Taxes: Knowing What's Required for Your Start-Up
Know Which Taxes You Need to Collect
Even the newest, smallest, and home-based businesses have tax obligations. Here you'll find the basic guidelines to ensure you collect and remit the required taxes for your business.
Provincial Tax Requirements
You may need to charge provincial sales tax (PST) if you sell taxable products or services. In general, if you'll be selling taxable goods, you must register for a PST account with the Ministry of Provincial Revenue, Consumer Taxation Branch.
To determine whether you need to charge PST, and how to register for a PST account, please refer to the provincial sales tax (PST) page on the Ministry of Finance website. The industry-specific information section provides detailed information regarding taxable products and services for each industry.
If your industry is not listed, it does not necessarily mean you’re exempt from PST. For further assistance, contact the Consumer Taxation Branch.
Featured Product
Package # 7 - Start and Run!
This package will provide you with the information you'll need to plan and start your business right:
- Attend your choice of Start Smart Level 1 or Level 2 seminar
- Choose one book from a selection of 22 titles from the Start and Run series
- Meet with one of our advisors for a personalized, one-on-one session
Book today! Contact a client services coordinator at (604) 775-5541 or 1-800-667-2272.
See All ProductsSmall Business BC offers a multitude of services to assist you with starting and managing your business:
- You can register for the Tax Tips from an Accountant seminar for advice on tax strategies for your small business.
Tax Tips From an Accountant
Don't forget to write it off!
- Combine business trips with personal travel.
- Make medical expenses a business write off.
- Deduct credit card and other interest.
- Consider sub-contractors vs. employees.
- Account carefully for your first year of business; many people miss deductions.
Consider if you should use (likely you should!) the GST Quick Method.
Incorporate and increase your tax savings.
Accept that your business may have losses.
Minimize audit risk.
Tips by Loren, Nancke & Company
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