Startup Business Planning
Learn to Succeed Where Many Fail
The beginning of any entrepreneurial endeavour is exciting. It is also the most crucial period of your business. It sets the foundation and trajectory for the future. While it can feel overwhelming at first, you don’t have to do it alone.
Our Service
Our service is aimed at developing a complete startup business plan for you by taking care of all of the administrative, financial and tax aspects. This means that issues concerning direction, management, mission statements, financial planning, risk assessments, tax awareness and operations and products are addressed adequately. The technical aspect of our service encompasses the incorporation and registration of your new business. In addition, we provide advice on the best way to structure your business to maximize profits and minimize tax. Lastly, our services extend to the preparation of tax returns, financial statements, and forecasts.
Key Elements of our Start-up Business Planning Service
- Proper incorporation and registration of your new business
- Advice on the most tax efficient structure for your business
- Preparation of tax returns, financial statements and forecasts
- Assistance with obtaining financing
Client Testimonial:
I have been doing business with Madan Chartered Accountants for over three years as a supplier and I have found everyone there to be extremely professional, knowledgeable and very client oriented. Their attention to detail and process is admirable, and their quick response to questions and willingness to assist makes them an absolute pleasure to work with! - Kim McCallister
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I would like to start up a business in Canada. Would it be best to incorporate or not?
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.
Thanks,
Best Regards,
What costs should I consider when incorporating?
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.
Hi
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?
Hi Harvey,
Yes, a corporate tax return is required to be filed yearly. We can file your corporate tax returns. Please contact us.
Hi,
I am looking to start up my business as a home-office and eventually expand. Will my home office expenses be deductible?
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.
I incorporated my business in 2014 and had a loss in the first year. What are the tax implications?
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.
Hi,
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?
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.
Hi,
I am looking to start my business as a sole proprietor, how is my business income reported on the tax return?
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.