Put the odds on your business side!

Having a great business idea isn’t always enough but there are a lot of small details that you better do right from the start to avoid problems later

Starting a business can be an attractive option for many people to earn income. Whether it be a life goal of yours or because of high unemployment, to produce extra
income, or simply as a tax write-off. Canada’s economy is filled with people just like you who have built their own businesses from the ground up.
It’s important that you get timely professional advice. Being a small accounting firm, our preferred area of practice is small businesses.
We offer the services that you need at a very competitive cost.

For more information, talk to one of our team members at Talbot & Associates to help you decide which direction you should pursue. We have the knowledge and expertise to help you make the best financial decision.

To help you get started with your business, here are some pertinent websites you may need:

Manitoba Provincial Corporations and Business Names Department (registering your company name): www.companiesoffice.gov.mb.ca

Provincial Sales Tax Department (Provincial sales
tax number registration). You can discuss with a
representative the nature of your company’s business and he/she will advise you as to whether you need to add sales tax to your invoices:
www.gov.mb.ca/finance/taxation/taxes/retail

Employment and Immigration Canada (record of
employment forms for employees who leave your
business): www.hrsdc.gc.ca

Goods and Services Tax Department (GST information, registration forms). The registration number that will be assigned to your company must be shown on your invoices to customers:
www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/menu-eng.html

Canada Revenue Agency (employee deductions,
information, remittance account numbers). They can mail you a form to use each month when remitting the payroll deductions: www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/menu-eng/html


You may also require assistance from these other organizations who specialize in assisting with starting or expanding a business:


Here are most of the questions entrepreneurs have:

Is that better to buy a business or to start a business from scratch?

An individual going into business will face many important decisions. One of the more complex is whether to start a new business or buy an existing one. An analysis of the many factors involved requires careful personal research. Additionally, the financial and tax consequences of a decision will necessitate appropriate professional advice.
The following is a number of factors to consider when going into business:

  • Personal Satisfaction
  • Market
  • Location
  • Financing
  • Capital Assets
  • Goodwill
  • Staff

More information on our free brochure: Going Into Business – Starting Versus Buying under “Talbot & Associates Advisory Publications


Should I create a sole proprietorship or a limited company?

One of the primary decisions when entering business is whether to operate as a sole proprietorship or a limited company. Making the right decision requires an analysis of the advantages and disadvantages of each, in relation to the circumstances. The limited company has more advantages but higher initial and maintenance costs. A cost-benefit analysis is necessary to determine whether the advantages gained by creating a limited company will outweigh the extra costs.

More information on our free brochure: The Proprietor Versus Limited Company Decision under “Talbot & Associates Advisory Publications


Where to get a GST number?

Text explaining that, El moditat il idus ped maximus endem. Ut eic tem iure ne doluptibus aut etur maximpo rumquundi dolorum invende nemporporum quiducimet inciendis doluptassit parum que volestis duciduciis quisit omnis provita tiurior epratescid est a de voluptassi duntur remporeptas a pedi demolum hillacc aborem dolorenducim sum fugitat ustorrum faceatur acculli atinctem ilis et volori im aut odit ut a qui ommolo dita nihicienimi, untibus, corem. Itae nia volore sunducim non rat laborrovit ute consed quas nonserc iandam, consendus, qui ad quae. Et ulluptatet estem aut explige nditionse et aut aciisciis entis doluptati to dis acerion provitas ipienim ipit dolora si cusam, oditis as sit expelen imporeh eniaspiciet endeles ea as arciet et et venis diti beribusa pra nis sus numquo quos experumquam fugit assitat prore aruntium ium eliquod ignist laut ere prore nimus, vera vitam eiciduc imaxim autat.


Do I need a PST number?

Text explaining that, El moditat il idus ped maximus endem. Ut eic tem iure ne doluptibus aut etur maximpo rumquundi dolorum invende nemporporum quiducimet inciendis doluptassit parum que volestis duciduciis quisit omnis provita tiurior epratescid est a de voluptassi duntur remporeptas a pedi demolum hillacc aborem dolorenducim sum fugitat ustorrum faceatur acculli atinctem ilis et volori im aut odit ut a qui ommolo dita nihicienimi, untibus, corem. Itae nia volore sunducim non rat laborrovit ute consed quas nonserc iandam, consendus, qui ad quae. Et ulluptatet estem aut explige nditionse et aut aciisciis entis doluptati to dis acerion provitas ipienim ipit dolora si cusam, oditis as sit expelen imporeh eniaspiciet endeles ea as arciet et et venis diti beribusa pra nis sus numquo quos experumquam fugit assitat prore aruntium ium eliquod ignist laut ere prore nimus, vera vitam eiciduc imaxim autat.


Do I need a Lawyer?

Text explaining that, El moditat il idus ped maximus endem. Ut eic tem iure ne doluptibus aut etur maximpo rumquundi dolorum invende nemporporum quiducimet inciendis doluptassit parum que volestis duciduciis quisit omnis provita tiurior epratescid est a de voluptassi duntur remporeptas a pedi demolum hillacc aborem dolorenducim sum fugitat ustorrum faceatur acculli atinctem ilis et volori im aut odit ut a qui ommolo dita nihicienimi, untibus, corem. Itae nia volore sunducim non rat laborrovit ute consed quas nonserc iandam, consendus, qui ad quae. Et ulluptatet estem aut explige nditionse et aut aciisciis entis doluptati to dis acerion provitas ipienim ipit dolora si cusam, oditis as sit expelen imporeh eniaspiciet endeles ea as arciet et et venis diti beribusa pra nis sus numquo quos experumquam fugit assitat prore aruntium ium eliquod ignist laut ere prore nimus, vera vitam eiciduc imaxim autat.


