All businesses have to file annual tax returns, either in the form of a T1 Schedule T2125 for proprietorships (self-employed individuals), or as a T2 corporation return. Small businesses that are GST- and potentially PST-registered, as well as all corporations, must remit net payment of their GST (and PST if applicable) to Canada Revenue Agency on a regular basis. In order to comply on time, this requirement often places a huge burden of administrative work on a business, that can be hard to manage efficiently with limited employees.
When starting up a new business, it is essential to understand what paperwork to keep and how to organise expenses for tax filing purposes. TPC can advise new business owners on how to set up their accounting systems so that it complies with and speeds up the various tax filing processes. In the event of a tax audit, the onus is always on the business owner to provide proof of all income and expenses.
Many business owners simply don’t have the time or skill to ensure that all invoices and receipts are managed properly and often find themselves missing out on deductions because they could not keep track of it all.
Does your business employ any staff? Canada Revenue Agency requires remittance of CPP, EI and tax withholding for employees on a regular basis. Equally important, business owners need to stay on top of paying their employees on the designated dates.
If your small business proprietorship or corporation struggles with keeping up with its bookkeeping, payroll and tax filing demands, let TPC take that burden off you, so that you can focus on running your business. Contact us to assist with setting up your small business or corporation, or to organise your books and records to achieve lower taxes and to maximise tax filing efficiency.