Currently browsing posts tagged Sole proprietor

Should I incorporate my business?

This is a question we are asked often. There are two main reasons for incorporating: Potential to reduce taxes Limited liability The potential to reduce taxes is a legitimate reason to incorporate, but only once you reach a certain level of profitability. If you are… Continue Reading

Our Top 4 Recommendations for Sole Proprietors

We always strive to foster great relationships with our clients. We want you to feel confident taking our recommendations. So, here’s a little about me. My name is Melody McClain. I live here in Airdrie with my husband and two kids – my son is… Continue Reading

Tax Deductible Business Expenses Demystified

As a blanket statement, we suggest that sole proprietors keep every receipt and expense absolutely every penny they pay to earn business income. Much of this is obvious. If you’re selling jewelry and you have to purchase the jewelry first…it’s easy to recognize that your cost… Continue Reading

When do I need to register for GST as a sole proprietor?

This is a question we get asked frequently at our office. As a sole proprietor, GST is a topic you want to be sure you’re at least aware of. The threshold for mandatory GST registration is $30,000 in sales in four consecutive calendar quarters (not in… Continue Reading

Sole Proprietors: Set Yourself up for Success

There is much to consider when running a business as a sole proprietor, but taxes don’t have to be overwhelming. We can try to set you up for success and maximize your expenses, tax write-offs, etc. The first thing to recognize with a sole proprietor business is that… Continue Reading