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Service: Tax Accounting in Canada

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Could I Benefit From Tax Accounting Services?

What is the first thing you think about when starting your small business? Probably not filling out your T2 at the end of the year or accounting tax preparation. Indeed, when you start your own business, questions like "how to fill out a tax return" or "how to submit a report to the tax office" shouldn’t be the first things on your mind. The problem is that income tax accounting is something that must be done, even as you grapple with other responsibilities in your first year of operation. It makes no sense to think about bookkeeping until you have a viable business model and at least a general understanding of your business's basic financial metrics. If your earnings do not cover your expenses, your business will not survive, no matter how well you do your tax accounting and how good are its financial statements or income statements!

Who Needs Accounting & Tax Services?

So who needs tax accounting advice and services in Canada? If you are an entrepreneur with a simplified system of taxation, providing some personal services, in most cases - you can calculate your profits by yourself, draw up and submit a tax return, you may not even need to work with a tax accounting consultant.

However, if you produce, and sell a wide range of products, keeping records is a rather labor-intensive process that will take much time and effort. This is precisely the case when the cost of bookkeeping by a professional tax accounting firm is disproportionately lower than the benefits your business gets because you have the time to pay more attention to its development. Working with a professional accounting and tax services firm also reduces the risks associated with penalties from regulatory authorities.

Generally speaking, if you are a new business owner with a simple sales system operating in your first year, you may not need to work with a tax accounting specialist. However, once your business is more established, has more complex revenue and expenses, or grows to involve more employees, tax accounting services are a must-have.

Choosing a taxation system in Canada

When you choose to start a business in Canada, you must first decide the type of businses and taxation system you want. There are two options:

  • legal entities;
  • private entrepreneurs.

They have significant differences; thus, it is necessary to decide whether to register a company or entrepreneurial activity or, perhaps, combine a company and an individual entrepreneur.

To make this decision effectively, you should work with a professional tax and accounting advisory firm. The choice of optimal business taxation, as well as the associated choice of the organizational and legal form of business, is a rather tricky task. When solving it, one should take into account many factors, including:

  • Who are the major clients?
  • Who are the major suppliers?
  • What is the percentage of the profit margin?
  • What is the planned amount of revenue?
  • What is the forecast ratio of variable and fixed costs?
  • What are the possible fluctuations in sales and other financial indicators?
  • Do the owners plan to withdraw the bulk of the profit or reinvest it in the business?
  • What are the risks associated with tax planning or lack thereof?

If a new business owner makes the wrong choice in their taxation system and enterprise structure, it can lead to significant financial losses because tax amounts that could have been avoided happen quite often. On the contrary, timely seeking professional advice and reliable accounting and tax services will help you save a lot of effort and money that you can better use will to grow your business and evaluate your options your business.

When Should I Contact A Professional Tax Accountancy Firm?

To avoid irrecoverable financial losses, we recommend you contact a professional tax accounting consultant or agency before registering your business in Canada. As part of a contract for accounting services, these companies help you choose the appropriate organizational and legal form, the correct tax system and help with the registration of an enterprise or a private entrepreneur. They handle all the paperwork – preparing and submitting reports, communication with regulatory authorities, control over the correct and timely payment of taxes, and audits - so you don’t have to.

But services for the preparation of financial statements for a sole proprietorship or a small business are not all that trusted accounting and tax services can offer you and your business. These accounting tax professionals will help you understand the nuances of business law and personnel records management in Canada to ensure you make informed business decisions every day to boost your revenue and business growth.

A tax accounting consultant and accounting tax services firms are important to your business for ensuring tax compliance as well as sound corporate growth. Whether you are a freelance entrepreneur or the CEO of a new corporation in Canada, accounting tax services can help you.

Online Bookkeeping and Online Accounting for Income Taxes - How It Works

The technological progress of recent decades has radically changed the idea of modern business tax accounting. Just fifteen or twenty years ago, an accountant was associated with a desk, a mountain of papers and calculators. Today more than 25% of accountants worldwide work remotely, and this proportion is growing every year. They use the power of modern information technology to provide our clients with the highest quality accounting services at a reasonable cost. Thanks to the development of the Internet and cloud technologies, you are no longer limited in selecting qualified specialists within the framework of one locality.

With virtual tax accounting services, your tax accountant is able to provide even more options to your business than brick-and-mortar accountants. Whether it’s instant access to tax refunds, easy payment of tax owing, or simply just a better understanding of tax credits, processes, offshore accounting, and taxation services, your tax accountant can provide you with more information than ever before.

Get a Consultation With A Tax Accounting Specialist Today

Ready to get started? To simplify your business’ tax accounting, work with Accountor CPA’s team of tax experts, advisors, and specialists. We are dedicated to providing you with the best tax accounting services that fit your needs and will help your business grow.

For more information about our tax and accounting services, contact us today. Ask us about our free virtual consultations so you can learn exactly how your enterprise can benefit from effective tax accounting!

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