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E-Myth – “Why most small businesses don’t work & what to do about it”

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The process of incorporation, says Edmonton CPA, doesn’t have to be hard. Confucius, the Chinese teacher and philosopher, confirms this by saying “life is really simple but we insist on making a complicated.” Ideally, tasks are only as difficult as much or as little work as you put into them. There are also the institutions and places who are able to help you to make life that much better. These is also true with particular processes that people put in place to make decisions easier and life infinitely simpler. Case in point, when it comes to business, unfortunately, when the help is there, it seems as though, according to intuit, the maker of QuickBooks, that 11% of small businesses sadly only actually seek professional help from charter professional accountants. Equally as sad is the fact that 50% of small businesses will fail and dissolve within the first five years of them opening. 82% of business owners as well, would score less than 70% on basic financial literacy tests and items in terms. You need to retain a reliable person that can make business decisions that work in the best interest of yourself and your boss me company.

Likely, when you do retain a charter professional accountant you will be able to retain so much more money as well. You have to have a big degree of trust with your charter professional accountant. They will be the ones that can counsel you on how and where to save money for your small business, as well as how to institute time freedom away from your business. Incorporation of your company will have a big cannon this.

For example, the province of Auburn in Canada the top personal tax rate number is a very high 40%. Subsequently, if you incorporate your company you now are in a different tax bracket and you may be able to pay, according to the small business tax rate of 11%. That is 37% discrepancy in 37% more money that you will be able to secure yourself financially as well as your business now and well into the future. As well, says Edmonton CPA, you may be able to secure an earlier retirement for yourself so that you may be able to enjoy your flight your family finally after working so hard to sustain a small business.

Incorporation as well, says Edmonton CPA takes into account your security and those of your employees. They do this by, in conjunction with the Worker’s Compensation board, assuming that you unfortunately get injured because of a job-related accident, you will be well taken care of because your company has in fact incorporated. WCB will see this as a company who has clout and is a cost for the company. They will then be able to give you a double seat be number with which to start your claim and be well taken care of during your recovery. This brings much peace of mind to the injured party, be it yourself or an employee.

Please be careful that you retain a proper and accredited charter professional accountant for all of your accounting needs, says Edmonton CPA. They will be able to instruct you about a very important tax, revenue, and time saving tool, incorporation. It is in fact a tax saving tool because you will be able to save potentially 20 to 30% more in tax depending on where businesses located to put towards other parts of the business or your life personally.

This automatically falls into the same category of revenue you automatically have more revenue. Ergo, you will potentially have a business that grows a lot quicker therefore your revenue will go quicker and you might be able to either open up a second business, to expand your revenue and your business treatment even more or you may potentially be able to spend that money on your one business, however stocking it with much newer, more state-of-the-art equipment. Speaking of equipment for your company, take into consideration that equip and is not a business expense. It is in fact an asset purchase. In order to purchase things you need to have money in the account with that savings from tax you will have money in the account, says Edmonton CPA.

As well, consider the fact that you have taken a long time to grow a particular and recognizable brand. If in fact you decide to incorporate your business you have every legal right to your tradename and everything that goes with it. If you want to protect tradename you should definitely be incorporated. What happens if you are not incorporated and have a tradename? Potentially someone who is far lazier and simply registers that tradename with court registries has a very high chance of losing their identity, and their tradename because they are not yet legally entitled to it. Only with incorporation of your business are you legally entitled to your tradename. If any time you’re simply registered and another, Inc. company comes and take your tradename they have every right legally to that tradename. This could potentially mean the loss of your business identity, all of your customers, and your future.

Many business owners get very nervous, says Edmonton cpa, when they realize that they have to take care of four or five tax accounts versus simply just one. For example you will already have had your personal tax account you will need a federal account and a provincial account. You will also need a payroll account because now you become an employee of this corporation. As well, you will also need GST account. You may or may not already have this GST account. Yes you may in fact have more accounts however all of this can be handed down and managed very easily by your charter professional accountant. You simply a lot at amount of money to each monthly account so that there is not a discrepancy, and a charter professional accountant will be able to do that is for you as well.