When starting a business, the following accounts need to be opened: A Business Number: This 9-digit number can be obtained through a master business license. Payroll: Used for businesses that have paid employees. WSIB: Used for businesses that have paid employees and/or subcontractors to cover claims for accidents that happen in the workplace. HST: This account is opened if the business has a forecasted revenue of more than $30,000 in the first year. It can also be opened once a business reaches that estimated yearly revenue.

Payroll source deduction is paid on the 15th of every month. This remittance covers the previous month’s employees’ working wages. It can be paid through online banking with your banking institution. Source deduction includes the total gross wages for the month and CPP (Pensions), EI (Employment Insurance), Tax and Employer EI & CPP contribution

Workplace Safety and Insurance Board (WSIB) is paid quarterly based on the gross payroll amounts and the rate given when the account was opened. It is filed though a WSIB account and then paid through online banking with your banking institution.

HST is calculated by subtracting the amount of HST you have collected from clients, from the amount of HST on your business’ expenses. When the account is opened, CRA will determine the frequency of payment, as well as provide an access code that will be used to file and pay your HST.

Our bookkeeping systems are unique, just like you and your business. Our costs reflect the customization and tailoring needed to give you a system that works best for your needs. Book a free consultation today to receive a quote. Contact Us

Cash, cheque, and e-transfer are all acceptable forms of payment.

Bank statements and receipts can be emailed, uploaded on a Google Drive, DropBox or shared on ClickUp.

We will discuss payroll numbers on a weekly or bi-weekly basis. In our monthly meetings, phone calls or emails we will discuss other transactions and any questions/concerns you may have. Our bookkeeping systems are always evolving, so we make sure your custom system evolves with us as your company grows.

We understand that some business owners may not have access/or feel comfortable using Zoom, which is why phone and email and In person meetings consultations are always welcome! We especially value these quick forms of communication for times when you may be wanting to make a change that needs to be discussed (i.e. purchasing a company vehicle and understanding how to maximize your full tax deduction benefit).