A business number (BN) is a 9-digit account number issued by the Canada Revenue Agency that identifies your charity, sole proprietorship, partnership or corporation to all levels of government. A ...
My business is incorporating, do I need to register to remit GST/HST?
If your business has worldwide, taxable sales of more than $30,000 during any four consecutive calendar quarters, you must register for a CRA GST/HST program account and collect GST/HST from ...
How do I set up a payroll account?
If you pay salary or wages to a worker, you have to withhold and remit source deductions from that amount to the CRA. Source deductions can include Canada Pension Plan ...
Is it okay to run my business using my personal bank account?
Some people say they find it easier to deposit cheques to their personal bank account or charge business expenses to their personal credit card, but this puts them at risk. ...
Do I need compiled financial statements?
Compiled financial statements don’t have the same degree of authority as audited financial statements. This is because unaudited financial statements prepared by an accountant are entirely based on information provided ...
When would I need a review engagement instead?
The next step up on the financial reporting ladder from a compilation engagement is a review engagement. Its sophistication makes it a better fit for mid-sized and complex businesses. For ...
What accounting software should I be using?
Depending on which “Best Of” list you’re looking at, the same players pop up consistently: FreshBooks, Intuit QuickBooks Online, Sage, Wave, Xero and Zoho Books are all popular options. Usually, ...
Do I need to hire a professional bookkeeper?
A good rule of thumb is that if your company has less than 30 employees and $1 million in annual revenue, using part-time professional bookkeeping services should be adequate. There ...
What tax returns should I be filing?
Filing your first corporate income tax return All Canadian corporations (except registered charities) must file a corporation income tax (T2) return every tax year, even if nothing is owed. Unlike ...