When do I file and what do I file?

Text explaining that, El moditat il idus ped maximus endem. Ut eic tem iure ne doluptibus aut etur maximpo rumquundi dolorum invende nemporporum quiducimet inciendis doluptassit parum que volestis duciduciis quisit omnis provita tiurior epratescid est a de voluptassi duntur remporeptas a pedi demolum hillacc aborem dolorenducim sum fugitat ustorrum faceatur acculli atinctem ilis et volori im aut odit ut a qui ommolo dita nihicienimi, untibus, corem. Itae nia volore sunducim non rat laborrovit ute consed quas nonserc iandam, consendus, qui ad quae. Et ulluptatet estem aut explige nditionse et aut aciisciis entis doluptati to dis acerion provitas ipienim ipit dolora si cusam, oditis as sit expelen imporeh eniaspiciet endeles ea as arciet et et venis diti beribusa pra nis sus numquo quos experumquam fugit assitat prore aruntium ium eliquod ignist laut ere prore nimus, vera vitam eiciduc imaxim autat.


Should Incorporate?

Text explaining that, El moditat il idus ped maximus endem. Ut eic tem iure ne doluptibus aut etur maximpo rumquundi dolorum invende nemporporum quiducimet inciendis doluptassit parum que volestis duciduciis quisit omnis provita tiurior epratescid est a de voluptassi duntur remporeptas a pedi demolum hillacc aborem dolorenducim sum fugitat ustorrum faceatur acculli atinctem ilis et volori im aut odit ut a qui ommolo dita nihicienimi, untibus, corem. Itae nia volore sunducim non rat laborrovit ute consed quas nonserc iandam, consendus, qui ad quae. Et ulluptatet estem aut explige nditionse et aut aciisciis entis doluptati to dis acerion provitas ipienim ipit dolora si cusam, oditis as sit expelen imporeh eniaspiciet endeles ea as arciet et et venis diti beribusa pra nis sus numquo quos experumquam fugit assitat prore aruntium ium eliquod ignist laut ere prore nimus, vera vitam eiciduc imaxim autat.

More information on our free brochure: Steps To Incorporate under “Talbot & Associates Advisory Publications


How to keep better records?

As the income tax deadline closes in, it’s common to hear “If only I’d kept better records, I could have claimed that expense.”
Despite last minute pledges of being better prepared next year, many people launch into a frenzied search, rifling through their desks and files looking for those crucial receipts in order to meet that year end deadline. This last minute panic could be easily eliminated through better record keeping. Keeping up-to-date, accurate financial records is an essential part of developing a comprehensive personal financial plan. Most importantly, it could save you valuable time and money.

More information on our free brochure: Effective Record Keeping under “Talbot & Associates Advisory Publications


Should I lease or purchase?

The Canada Revenue Agency determines the rate for the deductions on the cost of your car whether you purchase or lease. Leasing costs for a vehicle are deductible but are subject to limits. Lease payment deductions are restricted to $800 per month plus taxes. Again the same depreciation principal applies. If a lease contract is entered into earlier in the year, it will result in more payments and a higher deduction for the year.

More information on our free brochure: The Lease Versus Purchase Decision under “Talbot & Associates Advisory Publications


What is the difference between an employee and an independent contractor?

This is a question often asked by both the person seeking the services and the person offering them. The question generates a significant amount of litigation
because there is no cut and dry definition.

More information on our free brochure: Employee Versus Independent Contractor under “Talbot & Associates Advisory Publications


What bookkeeping software to buy and how to setup it up?

Text explaining that, El moditat il idus ped maximus endem. Ut eic tem iure ne doluptibus aut etur maximpo rumquundi dolorum invende nemporporum quiducimet inciendis doluptassit parum que volestis duciduciis quisit omnis provita tiurior epratescid est a de voluptassi duntur remporeptas a pedi demolum hillacc aborem dolorenducim sum fugitat ustorrum faceatur acculli atinctem ilis et volori im aut odit ut a qui ommolo dita nihicienimi, untibus, corem. Itae nia volore sunducim non rat laborrovit ute consed quas nonserc iandam, consendus, qui ad quae. Et ulluptatet estem aut explige nditionse et aut aciisciis entis doluptati to dis acerion provitas ipienim ipit dolora si cusam, oditis as sit expelen imporeh eniaspiciet endeles ea as arciet et et venis diti beribusa pra nis sus numquo quos experumquam fugit assitat prore aruntium ium eliquod ignist laut ere prore nimus, vera vitam eiciduc imaxim autat.


How to correctly use a bookkeeping software?

Text explaining that, El moditat il idus ped maximus endem. Ut eic tem iure ne doluptibus aut etur maximpo rumquundi dolorum invende nemporporum quiducimet inciendis doluptassit parum que volestis duciduciis quisit omnis provita tiurior epratescid est a de voluptassi duntur remporeptas a pedi demolum hillacc aborem dolorenducim sum fugitat ustorrum faceatur acculli atinctem ilis et volori im aut odit ut a qui ommolo dita nihicienimi, untibus, corem. Itae nia volore sunducim non rat laborrovit ute consed quas nonserc iandam, consendus, qui ad quae. Et ulluptatet estem aut explige nditionse et aut aciisciis entis doluptati to dis acerion provitas ipienim ipit dolora si cusam, oditis as sit expelen imporeh eniaspiciet endeles ea as arciet et et venis diti beribusa pra nis sus numquo quos experumquam fugit assitat prore aruntium ium eliquod ignist laut ere prore nimus, vera vitam eiciduc imaxim autat.


If ever you still have question, feel free to contact us and we will be happy to answer you