As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.
Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step!
Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"
There are advantages and disadvantages to taking a salary from your business and declaring dividends. There are many factors that need to be reviewed when making this decision, including whether or not you have children, what type of retirement savings plan you have and whether or not your businesses profits vary from year to year.
U.S. citizens are taxed on their worldwide income. Some taxpayers may qualify for the foreign earned income exclusion and others may be able to claim deductions for travel, meals and lodging if they are temporarily away from home.
The foreign tax credit is intended to relieve U.S. taxpayers of the double tax burden when their Canadian income is taxed by both the United States and Canada. Generally, only income taxes paid in Canada qualify for the foreign tax credit. You can choose to take the amount of any qualified foreign taxes paid during the year as a foreign tax credit or as an itemized deduction.
Every year the Canada Revenue Agency randomly selects returns for a review engagement. This does not always mean that your return was filed incorrectly. It is usually a request for supporting documentation to verify the credits or deductions that you have claimed. If the professionals at Apostrophe Accounting prepared your Tax Return, then we will handle this process at no additional cost to you. If the CRA disallows a credit or deduction you have claimed, Apostrophe Accounting can file a Notice of Objection on your behalf.
Incorporation provides limited liability, income splitting, lower tax burdens and other benefits that are not available to sole proprietors and some partnerships. If you require assistance with incorporation or have questions regarding the tax implications, please call our office.
Generally, you must register for a GST/HST account if your total sale of goods and services exceeds $30,000. Some industries are required to register for a GST/HST account even if total sales are below the requirement. Qualifying business purchases may be claimed against the GST/HST amount that you owe.
There are several guidelines set out by the CRA regarding record keeping and retention of records. Ultimately it is your responsibility to set your filing system and accounting procedures. Generally, the more organized your books are, the more likely your company will pass inspection should the Canada Revenue Agency ever decide to ask for your records. Disorganization leads to the assumption that you may not be keeping up with reporting requirements. We can review your financial reporting needs and set up your company's accounting system complete with policies and procedure that are compliant with the Generally Accepted Accounting Principles and the and CRA.
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