November 2021 Tax and Money Tips for (New) Business Owners

Hello everyone! Thanksgiving and Halloween have past and we're now into November. This month I want to concentrate on tips for new business owners (sole proprietors). Here they are.

1. Know when you need to register for GST. You don't want to be in a classic situation where you did not know that you were supposed to collect GST and you have to absorb the GST yourself. It's like giving a 5% discount to ALL your customers if you have provided them with an all-inclusive quote. Here's CRA's website for reading more about when to charge GST.
When to register for and start charging the GST/HST


2. If you think you will earn a large amount of revenue, it may be worthwhile talking to a tax specialist who does both sole proprietors and corporations. There are pros and cons for each. While I do not do corporate taxes, I do know other tax specialists and accountants who do and can give you some names.

3. When you earn your first revenue, remember to set aside at least 30% to pay for CPP and taxes.

To learn more about taxes for new business owners, consider attending my webinar for new business owners. See below for details.
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NOVEMBER WEBINAR -  Tax Tips for New Business Owners (Paid Webinar)
Tuesday, November 23, 7-8pm PDT
Tuesday, November 30, 7-8pm PDT

Cost: $75 + GST per person
Are you a new business owner? Did you start your business as a side hustle or because you were let go from your previous job? Set aside an hour of your Tuesday evening to learn about what you need to know such as:
- when to register for GST, 
- to incorporate or stay as a sole proprietor, 
- how much to set aside for taxes, and
- business expenses you can claim as a sole proprietor. 


Feel free to share and forward this newsletter to others. Have a great November! See you in December.