New Business Registration

ActivCount business registrations 613-882-8404

Registering new businesses:

  1. Sole Proprietorships
  2.  Corporations
    1. Provincial (Ontario & Quebec)
    2. Federal

Assistance in choosing a business structure and accounting solution.

CALL or TEXT Alexander at (613) 882 – 8404

Specialized Accounting Services

Ottawa-Gatineau Private Accounting Practice 613-882-8404
Let’s Talk Now!

Local accounting practitioner offering 7 years of accounting experience for small businesses, organizations, and self-employed individuals. I help you to focus on running your business operations.

CALL or TEXT at
(613) 882 – 8404 Alexander

Primary services include:

  • Full cycle accounting
  • Compilation of Financial Statements
  • Basic payroll
  • Businesses registration
  • Training

Creating Expense Categories

Listing expenses by categories can be useful for reporting purposes and operations analysis of your business. However, there is no black-and-white rule creating a list of expenses. The fewer number of categories may not be suitable to obtain useful information, while having too many categories may create an overwhelming amount of information to process. This post is aimed to help you in creating the list of expense categories for analysis and reporting purposes.

Continue readingCreating Expense Categories

Guiding Your Business Toward Success

Ottawa-Gatineau Corporate Accounting Private Accounting Practice

Dear Business Owner,

  • Put an end to time-consuming paperwork
    Direct your time and energy from tedious paperwork to building your business. Consider year-round services that would help you to focus on the core activities of your business.
  • Minimize your communication with the CRA
    File accurate returns, backed-up with reliable supporting documents and records.
  • Increase your business growth potential
    Obtain reliable accounting information to determine opportunities for improvement, cost control, price changes or capital expenditures. Gain an understanding of your financial information to make better business decisions.

Competencies:

  • In business since 2004
  • Canadian education in Business Administration and Accounting
  • Time and availability to serve you and your business year round
  • Motivated and dedicated to the accounting profession and the understanding of its importance to the businesses

Feel free to contact me at 613-882-8404 or e-mail alexander@actovcount.ca to set up an appointment to discuss your business needs. I look forward to serving you with integrity and reliability.

Sincerely,

Alexander Bobkov

Keeping Records

4 Benefits of Keeping Records

  1. Records help to plan ahead.
    You may conduct analysis to identify profitable sources of income, compare performance in different periods, and help you prepare budgets and forecasts.
  2. Records help to save in taxes
    Proper documentation of deductible expenses allows to claim input tax credits, and reduce taxable income.
  3. Records keep you informed about the financial position of your business.
    Records allow to identify profit or loss of your business operations.
  4. Proper records may help you get loans from creditors.
    Creditors need accurate historical information about the financial performance of your business to process your loan application.

What are Business Expenses?

Ottawa-Gatineau Corporate Accounting Private Accounting Practice

In short, a business expense is a cost that you incur in order to generate revenue. The business expenses can be claimed for income tax purposes, allowing you to reduce tax payable.

Business expenses have to be supported up with supporting documents, such as a sales invoice, a receipt, etc. Supporting documents should include the vendor’s name and the date, total amount, and business number in case if there are taxes collected. Furthermore, the processed bank cheques can support amount paid for business expenses.

10 common business expenses are:

  1. Accounting fees
  2. Advertising expenses
  3. Business fees, licences, and dues
  4. Insurance expenses
  5. Interest and bank charges
  6. Maintenance and repairs
  7. Meals and entertainment
  8. Motor vehicle expenses
    1. Fuel and oil
    2. Automobile maintenance and repairs
    3. Insurance
    4. Licence and registration fees
    5. Capital cost allowance
    6. Interest paid on car’s loan
    7. Leasing costs
  9. Office expenses
  10. Salaries expenses

While it may seem straight forward what the business expenses are, feel free to contact me for quick consultation.

Important Dates

Sole Proprietorships and Partnerships
Monthly, by the 15th Remit the payroll deductions along with your portion of CPP and EI.
Last day of February File your T4 and T4A slips along with the related Summary form.
March 15 First installment payment of tax and CPP contributions for self-employed.
March 31 Partnerships must file a partnership information return.
April 30 File your T1 personal income tax and benefit return for the previous year. Pay any tax amounts owing (regardless if self-employed or not). Self-employed individuals and their spouses/common-law partner have until June 15th to file their returns.
June 15 Second installment payment of tax and CPP contributions for self-employed.

For self-employed, T1 personal income tax and benefit return is due.

September 15 Third installment payment of tax and CPP contributions for self-employed.
December 15 Fourth installment payment of tax and CPP contributions for self-employed.
Corporations
Last day of February File your T4 and T4A slips along with the related Summary form.
Monthly Remit the payroll deductions along with your portion of CPP and EI.
Monthly Pay installments of the current-year taxes, by the last day of each month.
2 months from your taxation year-end The balance of the corporation tax payable is due.
3 months from your taxation year-end For corporations claiming the small business deduction, the balance of the corporation tax payable is due.
6 months from your taxation year-end File T2 Corporation Income Tax return no later than 6 months after the corporation’s year-end.

(source: CRA. Important Dates)

Accounting & Bookkeeping Services

Accounting is one of the success factors for your business. Proper accounting system ensures accuracy and timeliness of information needed for managerial and tax reporting purposes.

Accounting services include set-up of a records-keeping system, a compilation of financial statements, and year-end procedures.

Bookkeeping services include tasks associated with data entry.

My services specialize in the following:

  • Periodic accounting and bookkeeping services
    • “Catch-up” temporary assignments to bring your records up-to-date
  • Preparation of tax remittances
  • Income tax returns
    • Corporations and personal
    • “Null Returns” for businesses that had no business activity