Some Common Questions About Bookkeeping And Businesses

There’s no substitute for accurate bookkeeping when you’re running a business. Whether you need payroll services in Ottawa or assistance in getting your documents ready for tax season, Brunet Bookkeeping Solutions can help you stay up to date with your financial records and to comply with government deadlines and regulations. Here are some common questions about bookkeeping and businesses.

Can a bookkeeper do my taxes?

Bookkeepers can perform a lot of tasks, such as reconciliation accounting, HST reporting, and day-to-day accounting entry, but we recommend that you have your taxes done by a certified professional accountant (CPA). Our bookkeepers can assist in the preparation of your draft financial statements for income tax purposes.

Do I need to pay HST on my business sales?

The Harmonized Sales Tax (HST) is the provincial portion of the value-added tax by the federal government. In general, once you exceed the $30,000 threshold in sales in a single calendar quarter, you need to register an HST number with the government and will need to start filing and paying HST. However, you should note that different types of businesses and residential status do have different requirements.

How do I know how much I owe in HST?

• Add up all GST/HST your business earned within the relevant accounting period.
• Calculate how much GST/HST your business paid on purchases.
• Subtract the total figure of what you earned versus what you paid.
• The final number is your company’s net tax, which should be submitted to the CRA monthly, quarterly or yearly, depending on your accounting period.

When do I need to pay payroll tax?

Employers who pay salaries, wages, bonuses, vacation pay, or tips to their employers must report and pay payroll tax. Some taxable benefits must also be reported, such as an automobile or other allowances. If you typically report payroll, but then have a season without employees, you must still file a report. Brunet Bookkeeping Solutions offers comprehensive and professional bookkeeping services in Ottawa to help you stay on top of all reporting and compliance requirements.

A successful business runs on its finances. Getting your financial picture organized helps your business take the right steps to meet your goals. Contact Brunet Bookkeeping Solutions for business startup consulting in Ottawa and bookkeeping services that keep your business moving forward.

Originally Posted Brunet Bookkeeping