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RC4070 Guide for Canadian Small Business
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T4002 Business & Professional Income 2009
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What is a Business?
Commercial activity: Any business, adventure, or concern in the nature of trade carried on by certain persons, but does not include the making of exempt supplies.
It also includes the supply of real property by any person, other than an exempt supply, and anything done in the course of making the supply or in connection with the supply.
A commercial activity does not include any business or adventure or concern in the nature of trade carried on without a reasonable expectation of profit by an individual, a personal trust, or a partnership where all the members are individuals.
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IT 457 Election by professionals to exclude WIP
Paragraph 34(a) does not require a special form to be used for making an election. The election in respect of the particular designated professional business(es) may be made by either attaching a letter to the taxpayer's return of income stating that the election has been made in respect of that business, or clearly indicating in the financial statements or in an income reconciliation submitted with the return that the election has been made. Where a taxpayer is electing on behalf of the members of a partnership the taxpayer should either attach a letter to the return of income stating that the taxpayer has the authority to elect for the partnership or include a note to that effect in the financial statements.
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Business Structure
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Joint Venturers
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Partnerships
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Farming
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T4068 Guide for T5013 Partnership Info Return
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| Accrual or cash? |
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Accounting methods
Accrual: With this method, income is reported in the fiscal period it is earned, regardless of when it is received. The expenses are also deducted in the fiscal period they are incurred, whether they are paid or not. This method is generally used by businesses or professionals.
Cash: With this method, you report income in the fiscal period it is actually received. Similarly, expenses are deducted in the year they are actually paid. Farmers, fishers, and certain salespeople who work on commission may use the cash method.
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Business expenses
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Prepaid Expenses and Deferred Charges
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IT 473 Inventory Valuation
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| Cash Basis |
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Commission sales (if accurately shows income/year)
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Fishers
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IT 433 Farming or Fishing - Use of Cash Method
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| Affiliations, dues, memberships, subscriptions |
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IT 211 Membership Dues-Assoc & Societies
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IT 148 Recreational Properties & Club Dues
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IT 158 Employees' professional membership dues
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| Bankruptcy |
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Office of the Superintendent of Bankruptcy Canada
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| Barter |
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IT 490 Barter Transactions
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| Business education |
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Canada Business Network
Check for the office your province/territory
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Changes to your business
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Industry Canada
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| Business licences |
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BizPal
Expanding to every community by 2010. BizPal is coming to your town soon.
Industry Canada has teamed up with the provinces, municipalities and townships to bring you bundled compliance registration.
Home office business licences, parking regulations, sales tax, those are just a few of the rules and regulations you will encounter when establishing yourself as self-employed.
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| Capital Assets |
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Links to various CCA Classes
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| Communication skills |
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Toastmasters
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| Consumer protection |
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Deceptive advertising and pricing: Industry Canada
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Canadian Consumer Gateway
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| Cost Allocation |
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IT 206 Separate businesses
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| Credit and collections |
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Canadian Consumer Gateway
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Business Practices & Consumer Protection Act 2004
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Canadian-Money-Advisor: Consumer Protection
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| Employment standards |
| FINTRAC |
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Who has to comply with FINTRAC?
Everyone is required by law to be aware of the Proceeds of Crime, Money Laundering and Terrorist Financing Act administered by FINTRAC.
Some business's are required to review the website quarterly for What's New and document their compliance with this requirement.Some specifically mentioned business's that must pay attention and review for What's New include Accountants, Notaries, Casinos, Dealers in previous metals or stones, Financial entities, Life insurance, Money services, Real Estate, Securities Dealers,
Even the General Public must be aware that business's are required to know their clients and require ID.
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Compliance Questionaire - Accountants
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| Growth & Change |
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Selling a business
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Business ceases: depreciable ppty: See Para 8
See paragraph 8 about change in use and deemed disposition for depreciable property.
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| GST/HST |
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RC4022 GST/HST Guide
See page 13 for a documentation requirements/receipt thresholds for ITC claims
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Quick Method
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How to calculate your ITCs
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| Home office |
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Business use of home
This is a whole webpage on this site
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| Incorporated Employees |
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Personal Services Business
Incorporating as an employee can be a tax trap
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| Industry Canada |
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Copyright, trademark, weights and measures...
You will be astounded. Industry Canada is much more than copyright , trademarks and weights and measures...
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| Insurance |
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Personal Optional Protection: WorksafeBC
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| Inventory |
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T4002 Business & Professional Income
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IT 457 Election on WIP Professionals
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ITA S. 34 WIP election specifics
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IT 287 Sale of Inventory
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IT 473 Inventory Valuation
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IT102 Conversion of property...from or to inventor
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| Keeping records, electronic record keeping |
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Obligation to keep records
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Keeping records
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| Losses |
| Payroll |
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Employee benefits & allowances
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| Paying your Taxes |
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P110 Paying your Income Tax by Instalments
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| Personal vs Business |
| Employee or self-employed? |
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CRA has this list: specific employments
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How CRA determines if a realtor is self-employed
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Guide RC4110 Employee or Self-employed?
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If you aren't sure, get a ruling on CPT1
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| Provincial Sales Tax |
| T2125 Form Completion |
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T2125 Statement Business/Professional Activities
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Completing T2125
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T2125 Industry Codes
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IT 457 Election by professionals to exclude WIP
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| Time management |
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Important dates for Businesses
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| Unusual Tax Credits |
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T2038 (IND) Investment Tax Credit Individuals
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| Vehicles |
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Motor vehicle records
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Travel logbook
Deziel v. The Queen TCC 2006 service vehicle / no log but reasonable claim given the facts
Hasham v. The Queen 2006 TCC 491 travel between home office (registered as corporate office) and other office
Diaz v. The Queen 2009 TCC 114 without logs, not reasonable claim
Mandatory for Quebec residents effective January 1, 2005. Employees must give logbook to employer no later than 10th day of following year, lack of compliance $200 penalty.
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| Voluntary Disclosures |
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Fines when federal tax evaded plus tax & interest
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| Workers Compensation |
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WorksafeBC
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Policy on Travel for POP See Ch 3 Policy 14/21
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Free Employers' Assistance with WorksafeBC
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| Year End |
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Change of fiscal year-end
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RC4015 Reconciliation... for Alternative Year Ends
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| Accounting & Legal |
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IT 99 Legal and Accounting Fees
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| Current vs Capital |
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Current or Capital
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| Advertising |
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GI-019 Newspaper carriers
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