03 Tax Efficient Small Business

• Business Start Criteria: Determining exactly when a business officially starts for tax purposes based on significant activity and structure
• Hobby vs. Business: The criteria CRA uses to distinguish a personal hobby from a viable commercial enterprise with a "reasonable expectation of profit"
• Record Keeping Standards: The necessity of keeping a Daily Business Journal, separate bank accounts, and separating personal from business expenses
• Fiscal Year End: Rules for selecting a fiscal year-end for proprietorships (usually December 31) versus corporations
• GST/HST Obligations: Understanding registration thresholds ($30,000 revenue), collection, and remittance requirements

Видео 03 Tax Efficient Small Business канала Sameer Alrishani