Cross Border Tax Consultants

Do you require the services of a business plan writer in Canada? You’ve come to the right place at Maroof HS CPA Professional Corporation ! They provide business plan writing services for thousands of clients including startups, small business owners, investors, bankers, non-profit organizations and mid to large-sized companies since their inception. So, regardless of your sector or market, they have real-world expertise and experience to help you create a winning business plan. For many entrepreneurs, writing a business strategy is a time-consuming process. Many business owners lack the necessary business writing skills to persuade their target audience. Business owners should hire a business plan writer for these reasons. Hiring a professional business plan writing service will allow you to quickly and expertly create a custom business plan. Professional business plan writing services in Canada understand that better than others. They are the professionals with years of experience o...

Creating a solid business plan takes time, energy, and it is a much brainstorming activity! You may be asking why I need a business plan writer. or Why should I go to the trouble of documenting the business idea that I know will work appropriately? The answer is that you significantly increase your chance of success if you keep your business ideas and concepts with a business plan writing. Are you planning to write your business ideas, concepts, or business plans? If yes, you should never miss out on taking the assistance of a professional business plan writer. They help you script what your business plan is all about and highlight the main aspects of any business. Every business planning is crucial and supposed to be backed by strategic planning. It contains the main stages of business, and it differs from the common academic assignment. The essential principles and stages of your company's development should be included in this type of business plan writing. A well-written busin...

As an entrepreneur, your business plan is what drives your business. Having a well-crafted business plan can help you nail your pitch deck. Writing a business plan is a daunting process, but it doesn't have to be when you do your research well. Your business plan will include your goals, summary, financial projections, and a lot more. So, if you're planning to go the entrepreneurial route, getting your business plan right should be your first step.     Importance of having a business plan You may find it unnecessary to write down a detailed plan when you can get experience and learn from your mistakes. But that's where it can all go wrong. Having an idea is excellent, but you need to strategically write down how to bring it into reality. Spend a little time, and you will not regret writing a plan. In fact, it may even speed up the process of creating a pitch deck when you're ready to get funding from investors. So, never think twice or procrastinate about writing a bu...

A business plan is basically a road map that a brand will utilize to reach its objectives. A well-composed business plan employs imagination and experience and is based on real data to be truly effective. Although it may look like something that anybody can manage, it takes a particularly competent individual to prepare a business plan that gets the point across without being too vague or too wordy. Here are a few reasons why you must hire an expert business plan writing service : Vital to the success of a business: Business plans will address things such as a business’s profitability & growth, alongside many other major concerns. Business plans that are well thought out & written clearly can be employed as a guide for luring new investment & financing. An ideal business plan will accentuate all facets of the way an organization operates – encompassing production, marketing growth, and sales. It’s essential for a business plan to provide a complete approach to the core und...

If you are looking to hire a business plan writer, you have come to the right place. Hiring a business plan writing service will let you more quickly & expertly prepare your business plan. But before appointing someone, you must know the characteristics of preparing an excellent business plan and the credentials of the business plan writer. Characteristics of creating an excellent business plan: Preparing a great business plan encompasses several aspects. The first is without any doubt market research. You have to do substantial research in the following areas: • Customer research: Studying who your target audiences are and their wants and needs. • Industry research: Recognizing your market size and trends affecting it. • Competitive research: Figuring out your direct and indirect competitors and the weaknesses and strengths of each. • Financial research: Apprehending genuine growth rates and costs, so a sensible financial model can be devised. Strategy is the second aspec...

What’s the purpose of a business plan & why are business plans so critical? Here in this post, we have stated our top 10 reasons why you need a business plan in 2021. To prove that you are serious regarding your business: A formal business plan is essential to show all involved parties – investors, partners, employees, and yourself – that you’re committed to building the business. Making your plan pushes you to think through and pick the strategies that’ll impel your growth. To better analyze your competition: Preparing the business plan propels you to assess the competition. All businesses have competition in the form of either direct or indirect competitors, and it’s vital to apprehend your organization’s competitive advantages. And if you don’t have any competitive advantages at present, a business plan helps you find out what you must do to gain them. To get an in-depth customer analysis: A thorough customer analysis is indispensable to an efficient business plan & a boo...

