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FORUMS Post Processing, Marketing & Presenting Photos The Business of Photography 
Thread started 29 Aug 2011 (Monday) 20:23
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Need Tax info for Canada and small business..

 
brit84
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Aug 29, 2011 20:23 |  #1

Hello all,
I am looking for info on Canadian small/home business taxes. Particularly tax submission, writeoffs etc.

Any help appreciated.


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FlyingPhotog
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Aug 29, 2011 20:24 |  #2

Are there no accountants in Canada?


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Csae
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Aug 30, 2011 00:36 |  #3

I use H&R Block, its about 300$ the last time i used it, honestly, you could probably do it yourself, but i just like to play it safe. I saw about 3 agents there, and ended up with the most competent that either knew the answers to my questions or wasnt afraid to pull out whichever giant book it was located in.

This does not mean book-keeping though, i do that on my own, i just come to them with my final numbers and they go over them with me, they plug them in the proper places, make the proper calculations, let me know how much i owe/be owed, and submit it via their system.

You may want to ask for a specific BC Based answer, because regulations may differ in each area of canada, theres a few things i know but im in Qc, no idea if they'll apply to you. Most everything that is used solely for business is business deductible, but certain things will not be used if you're already in the negative and will be banked.


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ssim
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Aug 30, 2011 16:19 as a reply to  @ Csae's post |  #4

Find yourself an accountant. You can do all your record keeping yourself as someone else said but if you try and do your own taxes you are going to miss something or claim more than you should which will invite a visit from the taxman which is not pleasant. They will come up with a schedule of depreciation on your equipment and be able to tell you what you can get away with as far as deducting part of your vehicle and other expenses. I would never go into business without one of these and a lawyer.


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i_am_cdn
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Sep 01, 2011 08:37 |  #5

You appear to be in BC, try contacting your local Resource Center for Small Business.

Here is their website: http://www.resourcecen​tre.gov.bc.ca/publicat​ions.htm (external link)

In Manitoba we have our own provincial one, and they have a ton of resources for small businesses to help them get all the information they need to get started including tax and accounting information.

It won't replace your need for an accountant, but depending on the size of your business and if it is a sole proprietorship you may find that you are better off just adding your income and expenses to your personal income taxes as opposed to a separate business return.

hope this helps


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brit84
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Sep 01, 2011 14:24 |  #6

i_am_cdn wrote in post #13035069 (external link)
You appear to be in BC, try contacting your local Resource Center for Small Business.

Here is their website: http://www.resourcecen​tre.gov.bc.ca/publicat​ions.htm (external link)

In Manitoba we have our own provincial one, and they have a ton of resources for small businesses to help them get all the information they need to get started including tax and accounting information.

It won't replace your need for an accountant, but depending on the size of your business and if it is a sole proprietorship you may find that you are better off just adding your income and expenses to your personal income taxes as opposed to a separate business return.

hope this helps

thanks for this! I am a sloe proprietorship, just me and my cameras working out of my apt doing weddings and things, no studio or building. Just want to do things right.

If I add any earnings/expenses to my personal income taxes, I assume it has a place to take gst/hst/pst into account? I have a business number and gst/hst number too.

Thanks!


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lori6666
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Sep 02, 2011 11:33 as a reply to  @ brit84's post |  #7

Become a Limited Company. You will only pay 14% tax versus being a sole propriorter paying 30%. An accountant can help you with what you need to do to set it up and a lawyer can register the name. This is the way I did it.




  
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brit84
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Sep 02, 2011 12:20 |  #8

Ive registered the name already through the province's online business reg process.
Guess I will look around for an accountant for some advice, doing things a little rushed and backwards it would appear.
I have registered for a gst/hst number but have now found that under 30k in a quarter or four consecutive quarters there is no need to do this.....I do not expect to go over this amount.

thanks again


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Need Tax info for Canada and small business..
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