For most small business owners, success comes down to two things: growing revenue and controlling costs. One of the most effective, and often overlooked, ways to control costs is by claiming every eligible tax deduction available under the Income Tax Act.Whether you operate as a sole proprietor, partnership, or corporation, understanding small business tax write-offs…
Sole Proprietorship, Partnership, or CorporationOnce you have decided on the business structure that best fits your needs, the next critical step is business registration. Depending on your structure and activities, you may also need to obtain specific licenses, permits, or tax accounts to operate legally under federal, provincial, or municipal regulations. Failure to register when…
GST/HST, Payroll, Import/Export, and More – Do You Need Them and How Do You Get Them? Once you register your business as a corporation, sole proprietorship, or partnership, or begin operating a business in your own name, you may be required to obtain a CRA Business Number (BN) and one or more CRA program accounts…