SELF EMPLOYED, Proprietorship, CONTRACTOR: HOW CAN WE HELP?

 

Whether you are in Trade (construction, renovation, plumbing, drywall specialist, handyman…), Professional (chiropractor, doctor, accountant, lawyer, RMT, architect,…), Real Estate (realtor, mortgage broker, developer, builder…), Financial services (financial planner, Insurance broker…), Convenience store, Mom & Dad business and the list goes on.
You want to pay less taxes, hence want to show less taxable income and at the same time you want to buy a house, renew your mortgage or intend to borrow money from the bank where the lender wants to see a reasonable income from your tax return. What decision you will make so that you are within the tax rules and will be able to satisfy the lender? We can help you in that process.
We have a CHECKLIST to help you gather most of the information. Just ask and we’ll send it to you.
 

MAXIMIZE YOUR WEALTH BY MAXIMIZING YOUR AFTER TAX SELF-EMPLOYED INCOME.

Select Your Services:

 

Record Keeping

We will discuss with you about how to the bookkeeping, what records to keep and how important are they when it comes to taxes.

 

Tax planning

We will discuss with you a tax planning on how to

  1. to cut down on taxes
  2. to split the income and hence no taxes or less taxes
  3. to use the losses made from prior years
  4. how to make the interest on your mortgage tax deductible (where applicable)
  5. how to indirectly generate tax deductible expenses from your personal expenses

We will discuss with you

  • about the main reasons how you become a target for an audit from CRA (keep in mind that this does not guarantee that you will not be audited)
  • home office expenses – what can be deducted and how much can be deducted
  • vehicle expenses – what can be deducted and how much can be deducted

 

Amended Tax Returns

If your prior tax return does not reflect all your income or expenses, we can help you change (amend) the tax return. We conduct an in-depth consultation with you to determine an effective plan of action.

 

GST/HST Returns

  • Do you have to file GST/HST return?
  • If yes, are you a monthly, quarterly or yearly filer? We can discuss which option is better for your business.
  • Which method of GST/HST filing you are currently using? There are 2 methods. We can assess which option is best for your business.

 

PST Returns

  • Do you have to file PST return?
  • Which items do you have to charge PST and which ones you don’t have to?
  • Are you a monthly, quarterly or annual filer?

Let us talk you through these queries.

 

WCB returns

Are you or your business registered with Worksafe BC? If so, we can help you address the following questions:

  • How much do you have to pay?
  • Do you have to pay for your employees and contractors as well?
  • If your spouse or your children are helping you occasionally in your business, do you have to pay WCB for them?
  • How often do you have to file the WCB return, if you have to?

 

Employee & Contractor Guidance

We provide guidance and solutions for the implications of having employees and/or contractors by addressing the following questions:

  • What are the financial implications of having employees or contractors?
  • How do you determine if they are employees or contractors?
  • Which one is most beneficial for your needs: employees or contractors?
  • Can you hire your spouse or your children?
  • How old should be the children before you can hire them, if you can of course?
  • Do you have to pay your spouse or your children, if you can hire them?  Even though you take care of their personal expenses?

 

To Incorporate or not

Are you ready to incorporate your business? Let us help you assess your future success.  Timing, expenses, implications for inventory, receivables, payables and loans are taken into account as we determine the next best step for you.  Let us help you address the following questions:

  • When should you incorporate your business?
  • Can you incorporate the business?
  • If you incorporate, can you use your home office expenses,  vehicle etc for tax purposes?
  • What are the implications for the vehicle, building, inventory, receivables, payables, loans etc that you have before you incorporate?
  • Your taxation year for your self-employed is Dec 31; can you still use the same taxation year for your  Corporation?
  • Can you keep the Self employed business after you incorporate?