Should I Incorporate my Small Business? (3 min read)

By | October 25th, 2016|Uncategorized|

By Alissa Bryden, CPA, CA, Owner of Virtual Heights Accounting Many small business owners are very excited about their new business and think that incorporating is the first step. Incorporating too early can be a costly decision. I would estimate a corporation costs (on average) about $2,000 more per year than a sole proprietorship in accounting and legal fees. My first advice is to talk to a professional. More than this, get them to explain why they think you should incorporate or not. This decision should be based on the facts of the situation and no two businesses, or owners, are [...]

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How to Move from a Concept to a Business (4 min read)

By | October 18th, 2016|Uncategorized|

How to Move from a Concept to a Business (4 minute read) By Alissa Bryden, CPA, CA As I write this it is small business week, and I want to celebrate both small business owners and the work it takes to get the doors open. Not all ideas or concepts can or will turn into a healthy business. You must first determine if you have an idea worth pursuing. Some do this on the fly, but planning and forethought will save you both money and stress. Preliminary research can give you a better idea on how to move from a business concept [...]

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How to Charge GST on Your Materials – The Contractor (3 min read)

By | October 11th, 2016|Uncategorized|

 By Alissa Bryden, CPA, CA Contractors often ask me about how to charge GST on the materials included on their invoices. There are two main ways contractors can create their invoices. One where the materials are paid for by the client as a reimbursement and one where the materials are part of the sale price. It is important to note that GST charged on your invoices is called “GST Collected”. GST paid when you pay for the materials are called “ITC’s”. When you remit a payment to the Canada Revenue Agency you net these two. Reimbursement When a client is paying the materials as [...]

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