Resources

TOOLS OF OUR TRADE

We use many different programs and applications in order to do our best work for you.  Thanks to our partnerships with these companies we can even get our clients many discounts for their own use.  Check our OUR TOOLKIT to see more details!

RESOURCES & TIPS FOR YOUR BUSINESS

Are you starting a Business?  Make sure you register your Business Name through Service Ontario. 

Employee & Payroll Management:

  • Get all new employees to complete the TD1 and TDON1 forms for their source deductions – EVERY employee should complete these forms each year. 

CRA Consent:

  • Complete the RC59 form so that your Accountant/Bookkeeper can liase with the CRA on your behalf.

 Important Tips to Remember:

  • Know what you can expense; don’t forget to track mileage if you use your vehicle.
  • Keep ALL receipts and note the reason for purchase before you forget.
  • Know your deadlines.  Check out this chart for Individuals, Corporations and Employers
  • Track expenses as of the date incurred, not when paid.
  • Take your taxes very seriously!!

Starting and Staying on the Right Track:

You MUST:

  • Understand your responsibilities to the CRA (filing deadlines, HST, etc.), your employee (ESA, WSIB), your vendors and to your own business.
  • Understand the importance of a paper trail; you must keep 6 years of records for the CRA; could you defend your transactions in an audit?
  • Maintain an accurate inventory count of your product.

You SHOULD:

  • Keep all of your receipts regardless of how you pay or track your transactions.
  • Keep separate bank and credit accounts for business transactions.
  • Get help from a professional BEFORE you get into trouble and get the right people with the right skills you need. 

You COULD:

  • Use paper, Excel or accounting software to manage your financial records; it doesn’t amtter which one, but definitely use one!
  • Sign up for a “My Business Account” online with the CRA.  It helps you monitor what you’ve remitted, owe, and due due dates.

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