FREQUENTLY ASKED QUESTIONS

4-A conducts regular presentations on these topics. Please contact us if you’re interested.

When Should I Incorporate My Business?


Incorporating a business should be considered when you need a tax plan (when you are not using all the cash) and to limit your exposure to risk and liabilities.




What Are the Costs Related to Incorporation?


Legal Fees

  • One-time setup costs
  • Annual filing fees
Accounting Fees
  • Annual Corporate Tax Return and Financials (not just a personal tax return)




Why Is It Important for my Business to be a Separate Entity?


  • Having your business separate from your personal financial situation is important for tax, income and liability purposes.
  • Incorporating means your business will have a separate bank account, credit cards and set of records.




What are the Benefits of Incorporation?


Incorporation of your business allows you to:

  • Properly plan to maximize profits and reduce risks
  • Tax savings
  • Possible elimination of CPP contribution
  • Income splitting (dividends versus salary for tax savings)





INCORPORATION

When Should I Incorporate My Business?


Incorporating a business should be considered when you need a tax plan (when you are not using all the cash) and to limit your exposure to risk and liabilities.




What Are the Costs Related to Incorporation?


Legal Fees

  • One-time setup costs
  • Annual filing fees
Accounting Fees
  • Annual Corporate Tax Return and Financials (not just a personal tax return)




Why Is It Important for my Business to be a Separate Entity?


  • Having your business separate from your personal financial situation is important for tax, income and liability purposes.
  • Incorporating means your business will have a separate bank account, credit cards and set of records.




What are the Benefits of Incorporation?


Incorporation of your business allows you to:

  • Properly plan to maximize profits and reduce risks
  • Tax savings
  • Possible elimination of CPP contribution
  • Income splitting (dividends versus salary for tax savings)





FINANCIAL GROWTH

Why is Financial Reporting Important?


  • Analyzing on a monthly or quarterly basis (NOT ANNUALLY)
  • Understanding the current financial position not just historically
  • Collection of accounts receivable and Cash flow
  • Knowing your margins and clients
  • Banking covenants and reporting requirements
  • BUDGETING and PROFITABILTY





CORPORATE BOOKKEEPING

When Should I Incorporate My Business?


Incorporating a business should be considered when you need a tax plan (when you are not using all the cash) and to limit your exposure to risk and liabilities.




What Are the Costs Related to Incorporation?


Legal Fees

  • One-time setup costs
  • Annual filing fees
Accounting Fees
  • Annual Corporate Tax Return and Financials (not just a personal tax return)




Why Is It Important for my Business to be a Separate Entity?


  • Having your business separate from your personal financial situation is important for tax, income and liability purposes.
  • Incorporating means your business will have a separate bank account, credit cards and set of records.




What are the Benefits of Incorporation?


Incorporation of your business allows you to:

  • Properly plan to maximize profits and reduce risks
  • Tax savings
  • Possible elimination of CPP contribution
  • Income splitting (dividends versus salary for tax savings)





TAX PLANNING & SUCCESSION PLANNING

Why is Financial Reporting Important?


  • Analyzing on a monthly or quarterly basis (NOT ANNUALLY)
  • Understanding the current financial position not just historically
  • Collection of accounts receivable and Cash flow
  • Knowing your margins and clients
  • Banking covenants and reporting requirements
  • BUDGETING and PROFITABILTY





FINANCIAL MONITORING & REPORTING

Why is Financial Reporting Important?


  • Analyzing on a monthly or quarterly basis (NOT ANNUALLY)
  • Understanding the current financial position not just historically
  • Collection of accounts receivable and Cash flow
  • Knowing your margins and clients
  • Banking covenants and reporting requirements
  • BUDGETING and PROFITABILTY





PERSONAL TAXES

4-A PROFESSIONAL SERVICES

Our team caters to businesses and corporations in and around Calgary as well as across Canada who wish to increase their profits and government compliance. We have experience in managing large and small businesses – increasing profitability and compliance all the while creating the opportunity for owners to focus on their areas of expertise.

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