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Starting your own business can be an exciting and rewarding experience.  It is, however, full of challenges.  Not everyone has what it takes to start, build and maintain a successful business. There are many challenges to overcome and many sacrifices to make to be able to transform a business idea into reality.  So what does it take to succeed in starting, building and maintaining a business? First of all, your level of commitment in pursuing your business idea cannot be underestimated. Your full commitment and more is needed to be able to get your business idea off the ground.  It is...
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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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As a business owner, you are required by law to keep records of all your transactions to support your income and expenses. Your business records must be reliable and complete, include the information needed to meet your tax obligations and calculate your credits, be supported by documents, be kept in English, French or a combination of these two languages.  According to the law, you are responsible, as a business owner for: -      Protecting your records; -      Making your records and supporting documents available to the CRA when requested; -      Making sure that you, your employees or your third party record keeper...
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As a business owner, you have to be aware of the many important dates that apply to your business activities such as when to file income returns, when to file information returns and make payments, including installment accounts.  On this blog, we’ll take a look at the important dates that you have to know with regards to making payments.  Please note that if the due date for making a payment falls on a Saturday, a Sunday, or a public holiday, the CRA will consider the payment to be made on time if it is received on the next open business day....
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