All Questions
Tagged with canada small-business
38
questions
11
votes
3
answers
10k
views
Why do banks require small businesses to open a business bank account instead of a cheaper personal one?
I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
- 319
8
votes
1
answer
2k
views
Borrowed money from a friend for my business, & can't pay it back. Got a lawyer's letter. What can happen?
I borrowed some money from a friend of mine for use in my business and I am not able to pay back to him now due to the bad business. Actually, he put the money into my business first and later decided ...
- 81
8
votes
1
answer
10k
views
If you run a sole proprietorship, how do you declare the income of the business on your taxes?
Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
- 3,778
8
votes
1
answer
722
views
When it comes to doing business taxes, do bank statements and bills work in place of receipts?
Just at the beginning of this year, I started a business (not fully, but I've started doing jobs for it). Up until March, when I did my personal taxes, I had no idea what kinds of things I could write ...
- 348
7
votes
2
answers
529
views
I may earn a lot of cash soon through self-employment on a lucrative project. How to handle the tax?
I'm in Canada, and am young and don't know anything about finance.
I've been working part-time as a software consultant for a friend who's starting a marketing company. He recently landed a job with ...
- 173
6
votes
1
answer
4k
views
How to report my revenue from Apple iAds and App Store sales, without an invoice?
For accounting purposes, we need an invoice for accounts receivables, but when you get a payment from Apple for iAd revenue and app sales, how do you issue an invoice ?
Are there any specific ...
- 205
5
votes
1
answer
896
views
In Canada, can I deduct my mortgage if running a business from my home?
If I run a home business and a portion of the home is used as an office for the business can I deduct a percentage of the mortgage?
- 6,230
5
votes
3
answers
670
views
What are the benefits of doing a "cheque exchange" when contributing services-in-kind?
Scenario: A consultant provides services-in-kind (let's say valued at $x) to a charitable organization. There are two options for how this can be accounted in a manner that creates a paper trail for ...
- 153
4
votes
1
answer
3k
views
Do I need to collect GST/PST for providing software services to companies outside of Canada?
I have a corporation registered in BC, Canada. I provide custom software development services to companies outside of Canada. Do I need to collect GST/PST ?
- 205
4
votes
1
answer
185
views
Tax implications of dividend vs salary
I'm recently self employed. My accountant advised the total amount of tax I'll pay (combined business and personal) is the same whether I pay myself 100% dividend or 100% salary and the only deciding ...
3
votes
3
answers
1k
views
Should I file taxes or Incorperate a personal project?
I have effectively started a small business. The business is an online venture and has already generated a small amount of money through donations/etc. I am currently considering if I want to go ...
- 241
3
votes
2
answers
428
views
How do owners in a partnership earn income?
I am 1 of 2 partners (no employees) in a recently registered consulting business. Essentially we are 2 former sole proprietors joining forces. We are currently working on forming our partnership ...
- 131
3
votes
2
answers
8k
views
What's the maximum income one can have and not have to file a tax return? [Canada]
I'm starting a home-based business and make very little. Do I have to worry about income tax?
- 8,683
3
votes
2
answers
165
views
Approach to modifying invoices in previous fiscal period?
I have a small business in Ontario Canada and I file my taxes each year. Let's say I discover an erroneous invoice from the last fiscal year for which I've already submitted my tax returns to the ...
- 839
3
votes
1
answer
138
views
Just incorporated. Can I transfer my last personal paypal payout to my new business account?
I have an online business since 2009 and used to report the income as personal income. 3 months ago I finally incorporated my business but due to complications (and my lack of experience), it took ...
- 31