Do I Need a Corporate Lawyer?

By |2021-11-27T19:58:31+00:00November 27th, 2021|Business, Taxes|

Unless you are a lawyer yourself and understand corporate law, then yes, you need a corporate lawyer. A main advantage to incorporating your business is the corporate structure. You need someone who understands how this works. While there are many legal documents you can file yourself, incorporation documents should be handled properly by a lawyer. What does a corporate lawyer do? When we say you need a corporate lawyer, we don’t mean you need a lawyer on staff. While that may be the best option for some companies, most businesses only need a lawyer periodically.  One of the first things a [...]

Is the Profit First Way Right for You?

By |2021-11-25T03:13:27+00:00November 25th, 2021|Uncategorized|

Profit First isn’t just a book by Mike Michalowicz, it’s a whole business lifestyle that even includes a certification. The book was first published in 2014. Since then there have been iterations created for specific industries like dentists, micro gyms, contractors, and e-commerce sellers. Michalowicz has reframed the equation sales, minus expenses, equals profits so that it reads: Sales, minus profits, equals expenses. This is the gist of Profit First. Profit before expenses. It’s an alternative way of looking at a budget. You take the profit out of your sales then force yourself to budget your expenses based on what’s left. [...]

What is HST?

By |2021-11-20T02:53:35+00:00November 20th, 2021|Business, Taxes|

As a business owner, you are likely familiar with GST, but what about HST? And is it something you need to worry about? The answer to this question depends on where you are doing business and whether or not you ship products to other provinces. The most common place you see a reference to HST is on the form you need to file with the Canada Revenue Agency (CRA) reporting your GST for the period. The same form is used to report HST and the official name of the form is the “Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return.” Each [...]

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GST Basics

By |2021-11-03T02:40:31+00:00November 3rd, 2021|Business, Taxes|

When it comes to goods and services tax (GST) basics, one of the most common questions new business owners want to know is whether they need to charge GST. As with most tax questions, the answer depends on a number of things.  It’s important to note that GST is collected on behalf of the government via the Canada Revenue Agency (CRA). The GST you collect is not yours to keep. As consolation, the CRA allows you to claim the GST you pay in the course of business activities as a form of payment to you for collecting the GST on their [...]

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