Sole ProprietoR
Let’s grow together! We would be honoured to be a trusted advisor for your business; starting with you where you are today and supporting your business growth into the future! When we meet we can proactively look at the following:
your eligible write-offs along with a plan so you are making the most of them without any risk of a surprise bill should you get audited someday.
what we may be able to do INSTEAD or in ADDITION to minimize your taxes.
Sole Proprietor Pricing
PACKAGES START AT $750 PER YEAR
This pricing includes the personal tax return filing. We are able to provide customized packages to include bookkeeping throughout the year or assist with summarizing the revenue and expenses at the end of the year. The pricing for bookkeeping of our sole proprietorship businesses depends mainly on the record keeping and volume of transactions. We can certainly provide a customized quote for this in our initial discovery call. $200 administrative set up cost is applicable for all new clients.
The Process
Step 1
Planning - Set up a discovery call by booking below. During this call we can learn about your business and personal tax situation and provide you with a customized quote for the work to be completed.
Step 2
Service Plan - Provide us with the previous year tax return filed and we will provide you with documentation required in order to set you up as a client.
Step 3
Preparation of the sole proprietorship income and loss as well as filing of the personal tax return. We will work with you to help you compile the year end records and ensure we have included all the information for filing this return.
Ready to start making your life easier?
Book a discovery call. You should not dread meeting with your accountant! In fact, you deserve an accountant that feels like part of your team.
FAQs
Sole Proprietorship
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The filing deadline for a sole proprietorship is June 15th however, if you owe income taxes then these are due April 30th. As a result, best practice is to have the return completed and filed by April 30th.
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If your business does not earn more than $30,000 in revenue per year then you are considered a small supplier and this is not required. If you intend to reach this threshold, you can register right away and offset any GST collected with the GST paid on expenses. If you have significant start up costs, this may be something to consider.
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Absolutely if you drive a personal vehicle for work. It is important to understand that you must keep a mileage log of all KM’s driven for business and personal and you must be able to provide a summary of all the vehicle expenses during the year. It is key that you have the receipts (a credit card statement is not deemed sufficient).
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This is challenging to estimate since it does depend what threshold you fall into. A general estimate of 30% of the profit will make will allow you to save for personal taxes. It is important to note that once you owe over $3,000 in personal taxes, you will be required to prepay the upcoming year of taxes by way of installments. This is often helpful to eliminate the large tax liability in April.
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Absolutely! This can be a bit of a challenging transition and can lead to errors or missed items if not done correctly. Make sure to get in touch with us before you make the transition or as soon as possible so we can help make it easier for you.