Canada needs immigrants! Immigration plays a critical role in the Canadian economy. That is why there are multiple immigration programs by different provinces and territories in Canada. Each of these programs have their own requirements based on their local needs. Almost always, business immigration to Canada needs a business concept and business plan. Some of the programs require you to submit business concept in the first stage and a business plan in the second stage. The province evaluates the business concept and business plan and assign a score based on the pre-established criteria. Such a criteria is already published by them. Therefore, it is critical that you read all those guidelines so that you can get the maximum score. A valuable post written by Maroof HS CPA Professional Corporation on how to write a killer business plan for immigration can be found here . They also provide a comprehensive business plan writing service for immigration to Canada. As explained by the pro...

Canada is a top immigration destination for people across the world; both from developing and developed countries. There are many positive sides to immigrating to Canada. One of the areas where all the new immigrants dread while coming to Canada is “Income Taxes”! Yes, individual income taxes or personal income taxes, are extremely high in Canada as compared to the neighbouring United States. This is even higher for those coming from the middle eastern countries with no income taxes at all. So if you are moving from a country where there are no income taxes such as the United Arab Emirates or other gulf countries, you must prepare yourself to start paying income taxes. You can take a couple of steps before immigrating to Canada such as: 1. Establish your date of change of residency. Tax residency and immigration residency are two different things. 2. Try to realize Capital gains before the date of immigration. If not, arrange for the fair market value of all of your assets as of...

 Not sure where to set up your research centre? Canada might be your go-to. For a while, Silicon Valley in the United States has been a Research and Development hub in the World. But, it may no more be the same. Bloomberg's September 2020 report emphasizes the problems with R&D incentives in the States and why businesses are moving their R&D centres to Canada. But why are foreign businesses setting up their R&D centres in Canada? Canada offers generous R&D Tax Incentives. As a young entrepreneur, setting up a business is no easy feat, but if it's in Canada, you're in for plenty of benefits. By international standards, Canada provides the most attractive R&D treatment. Though the U.S. is one of the top tech hubs since the tax systems are not so generous as that of Canada, there is a drastic shift and a new trend in the way businesses are setting up their R&D centres. Factors such as high business taxes, corporate culture, cost of living, and vari...

 Are you looking to expand your business internationally? Investing in Canada is one of the easiest and the best place. If you're planning to start a business or looking to expand internationally? Here is what you need to know. There is a multitude of opportunities in Canada, right from political stability to urban infrastructure. Fortune 500 companies plan to expand their businesses to Canada, which shows Canada is the best country to invest in. Canada has the soundest banking system among the G7 countries and ranks sixth out of 141 countries. Did you know Canada has the lowest tax rate on new business investments out of the G7 countries? as reported by the Finance Canada Calculations and OECD Tax Database, November 2019. Whether you're an entrepreneur planning to set up your start-up or an existing business trying to expand by setting up an R&D centre, Canada is the right country for you. It offers tons of perks and also provides various opportunities to grow. The G...

    No doubt, Canada is one of the top destinations for business immigration. There are many reasons for businesses to move to Canada. Whether you are looking for a politically and economically stable country, proximity to the United States, an OECD country or the next generation global leader in Research and Development – Canada is the place to be! Canada’s attractiveness makes it an ideal immigration destination for individuals who are running successful businesses in their home countries. Here comes the challenging part: How to immigrate to Canada under a business or investor visa? Well, the immigration process is not that simple and you will be needing a licensed immigration consultant in Canada. (We can recommend the one, but we do not prefer to mention here). In the application process, usually, most of the provinces require to submit the business concept and later on a detailed business plan. This is where a lot of entrepreneurs and investors lose their chances desp...

