Here are some helpful resources.
Canada Revenue Agency is holding a Small Business Information Seminar of Monday, February 21, 2011 in Courtenay. Here is you chance to talk to auditors and learn directly from them what they are looking for. They will be happy to answer your questions and provide all the information you need to demystify small business bookkeeping.
I highly recommend these seminars, and they're free! For more details and to sign up click on http://www.cra-arc.gc.ca/vnts/bc/crtn-smll-eng.html
For general Small Business information:
1. British Columbia Starting a Business Guide - http://makeitcountbookkeeping.com/files/documents/Start_SmlBusiness.pd
2. Federal Government Step by Step Business Guide - click HERE
3. If you have specific questions about your business, you can talk to a very helpful
Canada Revenue agent at 1-800-959-5525. Press the star key on your phone to talk to an agent.
Just starting your business?
- Register your business name - https://www.bcregistryservices.gov.bc.ca/nro/
- Get your business number - http://www.bcbusinessregistry.ca/introduction/registrations.htm
- License your business with your local municipality
- Not sure which permits and licences you need? - http://www.bcbizpal.ca/
Revenues over $30,000 in a twelve month period? Register for the HST - http://www.cra-arc.gc.ca/tx/bsnss/tpcs/bn-ne/bro-ide/menu-eng.html
Should your hired help be an employee or a contractor? Be sure, Canada Revenue has specific criteria for each. Check out - http://www.cra-arc.gc.ca/E/pub/tg/rc4110/rc4110-08e.pdf
You've decided to hire an employee.
- You need a Payroll Remittance Number - http://www.cra-arc.gc.ca/tx/bsnss/tpcs/bn-ne/bro-ide/rstrctns/chcklst-eng.html
- And to register for WCB - http://www.worksafebc.com/
The above resources are from the following sites:
http://www.cra-arc.gc.ca/menu-eng.html
http://www.smallbusinessbc.ca/topics/tax-requirements