Small Businesses and Self-Employed Bookkeeping and Accounting
Here at Accotax, we understand that everyone’s situation is different. Whether you are just planning your business, or you’ve been doing this for years, we can offer you tailored accounting and tax solutions that will make you feel secure and organized for the years to come. No business or budget is too small.
It is important to file on time. Late submissions are subject to penalties with heavy interest rates. Keep in mind you will incur penalties on both federal and provincial taxes. These are serious consequences. Get in touch early so you’re prepared to file on time.
Some of the services we offer include:
- Bookkeeping
- Small business accounting
- Self-employed accounting
- GST/QST remittance
- Financial statements preparation
- Registering for a tax number
- Corporate tax returns
- Small business plans and consulting
- Payroll services
- Small business accounting software setup and training
Frequently Asked Questions:
Who counts as a self-employed individual?
A self-employed individual can be anyone from a social media influencer or Uber driver or Airbnb host to IT specialists, incorporated medical practitioners, lawyers, sole proprietors, or owners of a corporation. And yes, you need to file.
My small business has no employees. Do I need to file a business tax return?
Yes. Even if you made under $5,000 last year from your small business, you need to file. If your business is a sole proprietorship or partnership, you use the T1 income tax form, the same income tax return you use to file your personal income taxes. If your business is a corporation, you must file a T2 corporate income tax return.
What are applicable expenses?
There are many expenses you can claim, including: business and marketing fees; software leases; legal fees; vehicle costs; financial and borrowing costs; capital expenses such as furniture, hardware, or equipment; office supplies; and utilities—yes, even if you work from home. Our experts can advise you.
I’m interested in your payroll services. What does that include?
We will calculate your source deductions and prepare employee cheques or direct deposits, as well as prepare your year-end T-4s and Rl-1 summaries.
I am a small business owner. When do I start charging taxes?
Once you make $30,000 over twelve consecutive months, you need to register for a sales tax number and begin charging applicable taxes. We can help you register for the number and prepare for and organize your annual filing, as well as help you decide whether you want to self-nominate to pay for Employment Insurance, and much else. Our tailored approach will leave you feeling planned and prepared for the years to come.
How do I know what taxes to charge my clients?
Your clients are subjected to the tax rates of the province or territory in which they reside. You do not charge clients taxes if they reside outside of Canada.
I’m interested in using a tax software for my small business, but it seems complicated. Can you help?
Yes. We offer setup and employee training on QuickBooks, Sage 50 (formerly Simply Accounting) and Acomba so that you can manage your own bookkeeping. Our ongoing support includes quarterly follow-ups and periodic filing services tailored to your specific business needs.
My scenario is unique, and I feel overwhelmed. Should I still contact you?
Of course! We are a team of highly vetted professionals, and we’ve seen it all. Get in touch, and we’ll determine the best course of action for your situation. You can also stop by during our walk-in hours, from noon to 19:00, Monday through Friday.
What are the business tax rates in Québec?
Your company’s profits are subjected to business taxes in Québec, although the precise rates can be difficult to determine because they are dependent upon your circumstances, and companies also must pay a federal tax. Get in touch with us, and we can determine your rate and how to plan for it.
What are the minimum accounting requirements for small businesses?
A corporate tax return must be filed annually. If your business is registered in Québec, you must file a Québec tax return. GST/QST must be remitted if the business is registered for GST/QST, which you must do once you make $30,000 over twelve consecutive months, or four quarters. If your business has employees, source deductions must be reported and paid. We can train you how to do this yourself, or we can do it for you.
I have many questions, but what if I prefer to talk to someone in real time?
Get in touch with us or stop by during our walk-in hours! You can count on our expertise for all your needs, including tax matters, small business accounting, small business bookkeeping, the incorporation of a business, and any other accounting advice or support you may need.
