James D. Peros C.A. C.P.A

If your company does not already have a website, now is the time.  Having a website is essential because so many potential customers are connected to the Internet. Statistics confirm this: by the end of 2017, an estimated 95% of the North American population was connected to the Internet. The volume of print advertising has declined and digital advertising has grown. Your potential customers are looking to the Internet for information.  Developing a website for your company requires careful thought about the words and images that carry your message. There is a temptation to do the design and write the copy yourself, but if this is not your area of expertise, it is better to go to an experienced website designer. If the website looks amateurish, you will too.  Web Address  Get a memorable domain name for your website. A complete URL (Uniform Resource Locator) incorporates your domain name (i.e., the unique identifier of your company's website) along wit...

Manage cash flow better by projecting future tax liabilities.  Unforeseen circumstances often leave owner-managers short of the cash needed to pay federal and provincial taxes. Unfortunately, many owner-managers consider unpaid tax bills to be the same as unpaid trade credit. They are not. Unpaid taxes can cause a lot of problems. Ensuring funds are available to pay obligations to the Canada Revenue Agency (CRA) should be a top priority for any business, whether incorporated or a sole proprietorship.  Withholding Taxes  Every self-employed business owner or owner-manager is obligated to collect HST as well as deductions for employment insurance, Canada Pension Plan, and income taxes. These amounts are collected “in trust” from the employee or client on the understanding that the funds will be remitted to the CRA on their behalf. In theory, the business should just collect the money and set it aside in a separate account until the required filing date. However, it...