There are many things to consider when starting a business.  Sometimes it gets overwhelming that you do not know where to start.  Here are some key points you will need to start thinking about if you want to start your own business. 1.    Have I determined the best Structure for my business?  You will need to look into the structures that would best fit the business you have in mind: Sole Proprietorship, Partnership, Corporation, Holding Company or Trust.  You will need to consult with KD to be able to get a better understanding of how each structure will affect your business...
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Last week, we did a blog focusing on tax planning – reminding everyone to start setting up a tax plan as early in the year as possible.  One of first steps in making sure you have a stress-free tax season next year is keeping your tax documents organized.   After the tax season is the perfect time to start a good filing system for previous years’ tax documents as well as for this year’s.  You can base your filing system according to our list of tax documents needed for you to file an income tax return. 1.    Prior year notice of...
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If you have received your Notice of Assessment and you think it is incorrect or you have additional information to provide the CRA, here are some points to consider so you can determine the best course of action to take. ·         If you want to provide the CRA with missing information for a tax return you have filed previously:  You can generally ask for a change to your personal tax return for a tax year ending in any of the 10 previous calendar years.  So you can ask for a change rather than filing an objection right away. ·         If you...
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The tax filing season has come and gone and now is the perfect time to start your tax planning.  If you are one of the many Canadians who think have paid too much tax, then it is time to focus on saving tax which will put more cash flow into your business and your own pocket. And the first step to saving tax is Tax Planning! To help you take that first step, let us revisit the basics of tax planning. 1.    If you fail to plan, you are planning to fail! Planning is a MUST to business and personal success. ...
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KD Professional Services
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Calgary, AB, T2E 6J5

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