As a business owner, you need to be focused on everything from accounting and finance to operations, marketing, and human resources. But spending too much time on bookkeeping, payroll administration, financial statements, or scrambling to meet tax-filing deadlines keeps you from focusing on innovations, sales, customer service, and growth opportunities.
In order to make important business decisions, you need the ability to make compelling predictions about your business’s financial future. That’s why maintaining accurate and complete financial records to understand your financial position is critical. Faris CPA’s accounting and finance services helps you maintain accurate financial records to help make important financial projections. We provide you with the best analytics to understand your financial position and achieve your business goals.
Faris CPA’s team of professional tax accountants in Toronto meets your business needs, whether you’re just starting out or are an established multimillion-dollar business. Our entrepreneurial business services focus on privately-held and owner-managed companies who want cost-effective, innovative and flexible financial solutions. Knowing that an entrepreneur’s objectives can be as diverse as their business, we match clients with professionals that are appropriate for every stage of their business.
I run a small business -- do I have to register for a GST/HST number?
It all depends on the business. If your company’s annual turnover is less than $30,000 a year, you don’t need to get a GST/HST number immediately. However, it is advisable to register for one as soon as possible to avoid any problems further down the line. If you want to know your company’s registration date, it will be the day you request your GST/HST account.
Does the nature or structure of my small business affect how I file my taxes?
The type of structure your business has does affect how you do your taxes and report your income. There are three basic configurations for a company, i.e., sole proprietor, partnerships, and corporations. Ensure you understand which one you’re operating to avoid any problems with your taxes in the future.
Is my business number (BN) the same as my GST number?
Your goods and services tax number (GST) is also known as a business number (BN). It’s a nine-digit number you receive from the Canadian Revenue Agency and helps the tax authorities identify your company. You’ll also be required to put it on any invoices you generate as part of your trading.