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Last week, we published the first part of this blog series where we listed the first 4 things you should know when starting a business.  These first four things include your business structure, your business name, domain for website and if you need a minute book.  Here are the next 5 things you will need to know and ask yourself if you want to start a business. 5.    Have I determined which business number components I need? Generally, you need a business number for doing business with the government.  The business number is a nine-digit number that gives each registered business...
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If you are planning to start your own business, you will need to understand how bookkeeping and financial tracking/reporting work and their importance in growing and maintaining a successful business. Here are a few basics on Bookkeeping, GST & Payroll Remitting, Corporate Year Ends and Annual Returns Bookkeeping: As with everything in life, a business must be looked after on a regular basis. This is where bookkeeping comes in. Bookkeeping is the recording of a business’ financial transactions. Having accurate and organized books can say a lot about the financial health of a business. Bookkeeping must be done regularly, no less...
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When paying for expenses, always keep your business and personal expenses separate.  Pay for business expenses from the business and pay for personal expenses personally.  Keeping these expenses separate is extremely important for bookkeeping, accounting and CRA reporting as well.  Also, paying these expenses separately will not only ensure accurate records but also save you time and money on your bookkeeping and corporate year end. How can you ensure that your business and personal expenses paid separately? You can have separate debit or credit cards for business and personal expenses. In this way when paying, you will only need to ensure...
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Good record keeping is a must for 2 main reasons: a.    You should always know where your business stands financially.  You will only get an idea of where you are financially if you have accurate records of your financial transactions.  b.    You will need all documentation and paper trails if/when you get audited.  The CRA may look at all your receipts, statements, etc. so having your records in great order is of utmost importance.  Also, keep in mind that if the CRA finds that your records are a mess, they might keep coming back to check on you year after year!...
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