Posts

How to setup a business in Ontario?

What type of structure is right for you?

How to setup a business in Ontario?

Setting up a business can be an overwhelming task with a lot to comprehend. It all starts with a dream and a vision, but how do you turn that dream into reality. The dream of becoming your own boss and having the freedom to make your own decisions can be a complicated one at the beginning. Once you have determined on the actual business and its inner workings, you will have to move on to the next step of executing that business. This is where a lot of people get stuck and don’t really know where to go next.

In this article I will explore and shed light on several different business structures available in Ontario. I will also explain how to be in compliance with Canada Revenue Agency (CRA) tax obligations.

The three most common structures are Sole proprietorship, Partnership, and Incorporation.

Read more

CRA – Business Tax Reminder’s App

twitter-292988_1920

 

The App

When the Canada Revenue Agency (CRA) announced they were going to introduce a mobile app. I was very excited as it would allow me to access information on the go. I had expected they would add in an accountant component allowing me to access client records on the go (much like they did with My Business Account). However, the CRA introduced an app which works much like the calendar I use in Outlook.

The Mobile App allows users to add in their different CRA accounts and pop-up reminders of payments and due dates.

The Future of the APP

I would like to see the CRA connect the app to My Business Account allowing business owners to see information on the go. Read more

Canadian Tax Deadlines 2013-2014

 calculator-178127_1280
Important dates for Individuals
Tax return filing due dates
Employees file –> 2014 personal tax return is due April 30, 2015
Self-employed –> If you or your spouse carried on a business the 2013 personal tax return is due June 15, 2015. (If you have tax owing the payment still has to be made by April 30th)
Deceased persons –> The legal representative of the estate of an individual who dies in 2012, will have to file a tax return. The due date depends on the date of death and if the individual carried on a business.
Balance owing due dates
Your balance owing is due no later than April 30, 2013. When a due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, we consider your payment to be made on time if we receive it or it is postmarked on the next business day.
Installment payments due dates
Your installment payments for 2013 are due March 15, June 15, September 15, and December 15, 2013.
When a due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, we consider
your payment to be paid on time if we receive it or if it is postmarked on the next business day.
Your payment will be considered paid on one of the following dates:
  • Payments you make in person at your financial institution are considered paid on the date stamped on your INNS3 receipt.
  • Payments you send by mail are considered paid on the date you mail them.
  • Payments you make through your financial institution’s Internet or telephone banking services are considered paid when your financial institution credits us with your payment.
  • Post-dated cheques and payments you make by pre-authorized debit are considered paid on the negotiable date