Research And Development
Learn all about the various types of federal and provincial taxes that apply to you and your business. If you're federally incorporated, you have to pay taxes in monthly installments. If you're the sole proprietor, you include the income (or losses) of your business in your personal income tax - even in this situation, you may be required to pay taxes in installments.
There are a lot of tax regulations to be aware of when operating a business. Revenue Canada provides all of the information you need to make sure that your business complies.
A Home Office
Ask yourself if your business would benefit from having an easily accessible, public office space, or if a quiet office right in your own home would work best.
The main advantage of a home office is that you do not have to rent additional office space. Also, a portion of your rent or mortgage, utilities and other general home-related expenses can be used as a tax credit every year. You'll also save on transportation costs and it may allow you to spend more time each day with your family.
There can be disadvantages to a home office. Certain types of businesses are not allowed to operate in residential areas. Your home may be too hectic during the day to get a decent amount of work done, or you may find that you are tempted to work all day.
Weigh all the options and decide what type of office will best suit your business.
There are dozens of organizations, both governmental and private, set up to assist the business community. Do some research to learn about the programs, counseling and assistance available. A good place to start is your local Resources Development Canada Human Resources centre.
Research and development is crucial to the success of a business. Make sure you have - and use - all the information available to you.