When do I start charging HST?

Once your business earns $30,000

 in revenues, you need to register 

for a Business Number (BN) 

and start collecting HST.

Register with CRA for a GST/HST Account

What expenses can I claim?

Purchases made to start up the company and for daily operations qualify as expenses of your business.

There are restrictions on the type of expenses you can claim, and how much you can claim each year.

Contact us for guidance on expenses

How do I track expenses?

Track your receipts in a spreadsheet, 

or check out QuickBooks Online, 

and consult with a

professional bookkeeper

to help make sure 

your business is complying

with all CRA regulations.

QuickBooks Online

How are assets expensed?

Big-ticket items such as computer hardware and furniture are expensed over time, not all in the year purchased. 

The various classes of assets are depreciated at specific rates. 

The rules are complex so we recommend you ask a professional bookkeeper or accountant for guidance.

Contact us for guidance on depreciation

Can I deduct home expenses?

Yes, if you meet the CRA conditions.

A couple of things to remember: 

we recommend you do not expense

mortgage principle, because capital gain and recapture rules will apply 

on sale of the property; 

also, be aware that you may not use 

home expenses to create

or increase a business loss.

CRA Business-use-of-home expenses

When do I file tax returns?

HST To start, most small companies file HST once a year, typically 3 months after the end of the year. If your net HST owing is more than $3000 in a fiscal year, you'll be required to pay quarterly instalments.

Unincorporated companies (Sole Proprietors and Partnerships) file their business details with their annual personal tax returns. 

Contact us for small business tax filing