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Start-up Business Plan

Are you an entrepreneur starting a new business?  You're likely full of excitement and energy, and you may also have a lot of questions on the administrative, financial and tax aspects of starting a business.   

A startup business plan should be comprehensive, detailed and should cover all aspects of an organization. Effective startup business plans are the essence of a business, providing holistic direction concerning management, mission statement, financial plan, risk assessment, tax awareness, operations and products.

Madan Chartered Accountant can help prepare a complete startup business plan for you. It will be suited to your needs and executed by expert accountant and consultants. In addition to a startup business plan, at Madan we will also provide the following services.

  • Incorporating and registering your new business
  • Obtaining the necessary financing.
  • Creating the most tax efficient structure for your business.
  • Keeping your books in order
  • Preparing tax returns, financial statements and forecasts.





5 Reasons an accountant should incorporate your business

By: Allan Madan | Sep 6th, 2012 | Tax, US Tax, Canadian Tax Read more

Are you looking to save your new business some money in order to make it more profitable? Does your current startup business plan include cost cutting measures such as incorporation of your business? If not, then you must read the following article to understand the advantages of incorporating your business.


Tax loopholes for small business owners in Canada

By: Allan Madan | May 30th, 2012 | Tax, US Tax, Canadian Tax Read more

AS business owners we all want efficient startup business plans, strong financial performance and endless cost cutting opportunities. Tax can be a brilliant area to save money in. Thousands of dollars can be saved by identifying tax loopholes. Fortunately the following article highlights important tax loopholes, read on to find out more ways to save money.


About the Author – Allan Madan

Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.


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# Jasmine 2014-10-16 19:34
I would like to start up a business in Canada. Would it be best to incorporate or not?
# Allan Madan and Team 2014-10-16 19:34
Hi Jasmine,

As a corporation, you will be taxed at the federal corporate tax rate of 15.5%. As a sole proprietor you are taxed at the marginal personal tax rate. Thus, it would be beneficial to incorporate if you expect profits greater than what is required for your personal expenses. On the downside, if you incur losses, they are trapped in the business and may only be utilized in the future against any business income.


Best Regards,
# Juliet 2014-10-16 19:36
What costs should I consider when incorporating?
# Allan Madan and Team 2014-10-16 19:37
Hi Juliet,

That's a great question! You will have to incur additional costs to incorporate which will only incur once. Additionally, you will have additional accounting fees for the preparation of your corporate tax return. Although there are additional costs you will have to incur, there are many benefits which may supersede in your case. Contact us at (905) 268-0150 to discuss your situation.
# Harvey 2015-01-12 16:51
I planning to start a business by incorporating, however I don't think I will have any income in the first year. Is my corporation still required to file a Corporate Tax Return?
# Allan Madan and Team 2015-01-12 16:51
Hi Harvey,

Yes, a corporate tax return is required to be filed yearly. We can file your corporate tax returns. Please contact us.
# Sarah Lynn 2015-01-18 23:41

I am looking to start up my business as a home-office and eventually expand. Will my home office expenses be deductible?
# Allan Madan and Team 2015-01-18 23:41
Hi Sarah Lynn,

Your home office expenses will be deductible to a reasonable portion.
Generally the deductible portion is calculated by dividing the square feet of your home-office by the total square feet of your home. This percentage is multiplied by the qualifying home expenses to determine the tax deduction. Qualifying home expenses include: mortgage interest, utilities, repairs, property taxes.
The home office space should be used for business purposes only.
# Argus 2015-01-23 22:23
I incorporated my business in 2014 and had a loss in the first year. What are the tax implications?
# Allan Madan and Team 2015-01-23 22:23
Hi Argus,

You will have no balance owing on your 2014 tax return. The business loss can be carried-forward for up to 20 tax years, and applied against taxable income earned in future tax years.
# Sin 2015-02-11 20:34

I am looking to start a business in Ontario. What are some general accounts with the federal and provincial governments I need for my new business?
# Allan Madan and Team 2015-02-11 20:35
Hi Sin,

You would need to apply for a Business Number. This is an 9 digit account number that identifies your business to the Canada revenue Agency. In addition, you may want to consider applying for a HST number and setting up a payroll account if you have employees.
# Lucas 2015-02-17 17:53

I am looking to start my business as a sole proprietor, how is my business income reported on the tax return?
# Allan Madan and Team 2015-02-17 17:53
Hi Lucas,

Your net income (gross income - business expenses) is reported as self-employment business income on the T2125 form on your personal tax return. T2125 (Statement of Business or Professional Activities) is used to report your business income and expenses, which calculates your business net income for the tax year. Since your business income is reported on your personal tax return, you would be subject to income tax based on your marginal personal tax rate.

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