MAINTAINING YOUR BUSINESS

Here are other key aspects that all business owners should look at:

Ø        Bookkeeping.  Bookkeeping must be done regularly to make sure that all finances of the business are monitored.

Ø        GST remitting.  GST is required for a business when the business’ gross income is over $30,000, whether the business is a sole proprietorship or a corporation.  GST can be remitted annually, quarterly or monthly.  This must be decided when you first apply for the GST number.  The GST owing is simply calculated by the GST collected minus the GST paid on expenses.

Ø        Payroll remitting.  Payroll is remitted monthly, specifically on the 15^th of the following month.  Payroll remittances consist of Federal and Provincial taxes withheld from the employees, CPP and EI both the  employee and employer portion.

Ø        Corporate Year Ends.  Corporations get to pick which month they’d want for their year end.  It is good to pick a month that works for the owner, and is best for deferring tax. Corporate Year Ends consist of:

o         Bookkeeping Review

o         Year End Adjustments

o         Supporting Schedules

o         Financial Statements

o         Federal Corporate Income Tax Return

o         Provincial Corporate Income Tax Return

o         Annual Resolutions (Minutes)