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Does anyone know any good books for canadian home business taxes?

Question: Does anyone know any good books for canadian home business taxes?

(Posted by: Ariel on 2007-06-05 21:31:34)

I’m looking to start a home based business, but I’m hesitant without proper tax knowledge. If anyone has recommendations, please let me know! Thanks!


Answers:

Posted by: John Q on 2007-06-06, 21:54:30

I don’t know of any books on the subject, but in general, you should keep all receipts/ records relating to the following: -income earned from the business -all costs and expenses related directly to the business such as materials, advertising, telephone, etc. -keep a log of any times you use your vehicle for business purposes, including dates, purpose of trip and distance travelled -business use of home expenses including rent, mortgage interest, home insurance, gas, electricity, repairs and maintenance, as well as the square footage of your home that is used exclusively for business purposes Give all of this to an accountant at the end of the year and let them crunch the numbers for you.

  

Posted by: Ontario CGA on 2007-06-07, 08:03:38

Hello, There are two things I would add to the above post. When choosing a professional accountant, you should look for a designated accountant (CGA/ CA/ CMA). They’re the only accountants required to have continuing professional development, liability insurance and who’s practices are inspected by their peers on a regular and ongoing basis to ensure a high level of quality service. Also, most designated accountants will be happy to sit down with you for anywhere between a 1/ 2 hour to an hour to go over your record keeping with you free of charge. It’s part of business development for us. So I’d take advantage of that and get a consultation when you are first starting your business. Perhaps go to two or three different accountants and stick with the one you’re most comfortable with. There are very few books that I’ve run across that could explain even the basics of proprietorship income taxes without getting overly technical. I really think your best bet is to go visit a professional. Cheers!

  

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