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Financial Series

Keep all your receipts and invoices

It is said that a forgotten expense can become an extra tax expense that can go up to 45%!

Business expenses, accountant fees, office supplies, electronic equipment, telephone, mobile… keep all your receipts. If you use your car, keep all your gas and maintenance receipts, and also a millage record.

If you work from home, you can deduct certain working expenses (electricity, heating…), whether you are a home owner or a tenant!

To learn more:

Home office expenses (Revenu Canada)

Home office expenses (Revenu Québec)

Pour plus de détails en matière de fiscalité d’entreprise, communiquez avec notre analyste financier dès maintenant - il est expert en la matière!


 

Register for GST/QST

SADC-sinscrire aux fichiers tps et tvq

Many entrepreneurs wait until they reach sales figure of $30K per year to register for the GST/QST, making bookkeeping easier to manage especially when you’re kicking off your business. On the other hand, if you chose to register, the government could reimburse the taxes you have paid related to your business, giving you back a certain amount at the end of the year. But be careful! Make sure your bookkeeping is well organized and your tax installments, usually quarterly payments, are paid on time. Revenu Québec manages the collection of both taxes.  

Registering for the GST and QST 

You wish to assess your situation? Prenez rendez-vous avec nos experts!

 


 

Managing bank accounts

 

Open an account exclusively for your business.

Being clear and organized from the start by dissociating your personal account from your business account will:

  • make your bookkeeping easier to manage.
  • help your banker follow your transactions.
  • build your credibility as an entrepreneur.
  • help you keep personal and business banking operations apart.

 

Comptes bancaires pour PME en démarrage… Lequel choisir?
(Entreprenariat québécois en bref! www.enqeb.com)

Can a financial institution refuse to open a business account because I have a poor credit rating?
(Financial Consumer Agency of Canada)

Still not convinced?  Make an appointment with our experts!