When you’re a new business owner, you’re inundated with information and generally have people around you telling you that you NEED to spend money to make money. You need a location, you need people, you need insurance, you need contracts, you need to market, the list goes on.
So where does the money come from?
· The Bank?
· Your personal Savings?
What about CRA!?!
Generally, when you start a business you can set your HST filings to annual. This means as you’re collecting HST from customers you are only required to remit it 90 days after your fiscal year-end. That gives you 15 months of lead-time!
Now remember, if you’ve over extended yourself when that money is due, CRA isn’t lenient on interest/penalties so make sure you’ve budgeted accordingly in year one.
For more perspective or speaking engagement opportunities, contact email@example.com