Wednesday, October 31, 2007

Helpful Revenue Canada Small Business Links

Just putting these here so I don't forget.

My Business Account service
http://www.cra-arc.gc.ca/eservices/tax/business/myaccount/menu-e.html

Canada Revenue Agency Phone Numbers
http://www.cra-arc.gc.ca/contact/phone-e.html

About.Com page with lots of links
http://sbinfocanada.about.com/od/taxinfo/Tax_Information.htm

RRSP Article
http://sbinfocanada.about.com/cs/taxinfo/a/rrsp.htm

Tax Deductions You Don't Want To Miss
http://sbinfocanada.about.com/od/homebusinesstax/a/hbbdeductions.htm

1 comment:

xhead said...

Lessons I wished I had learned before going independent:

1. Hire an accountant to advise you right away.
2. Start setting aside cash every month in a money market fund (anywhere that it is liquid but not that easily accessible) to pay your income tax quarterly instalments when they come due. You won't have to pay any of these until you file your first return, but then you have to pay everything for that first year of business plus be ready to pay another quarterly instalment shortly thereafter.

No. 2 is something that No. 1 should help you with (deciding how much you should set aside).

As painful as cash flow can be in the first year of operations, it is way too easy to use now what you should be saving for taxes later. And the pain of saving now is exponentially increased later if you don't.