25 Watline Ave,
Mississauga, On, Canada
L4Z 2Z1
What About Other Tax Accounts such as HST, Payroll, Import & Export accounts?
You should familiarize yourself with the tax accounts required for your corporation and when they are required for your business.
HST – Is a Trust account with The Canada Revenue Agency. A Trust account belongs to CRA and held in Trust by the corporation/business. It is not required, until the corporation/business earns more than $30,000.00 per year.
Payroll – Is a Trust account with The Canada Revenue Agency. A Trust account belongs to CRA and is held in Trust by the corporation/business. This is required when you have PAYROLL set up for yourself or employees of your company and you with hold CPP, EI and or Federal/Provincial Income Tax. You are required to set up a Payroll account and with hold Income Tax from ALL employees, including yourself.
Import & Export –This type of account is an Information account. It is used to identify the corporation/business who has importing/exporting activities. It is only required if you are importing/exporting into or outside of Canada.
There is a common question we have seen people asking on different platforms:
Do I Need a Lawyer to Incorporate in Ontario?
No, you do not need a lawyer to Incorporate in Ontario. In most cases, the incorporation parameters are straightforward when you have minimal complexities to your business. We can address any of these areas with you. Should you have a more complex situation, we would recommend legal counsel.
To know more, give us a call today on 647 403 5381 or write to us at robert@wattersonfinancial.com
For more information about our tax services, feel free to reach out to our experts at Watterson Financial Solutions Inc To connect with us, you can either call us at 647-403-5381 or email us at robert@wattersonfinancial.com. We are a team of dedicated accounting and finance professionals, and we cater to the needs of individuals and business owners. We specialize in all areas of tax, accounting, assurance, succession planning, risk management, and business consulting. That way, we can give you full control over your finances. We also provide business advice to companies in different industries so you can become tax-efficient and transition your business into the new economy.
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With several years of experience, Watterson Financial Solutions Inc is a leading accounting firm in Mississauga, Ontario. Our services include personal tax planning, business registration, business setup and consulting, bookkeeping and accounting, payroll, WSIB, HST, corporate tax, assurance, disability tax credit program, budgeting and forecasting services, insurance, mortgages, investments, real estate and legal services, business valuation services, estate planning services, litigation support and damage quantification services.
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