*Is your business registered for My Business Account? You will need to have this set up for your accountant to gain access to your business accounts with CRA. Here’s a helpful link to get you started.
My Business Account page on CRA. You’ll want to scroll down to #4 to either get access or Register for a CRA ID and Password.
Do you have a great idea for a new business? Where do you start?
Check out One Stop Business Registry at http://www.onestopbc.ca/
Have you been providing a service or product to the public and now realize you need to get sorted out? Aries Accounting is here to help. We work closely with our clients to keep them up to date and organized.
Items to keep in mind:
- You should register as a Sole Proprietor in BC and do a Name Search. This can be done through http://www.onestopbc.ca/
- Do you anticipate having Sales of more than $30,000? If so, you may be required to register for GST with the CRA. Check out the Registering for GST page at http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/rgstrng/menu-eng.html
- You may be required to register for PST if you are providing tangible products to clients in the province of BC. PST can be very complicated so it’s best to meet with your accountant or contact the Minister of Finance directly. For more information on PST here’s a link http://www2.gov.bc.ca/gov/content/taxes/sales-taxes/pst
- Accounting software packages are now less expensive and more user friendly than they used to be. There are multiple on line cloud based services that are easy to use. We also provide software and bookkeeping training to get you set up and going.
- Are you considering hiring employees or subcontractors to work with you? The CRA has very strict rules on Employees or Self Employed persons. Read this link to know more http://www.cra-arc.gc.ca/E/pub/tg/rc4110/ We can help with Subcontractor/Self Employment Agreements to ensure you stay within the guidelines.
- Keep your receipts! Expenses you incur to earn business income are generally deductible for tax purposes.
- Meal receipts must be for business purposes. For example you must have been having a Meal with a Customer, Supplier, Employee, etc in order to be able to deduct the Meal from your income. You must indicate the person’s name on your receipt and/or the nature of the visit in order to comply with CRA standards.
- Golf Green Fees and Membership Dues are NOT a business write off. Sorry!