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Joyce Zhao
To ensure compliance with sales tax laws, it's important to be familiar with the regulations in your home province and any province where you conduct sales. Speak to your accountant about where you operate and the significance of your business presence in each province to determine whether there is a need to register to collect and remit sales taxes.
There are several strategies to manage and enhance cash flow:
Reconciling your business's records with its bank account—ensuring they match—is crucial. It's advisable to reconcile at least once a month, as monthly bank statements facilitate the reconciliation process. This practice helps verify cash flow, identify discrepancies or missing funds, and prevent fraud.
Several expenses may be deductible from federal income taxes, either fully or partially, depending on your business's circumstances. Common deductions include office rent and utilities, computers and software, office supplies, depreciation of machinery, business phone and internet bills, business-related car expenses and mileage, business travel expenses, and business and health related insurance costs.
Depending on the complexity and scale of your business, you may be able to manage accounting and bookkeeping on your own. However, larger and more intricate businesses often benefit from hiring professional accountants to handle their financial matters. You can most often combine the services of an accountant that manages your bookkeeping and files your corporate tax return in one package.