Goods & Services Tax 101

I commonly see entrepreneurs who are unsure about whether they should be charging GST on their goods and services. The rules for GST are different depending on your industry and the goods and services which you sell. Therefore, I wanted to write this blog post to outline the rules around GST for startups and small businesses located in Saskatchewan. I will follow-up next week with another blog post to outline the rules around PST. Goods & Services Tax (GST) Many retail goods in Canada are subject to GST (5%); however, some supplies, such as basic groceries, prescription drugs, most livestock and many agricultural and fishery products are zero-rated. This means that GST applies to them, but

Business Structures 101

I commonly get asked by aspiring entrepreneurs about which business structure they should select to operate their small business under. The answer depends on several factors which I will outline below in this blog post, as each type of business structure has various pros and cons. In Canada, there are three main business structures which are Sole Proprietorships, Partnerships, and Corporations. Sole Proprietorships The easiest and most common business structure is a Sole Proprietorship which is an entrepreneur who operates a business under his/her personal name or a registered business name. As a Sole Proprietor, in the eyes of the legal and tax authorities, the entrepreneur and their bus

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Lift Accounting is the operating name for Jordan N. Brown, CPA, Prof. Corp.

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