Chartered Professional Accountant
more than numbers.
Start a Home Based
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
- At Collins & Co. we will provide you
with a free 1/2 hour consultation to help you start your PLAN FOR
- Research the by-laws to make sure you
can comply with municipal and provincial regulations now and in the
- 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
- Have your business in a separate area
of your home so that you can close the door and go "home" at the end of
- 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.
- Provincial Sales Tax
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)
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
- Workers Compensation Board
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.
PLAN FOR SUCCESS
for a free 1/2 hr consultation