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Frequently Asked Questions About GST/HST By Business Owners

Ronika Khanna CPA,CA

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated. How do you file your GST/HST returns?

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How Do I Pay Myself and My Taxes as a Sole Proprietor?

xendoo

To estimate how much you can draw and when you must: Set up a separate business bank account. The business name will default to your legal name unless you file a DBA (doing business as), which allows you to operate under a different name. Once your DBA is set up, you can open a business bank account. Xendoo is Here for You.

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What happens if you get audited and don’t have receipts?

xendoo

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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What happens if you get audited and don’t have receipts?

xendoo

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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Accounting Tips for Start up Freelancers

Cheap Accounting

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Directors have legal obligations bestowed on them when they are appointed including keeping accounting records and filing accounts. It can all seem daunting and overwhelming at first.

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New Update: Tax Refund Delays Due to Fraud!

LyfeAccounting

The reason is tax fraud. There has been a 50% increase from 2019 in flagged tax refunds due to potential identity fraud. Each and every year, any tax return that claims a refund is automatically run through a specific IRS system that is designed to detect fraudulent wage or identity theft-based claims.

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