We can help you from day one by looking at your cashflow position, which is one of the most important factors for any new business; by helping you to find the best bookkeeping system for your business and by discussing your options for the best tax savings available.
Are you going to launch your business as a sole proprietor, partnership or limited company? Before you choose your business entity the following should be considered:
- commercial risks
- expected profitability
- use of car for business purposes
- tax planning preparation
- GST/HST (Goods and Services Tax/Harmonized Sales Tax)
- Business Planning
Have you set out your business objectives in writing? Can you demonstrate qualified experience in the type of business that you want to launch? How are you going to finance the company? What are your expectations for sales, profitability and investment in assets? Have you consolidated all this information in a formal business plan?
Even if you don’t want to borrow money, a good business plan will help you to understand your current position and give you a good indication of your future possibilities. At TaxAssist Accountants we know that a good business plan is imperative to your business, especially given the current economic climate.
Banks and Finance companies
Identify your "friendly bank manager". As this can be one of the most important contacts for your business it’s crucial that you’re well prepared for that critical first meeting. Fortunately, here at TaxAssist Accountants we already have well established relationships with all the major banks in Canada and are able to help you prepare for your first and subsequent meetings.
HST (Harmonized Sales Tax)
You should decide whether or not it’s in your best interest to register for HST from the time of starting up. Whether you decide to register now or in the future both the profitability and the cashflow of your business will be affected.
One of the main advantages of registering for HST when you do start-up is you’ll be able to reclaim HST on purchases made before you start operating. Don’t worry though, if you find it’s best to register at a later point in time CRA have made it possible for operators to reclaim HST prior to their registration provided the claim is made within certain time limits. For further guidance on HST registration please see our HST section.
Join us in three easy steps
Get in touch
Arrange a free consultation in person or via video with your local accountant. It’s an informal chat to get to know you and find out more about the help you are looking for.
Chat to an expert
We clearly explain the support available to you and are happy to act as business advisors in order to help you grow your business.
Get a fixed quote
Our fees are fixed and tailored specifically to each individual's needs, so that you only pay for the level of support and services that you require.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
We specialize in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 3 locations, meet with us online through video call software, or talk to us by telephone.
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.