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5 KEY THINGS EVERY NEW CANADIAN SMALL BUSINESS OWNER SHOULD KNOW ABOUT ACCOUNTING & TAX
Congratulations on taking the leap into entrepreneurship! Now that you’ve decided on your business structure, hopefully with the help of your accountant and lawyer, there are a few things every new business owner should know when it comes to running a business.
And trust me, as a small business owner myself, I know the MANY things we need to know and do can be all too overwhelming, so I have split up each of the five takeaways for you to check out when ready.
Stay Up To Date With Tax Laws & Regulations
As a business owner, you are responsible for paying several types of taxes, including income tax, sales tax, and payroll taxes. It is crucial to understand your tax obligations and ensure you are filing and paying your taxes correctly and on time.
In Canada, our tax laws and regulations are constantly changing so it is essential to stay on top of these changes to ensure you are complying but also for taking advantage of any available tax credits, deductions, and such for you and/or your business.
Collaborating with a knowledgeable accountant is just one part of this equation. Your professional team requires you to be actively involved. The more your accountant knows about you and your business, the more they can provide guidance and tax planning year-round.
In addition to learning from your accountant, you might want to consider attending seminars/webinars on small business and tax-related topics. Just remember, when taking any advice, it should always come from a reliable source who is licenced and insured to provide advice.
***This blog is for information only and not to be used as tax advice or planning without first seeking professional advice. Information is subject to change without notice.