Deciding whether a sole proprietor should incorporate in Canada depends on various factors, including tax considerations, liability protection, business growth plans, and administrative responsibilities. Here are some key points to help make that decision:
Justinjay Tax, Accounting & Advisory Services Blog
Justinjay Tax, Accounting & Advisory Services is pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.
If you have any questions, simply contact us by email or call 905-328-1549. We will be happy to meet with you for a free, no-obligation consultation.Is a Balance Sheet Necessary for My Business?
An up-to-date business balance sheet is a critical financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and shareholders' equity. Here are several scenarios where having an up-to-date balance sheet is particularly beneficial:
Choose the easiest accounting procedure for a small business.
For small businesses in Canada, simplicity and efficiency are key when choosing an accounting procedure.
Sellers May Have Taxable Income from Online Sales
In Canada, income from selling goods on eBay, or similar platforms such as Kijiji, Etsy, or Amazon, can be taxable, depending on the nature and frequency of the sales. Here are the key factors to consider:
10 Points on Income Tax Installments in 2024
Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30th of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.
What Business Entertainment Expenses Are Deductible
The Canada Revenue Agency (CRA) allows businesses to deduct certain entertainment expenses from their taxable income. However, there are specific rules and limitations on what can be deducted. Here is an overview:
Can I save Money on My Accounting Fees?
The cleaner the job is coming in, the less expensive the job is going out. This step will reduce the time and cost associated with completing your annual financial statement and allow us time to add value to your business. Our usefulness is often in helping you with simple strategies to ensure success.
Bookkeeper vs. Accountant - What Do I Need?
Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:
Business People Need to Monitor These Indicators
Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.