect on the way you report your income, the type of returns you file each year, and many other matters. The three

Sep 10 2015
Online tools from the CRA and Service Canada

Here are some great tools on the CRA website to help in day to day activities that I personally use. 1)       Payroll Deduction Online Calculator Use the Payroll Deductions Online Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial payroll deductions. It will confirm or allow you to calculate the deductions you include

Aug 4 2015
Corporate expenses - What can you deduct?

Often deductible business expenses are overlooked or missed as business owners are unsure whether they are deductible. A business expense is any cost incurred by the company to generate income. These expenses must be supported by physical documents such as invoices, purchase contracts, sales receipt, etc. If cash is used to purchase items, it is

Jan 23 2015
Fraud from mobile banking deposits

Technology is constantly evolving and many commercial banks are using the latest technology advances. Some of these include mobile banking, electronic payments and mobile cheque deposits or Mobile Remote Deposit Capture (MRDC). We have all seen the commercials showing us how easy it is to deposit a cheque by taking a picture of it with

Feb 9 2016
Moving expenses

If you are moving and are the owner of your own business you should consider deducting the expenses in your company rather than on your personal tax return. If you do not have that option, then the tax rules provide that if you have moved to be at least 40 km closer to your place

Mar 17 2015
Applying for a Business Number

A Business Number is a nine-digit identifier provided by the Canada Revenue Agency (CRA) to each Canadian business. This number is given to register tax accounts and to make communication with CRA easier.  Each legal entity (sole proprietor, partnership, corporation or trust) requires one business number and each business number can be registered for

Apr 9 2015
Cost of Being Found to be a Personal Services Business (PSB)

We often hear about individuals who decide to incorporate while working as an employee for a business. But is it really beneficial to do so? Let’s look at an example. Joe works as an employee and earns employment income (a T4 slip) in Alberta. On July 1, he incorporates. Although he has incorporated, he continues