2. Introduction to the forms of organization 3. Sole proprietor and partnerships 4. Corporations and the advantages to incorporation 5. Partnership agreements 6. Shareholder agreements 7. Tax filing requirements 8. Deciding on a name for your business 9. Named vs numbered corporations 10. Federal vs Provincial incorporations 11. Changing the structure of your business 12. Responsibilities of proprietor 13. Responsibilities of corporate directors 14. Responsibilities of corporations shareholders
Section -2 Decision Process & Actions – Step by Step
15. Summary of steps to setting up a business
16. Step 1 – Putting the right team in place 17. Step 1 – Update on the Canadian Professional Accounting Body 18. Step 2 – Choosing your form of organization 19. Step 3 – Registering your business 20. Step 4 – Picking a year end date 21. Step 5 – Municipal issues, licenses and permits 22. Step 6 – Registering for a CRA Business number 23. Step 6a – The RC1 Request a Business Number Form 24. Step 6b – The GST-HST Account registration 25. Step 6c – The payroll account registration on the RC1 26. Step 6d – Import and export account registration 27. Step 7 – Registering with the safety insurance board (WSIB) 28. Step 7a – Example of a WSIB registration form 29. Step 8 – Opening a company bank account
Section -3 Owner Manager Compensation
30. Introduction to owner manager compensation
31. Paying yourself as a proprietor 32. The proprietor’s capital account 33. Paying yourself as a partner 34. The partnership capital account 35. Paying yourself if you are incorporated 36. Question to ask yourself on compensation 37. Planning elements of salaries and dividents 38. The logistics of paying yourself a salary 39. The logistics of paying yourself through dividends 40. End of year filing requirements for salary and dividends Section -4 Tax Planning & Saving Strategies
41. Introduction to tax minimization strategies
42. Paying family members salaries and wages 43. Paying family members properly and setting up the process 44. Income splitting with shareholders and dividends 45. Tax saving strategy for tuition fees 46. Tuition strategy using salaries to children 47. Using medical expenses as a business deduction 48. Dangers and pitfall of corporate paid benefits 49. The dangers of deducting personal expenses in your corporation
Section -5 Bookkeeping & Record keeping
50. Introduction to record keeping and expenses
51. Deducting vehicle expenses as a proprietor/partner 52. Deducting vehicle expenses if you are incorporated 53. Planning elements and pitfalls for corporate vehicles 54. Charging your corporation for using your personal vehicles 55. Deducting home office expenses as a proprietor 56. Criteria and rules for writing off home office expenses 57. Dangers and areas of caution with home office expenses 58. Home office expense deduction through a corporation 59. Make sure your expenses are deductible with proper records 60. The 3 ways to pay expenses and keeping your payment system clean 61. A simple and effective filing system for your receipts and invoices