SELF EMPLOYED, Proprietorship, CONTRACTOR: HOW CAN WE HELP?
- Record keeping
- Tax planning
- Amended tax return
- GST/HST return
- PST return
- WCB return
- Employees or Contractors
- To incorporate or not
- Overdue /Late taxes
- CRA audit /review
- Want to change accountant
We will discuss with you about how to the bookkeeping, what records to keep and how important are they when it comes to taxes.
We will discuss with you a tax planning on how to
- to cut down on taxes
- to split the income and hence no taxes or less taxes
- to use the losses made from prior years
- how to make the interest on your mortgage tax deductible (where applicable)
- how to indirectly generate tax deductible expenses from your personal expenses
We will discuss with you
- about the main reasons how you become a target for an audit from CRA (keep in mind that this does not guarantee that you will not be audited)
- home office expenses - what can be deducted and how much can be deducted
- vehicle expenses - what can be deducted and how much can be deducted
If your prior tax return does not reflect all your income or expenses, we can help you change (amend) the tax return. We conduct an in-depth consultation with you to determine an effective plan of action.
- Do you have to file GST/HST return?
- If yes, are you a monthly, quarterly or yearly filer? We can discuss which option is better for your business.
- Which method of GST/HST filing you are currently using? There are 2 methods. We can assess which option is best for your business.
- Do you have to file PST return?
- Which items do you have to charge PST and which ones you don’t have to?
- Are you a monthly, quarterly or annual filer?
Are you or your business registered with Worksafe BC? If so, we can help you address the following questions:
- How much do you have to pay?
- Do you have to pay for your employees and contractors as well?
- If your spouse or your children are helping you occasionally in your business, do you have to pay WCB for them?
- How often do you have to file the WCB return, if you have to?
We provide guidance and solutions for the implications of having employees and/or contractors by addressing the following questions:
- What are the financial implications of having employees or contractors?
- How do you determine if they are employees or contractors?
- Which one is most beneficial for your needs: employees or contractors?
- Can you hire your spouse or your children?
- How old should be the children before you can hire them, if you can of course?
- Do you have to pay your spouse or your children, if you can hire them? Even though you take care of their personal expenses?
Are you ready to incorporate your business? Let us help you assess your future success. Timing, expenses, implications for inventory, receivables, payables and loans are taken into account as we determine the next best step for you. Let us help you address the following questions:
- When should you incorporate your business?
- Can you incorporate the business?
- If you incorporate, can you use your home office expenses, vehicle etc for tax purposes?
- What are the implications for the vehicle, building, inventory, receivables, payables, loans etc that you have before you incorporate?
- Your taxation year for your self-employed is Dec 31; can you still use the same taxation year for your Corporation?
- Can you keep the Self employed business after you incorporate?