As per the income tax laws and rules in Canada, tax residents of Canada must report their worldwide income. Often, taxpayers miss reporting their income or assets. Such non-compliance can be either intentional or unintentional. Taxpayers who have not reported their income in Canada when they should have, are always on the hook for penalties. If the amounts involved are not substantial, normal penalties apply. However, when the tax omissions cross certain thresholds or are intentional, there are gross negligence penalties and even criminal prosecution.     CRA Voluntary Disclosure Program Luckily, CRA runs a program called the Voluntary Disclosure Program a.k.a. VDP. Under the voluntary disclosure program, taxpayers are granted relief from the penalties and the criminal prosecution. In some cases, interest amounts are reduced as well. VDP Application Requirements For an application to qualify under the CRA VDP program, it must meet the following five conditions. 1. The app...

Are you looking to incorporate your business in Canada but not sure how to get started? Here is a brief overview of the general steps involved to set up a corporation in Canada. Make sure whether you need to incorporate your business or not: Often people just want to incorporate their business without considering the tax consequences of the same decision on personal tax situation. At Maroof HS CPA Professional Corporation, we recommend to thoroughly analyze your situation and then decide if you need to incorporate your business. If not sure, feel free to consult an accountant specialized in corporate & personal tax services. There are many other ways to achieve liability protection and tax efficiency. Choosing between federal incorporation and provincial incorporation: Once you decide to incorporate your business in Canada, the next step is to decide the jurisdiction under which you can incorporate. In Canada, businesses can be incorporated either at the Federal level or provinc...

Know your income tax obligations as an online seller in Canada? Being a Canadian resident, your worldwide earning is subject to Canadian tax. Whether you run your business as a sole proprietor or a partnership, you’ll have to fill out form T2125 for your Amazon e-commerce business earning from all countries. In the event you run more than one business, you’ve to fill separate T2125 forms for each business type. If you run a corporation, you’ve to file a T2 for your company inside 6 months of the financial year-end. If you’re a Canadian having a US e-commerce store, feel free to get in touch with the income tax professionals at Maroof HS CPA Professional Corporation . We would love to explain all your income tax obligations as an online seller in Canada. Become An Online Seller –Start Selling In The US from Canada: The United States is a massive market of over 300 million customers who welcome overseas products. So, with the right business strategies and professional assistance Cana...

  Corporations and their shareholders are separate legal persons. Earnings of a corporation are not the earnings of Shareholders of a corporation. Shareholders can withdraw money either in the form of salary or dividends. What is the difference between a salary and a dividend? Read this post . Salary results in an income tax deduction which reduces the corporate income tax at the end. Salary is an employment income for the shareholders and the corporation must make source deductions on such a payment. A T4 is issued at the end of the year to the shareholder-employees who record it as an employment income in their personal income tax returns. A dividend is a distribution of the after-tax earnings of a corporation. Unlike salary payment, dividend distribution does not result in an income tax deduction for the corporation and does not reduce the corporate income tax. A corporation must issue a T5 to each shareholder at the end of the year. Shareholders record this as investment inc...

The first part of your business plan that a potential customer will want to check out is the executive summary. It is a brief glance at the vital elements of the whole plan – and it is critical. To help you, here we have listed 5 useful tips on how to pen down a professional-looking executive summary. So, let’s get started! Keep it brief but interesting: Your executive summary must explain the main highlights of your business plan, and leaves out less critical issues & factors. Though it is tough for many entrepreneurs to summarize the whole plan into a few words, it certainly can be accomplished by considering a few things: Consider your summary as an elevator pitch • Use it as a selling tool • Steer clear of jargons or explanations • No need to include graphs, charts, or figure • Add key metrics that ascertain your capabilities & performance Talk about market opportunities: Your business opportunities should be crystal clear in your executive summary. Make the reader aw...