Archive | Business Startup

This is a common question as LLCs are popular types of incorporation in the U.S. and other countries such as the U.K. and Mexico, but Canada does not have an equivalent corporate structure. Can You Set Up a Limited Liability Company (LLC) in Canada? No, you cannot set up an LLC in Canada as this […]

What are records? Records are organized accounting and financial documents that summarize your transactions and include the documents to support these transactions. These documents include: ledgers journals books charts tables financial statements statements of accounts income tax returns goods and services tax/harmonized sales tax (GST/HST) returns excise tax returns sales invoices purchase receipts vouchers contracts […]

Records are all your accounting and other financial information documents. These documents must be kept organized. The type of information your records contain depends on your situation and other factors such as: your business type the format you use to keep your records (paper, electronic or a combination of the two) if you have converted […]

Always get receipts or other vouchers when you buy something for your business. The receipts have to show: ■ the date of the purchase; ■ the name and address of the seller or supplier; ■ the name and address of the buyer; ■ a full description of the goods or services; and ■ the vendor’s […]

Keep track of the gross income your business earns. Gross income is your total income before you deduct any expenses, including those related to the goods sold. Your income records must include: ■ the date; ■ amount; and ■ source of the income. Record the income whether you received cash, property, or services. Support all […]

You report your business income based on a fiscal period. A fiscal period is a period between the day your business starts its business year to the day it ends. For an existing business, the fiscal period is usually 12 months. A fiscal period cannot be longer than 12 months. In some cases, it can […]

A business is an activity that you intend to carry on for profit and there is evidence to support that intention. A business includes: a profession a calling a trade a manufacture an undertaking of any kind an adventure or concern in the nature of trade.