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

Mar 31 2020
What is the Work-Sharing Program?

Work-Sharing (WS) is a program that helps employers and employees avoid layoffs when there is a temporary decrease in business activity beyond the control of the employer. The program provides EI benefits to eligible employees who agree to reduce their normal working hours and share the available work while their employer recovers. Work-Sharing is

Mar 31 2020
Essential Services - Is your Business on the List?

Overview The businesses and services on the essential services list can continue to provide services at locations accessible to the public and must have proper risk mitigation measures in place, such as sanitation stations and appropriate distancing between customers. The intent of this list is to provide general guidance to business owners and operators

Mar 30 2020
New Information on Wage Subsidy Program - 30 March 2020

Prime Minister Justin Trudeau announced today businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program. The number of people a business employs will not determine its eligibility. Charities and companies big and small will

Mar 25 2020
Support for entrepreneurs impacted by the coronavirus COVID-19

As announced by the Minister of Finance, BDC puts in place additional measures to provide relief for Canadian entrepreneurs. Effective March 18, 2020, new relief measures for qualified businesses include: Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;Flexible repayment terms, such

Mar 24 2020
Support for Employers – New Supports Announced 23/03/2020

Corporate income tax changes Corporate income tax balances and instalment payments will be deferred from March 19 until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts and continue operations. Education property tax deferral Education property tax rates will be frozen at last year’s level – reversing

Mar 24 2020
Best Practices for Submitting Documents Electronically

We are encouraging you to send us your personal tax information or corporate records electronically.   This guide will assist you through the process while ensuring your data is secure and well managed.  File Types:  We can accept pretty much any file types (PDF, jpeg, bmp, tiff, png, etc.) Image Quality: 

Mar 23 2020
Frequently Asked Questions – Temporary Wage Subsidy for Employers

1. What is the Temporary Wage Subsidy for Employers? The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). 2. Which employers are eligible? You are an eligible employer if you: are

Mar 23 2020
Relief for the Energy Sector

Immediate action will protect jobs and provide economic relief to the oil and gas industry Overview The Government is providing economic relief to Alberta’s energy industry to address challenges resulting from the COVID-19 pandemic and declining oil prices due to an international price war. The energy sector supports more than 500,000 jobs across

Mar 23 2020
Who qualifies for EI?

Whether you qualify for EI will still depend on your specific situation, such as regional rate of employment, and the number of hours worked in the last 52 weeks. The government recommends people apply as soon as possible to find out if they qualify; waiting more than four weeks after your last day

Mar 20 2020
Support for Albertans – COVID-19

The Alberta government will provide immediate financial relief to Alberta’s families and vulnerable populations. Albertans should be focused on their health and not worry about whether they can pay their bills so we have put a number of options in place for those struggling financially. Emergency isolation support This will be a temporary program

Mar 20 2020
Support for Employers - Alberta - COVID-19

The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees. Support for employers Corporate income tax changes Corporate income tax balances and instalment payments will be deferred from March 19 until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts

Mar 20 2020
Tax News and Changes – COVID-19

The Prime Minister and the Minister of Finance announced on March 18th an economic relief package to begin addressing the economic impacts of the COVID-19 pandemic. Part of the economic relief package includes tax relief for individuals and businesses. Filing Deadline Extensions The deadline for filing personal income tax returns will be extended to

Mar 20 2020
Resources for Canadian Businesses – COVID-19

Small and medium-sized businesses are the backbone of the Canadian economy. During this extraordinary time, the Government of Canada is taking strong action to help Canadian businesses as COVID-19 is affecting them, their employees and their families. The Government and public health officials are urging all Canadians to: stay home unless it is absolutely

Mar 19 2020
To our valued clients and business partners – a KWB announcement

KWB Chartered Professional Accountants has a proactive plan for continued operation in this new environment.  You and our team are our first priority.  We want to inform you of what changes we have made, so we can continue to complete the work you need us to do, while protecting both you and

Feb 28 2020
3 Best Practices - Achieving Organic Sales Growth

Most business owners would probably agree that, when it comes to sales, there’s always room for improvement. To this end, every company should strive for organic sales growth — that is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a bad idea

Feb 22 2020
The best times to post on Social Media

This blog informs you of the best times to post on social media in 2020. What is the best time to post on Facebook in 2020? The best time to post on Facebook is between 11 a.m. and 4 p.m. The best day to post on Facebook is Wednesday. While 

Feb 10 2020
Tax Changes for 2020

The Canadian Revenue Agency recently made some tax changes that may affect you and your business in 2020. ANNUAL INFLATION ADJUSTMENT Each year, most (but not all) income tax and benefit amounts are indexed to inflation. In early December, the Canada Revenue Agency announced that the inflation rate that will be used to index

Nov 26 2019
Registering For GST

Do you need to register for GST? Some supplies are exempt from the GST/HST – that is, no GST/HST applies to them. This means that you do not charge the GST/HST on these supplies of property and services, and you are not entitled to claim input tax credits on property and services acquired

Oct 29 2019
Accounting Terms

Here are some of the most common terms used in Accounting today: AR = Accounts Receivable – The amount of money owed by customers or clients to a business after goods and/or services have been delivered or used.AP = Accounts Payable – The amount of money a company owes creditors (suppliers, etc.)

Jul 23 2019
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

Jul 16 2019
Save Money with a Health Services 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.

Jul 2 2019
New Business Guide for setting up your business

If you are starting a new 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

Jun 11 2019
Switching to Quickbooks Online (QBO)

Considering making the switch from Desktop (Quickbooks or Sage) or paper to the cloud? (QuickBooks Online (QBO)) 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.  Don’t let that scare you off

Nov 20 2018
Work in Progress

If you have a professional corporation then the new work in progress tax rules will likely affect you! Professional corporations are typically set up and used by accountants, lawyers, dentists, doctors, veterinarians and chiropractors. Instead of running their business as a sole proprietor, everything happens under an incorporated entity. Work in progress (WIP) includes any

Jul 31 2018
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?

Jun 5 2018
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

May 22 2018
Quickbooks ProAdvisor

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.

May 15 2018
Remote 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.

Apr 10 2018
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

Mar 22 2018
Bookkeeping Services

Having good bookkeeping will enable you to make good decisions based on accurate financial information 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

Mar 6 2018
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.

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

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.

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

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

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

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

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

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.

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.

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I sold one of my companies and they worked out all the tax strategies to my best interest.

Roy Rasmussen

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