Start Ups

We can help you from day one by looking at your cashflow position, which is one of the most important factors for any new business; by helping you to find the best bookkeeping system for your business and by discussing your options for the best tax savings available.

Business Structure

Are you going to launch your business as a sole proprietor, partnership or limited company? Before you choose your business entity the following should be considered:

• commercial risks
• expected profitability
• financing
• use of car for business purposes
• tax planning preparation
• GST/HST (Goods and Services Tax/Harmonized Sales Tax)
• Business Planning 

Have you set out your business objectives in writing? Can you demonstrate qualified experience in the type of business that you want to launch? How are you going to finance the company? What are your expectations for sales, profitability and investment in assets? Have you consolidated all this information in a formal business plan?

Even if you don’t want to borrow money, a good business plan will help you to understand your current position and give you a good indication of your future possibilities. At TaxAssist Accountants we know that a good business plan is imperative to your business, especially given the current economic climate.

Banks and Finance companies

Identify your "friendly bank manager". As this can be one of the most important contacts for your business it’s crucial that you’re well prepared for that critical first meeting. Fortunately, here at TaxAssist Accountants we already have well established relationships with all the major banks in Canada and are able to help you prepare for your first and subsequent meetings.

HST (Harmonized Sales Tax)

You should decide whether or not it’s in your best interest to register for HST from the time of starting up. Whether you decide to register now or in the future both the profitability and the cashflow of your business will be affected.

One of the main advantages of registering for HST when you do start-up is you’ll be able to reclaim HST on purchases made before you start operating. Don’t worry though, if you find it’s best to register at a later point in time CRA have made it possible for operators to reclaim HST prior to their registration provided the claim is made within certain time limits. For further guidance on HST registration please see our HST section.