geetfun

Founder, Eager.app
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SAAS-type of person. Likes to grok about marketing and growth. I also do Ruby, Flutter, and tackle technical stuff. Ask if me if you're stuck. I like helping.

Tax Resources for Canadian-based companies and Founders

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This post is inspired by Tax Resources for US-based companies and Founders, but for Canadians πŸ‡¨πŸ‡¦.

Folks: Feel free to comment below if you know of resources that may help enrich this list.

Capital Cost Allowance Table from the CRA. Be sure you're separating capital expenses from operating expenses. If you don't know the difference, ask or consult with a CPA.

GST/HST account registration. If you make (or anticipate to make) more than $30,000 in a single quarter (even if this happens/happened once), you must register for a GST/HST account. Benefit of having such account is that you can claim back input tax credits. There are very specific (and vague) rules that determine if you need to charge HST. You may be surprised what constitutes as taxable (even when selling to international customers). Example: Your app does primarily SMS communication for international customers? That may be taxableΒ  (despite the customers being outside of Canada) according to a strict interpretation of the law. Consult with your CPA.

Tax Law Firm Marcil LavallΓ© has a very useful monthly newsletter outlining changes to tax laws for individuals and businesses. I highly recommend visiting it once a quarter to be updated regarding changes to tax laws.

Quickbooks Online Canada. I won't link to them from here, but if you register an "Accountant" account, you can create your business account under it, the monthly fees is lower.

Tax Filing Deadlines. GST/HST is usually monthly, quarterly, or annually. It depends on your revenue. T4 and T5 forms (if you're incorporated) is due February 28 of each year.Β 

These are just off the top of my head. I'm not an accountant, so do your own research. I'll add to this when I can think of more. If you have any questions, I do have a CPA as I own several corps and am in contact monthly. Let me know and I can ask for you. πŸ˜‰Β 
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