Checklist for Small Businesses

Author: External Author | | Categories: Accounting Services , Bookkeeping , Full Cycle Bookkeeping , Small Business Accountant

For income tax purposes, we define a business as an activity where there is a reasonable expectation of profit and there is evidence to support that intention. For goods and services tax/harmonized sales tax (GST/HST) purposes, a business also includes any activity whether or not it is engaged in for profit and any regular or continuous activity that involves supplying property by way of lease, licence or similar arrangement.

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Original Article Posted on:  2020-09-24

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