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Collins & Co Chartered Professional Accountant Victoria BC www.collinsco.ca

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cpacanada.ca
MEMBER
Chartered Professional Accountant

We see
more than numbers.

Getting Started

     
 

Start a Home Based Business

Getting a successful business started requires a PLAN FOR SUCCESS. Statistics indicate that 50% of new businesses fail within the first two years. Stack the odds in your favour by doing the necessary front end work.

  • See a banker, a lawyer and an accountant and begin developing your professional relationship with them.
  • At Collins & Co. we will provide you with a free 1/2 hour consultation to help you start your PLAN FOR SUCCESS.
  • Research the by-laws to make sure you can comply with municipal and provincial regulations now and in the future.
  • Decide what your business structure will be: sole proprietorship, partnership or corporation.
  • Set up your business books and organize your financial records. Keep your records in your business area. Your books may be audited by Federal and Provincial Agencies at any time.
  • Have your business in a separate area of your home so that you can close the door and go "home" at the end of the day.
  • Install a separate phone, fax, telephone answering and email for your business.
  • Clearly define your hours of business for your clients and yourself.
  • Plan and schedule time for yourself and family away from your business.
  • Network to meet new clients and other people from your own profession.
  • Make your business pay for itself, cost your wages into your business plan.
  • Make sure you have enough cash to pay for all start-up costs and a sufficient period of monthly expenses before you start.
  • Pay attention to cash flow. If you cannot pay your bills each month, you will not be able to continue with your business plan.

Government Considerations:

  • Provincial Sales Tax
    www.sbr.gov.bc.ca/business/Consumer_Taxes/consumer_taxes.htm
    Businesses who have retail sales and services in BC are no longer required to collect Social Service Tax (PST) on taxable sales effective July 1, 2010. Certain items are still subject to Provincial Taxes however (i.e. used vehicles). Refer to the above noted website for further information and specific details.
     
  • Goods and Services Tax (GST/HST)
    www.cra-arc.gc.ca/menu-e.html
    GST/HST of 12% in BC (13% in ON) is a tax on the consumption of goods and services. All businesses with annual revenue over $30,000 are required to register and can claim an input tax credit for the GST/HST they paid on business purchases. Refer to the above noted website for further information and specific details. Check the CRA's website for additional information and updates on the GST/HST (effective July 1, 2010).
     
  • Payroll Taxes
    If you have one or more employees you will need to remit employee deductions. Every employer is required to withhold or deduct taxes or other statutory amounts and must keep records and books of account.
     
  • Workers Compensation Board
    www.worksafebc.com
    An employer is responsible to register their business with Worksafe BC before workers are hired or work is contracted out.
     
  • Federal Income Tax
    A sole proprietor and a partnership must report the net income or loss for the business fiscal period on the personal tax return. A corporation files a corporate tax return within three months of the end of the corporation's fiscal period.
 
     

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PLAN FOR SUCCESS
CALL US
for a free 1/2 hr consultation

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Home | Contact | Why Choose Us? | Services | Record Keeping | Incorporate? | Financial Control | Getting Started | Business Plan | Income Tax Checklist | Links | Privacy

Collins & Co Chartered Professional Accountant Victoria BC
www.collinsco.ca
Serving the accounting needs of the Victoria BC Business Owner since 1989

Call us for a free 1/2 hour confidential appraisal before you buy, sell or expand a business.