Tax Accounts, HST, Payroll, Import & Export accounts?

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 6476382755 or write to us at asifa@gennextaccountants.com

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With several years of experience, GenNext Chartered Professional Accountants 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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