Canadian Small Business Blueprint
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Canadian Small Business Blueprint

Save Time, Save Tax. Save Aggravation. Strategies & Blueprint for Canadian Small Business Startups
4.4 (97 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
338 students enrolled
Last updated 9/2015
Current price: $48 Original price: $195 Discount: 75% off
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  • 8 hours on-demand video
  • 1 Article
  • 1 Supplemental Resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • To answer the most frequently asked questions when starting a Canadian small business
  • To provide you with a step-by-step checklist you can follow if you would like to register your own business
  • Determine the best method to pay yourself if you are incorporated: salary, dividends or a mix
  • Put in place effective tax savings strategies to potentially save thousands in tax dollars
  • Learn how to properly implement all the strategies to ensure you are onside with the Canada Revenue Agency
View Curriculum
  • Canadian content for Canadian residents
  • Individuals looking to start a small business in Canada

The Canadian Small Business Blueprint to help Canadians looking to start a small business hit the ground running – in far less time than it takes anyone starting from scratch. The mission is to help you get what you need and answer all those questions. Not in weeks, or days or months from now as you’re waiting to hear back from accountants and lawyers … but NOW.

To do this, you will get my years of experience, knowledge and passion to help get your Canadian start-up or venture up and running as quickly, profitably and effectively as possible.

To accelerate the growth of your business and to have the respect and rewards of being an entrepreneur - you need the Canadian Small Business Blueprint.

You will SEE the exactly how it’s done - not just hear about what to do, but get a clear, PRACTICAL, rubber-meets-the-road guide map that walks you through each step of the process.

You will get TO LEARN from an experienced Business Builder and Professional Accountant with over 20 years of experience in public practice covering finance, tax and business strategy.

You will be able to BRAINSTORM and personally pick the brain of a CPA and get honest, easy-to-understand answers to the challenges you’re facing.

This course was developed to give you the right preparation and the answers to key questions that you might not be asking yourself. It will save you time, money and frustration down the road.

You will Get Everything You Need To Start Smart… And Cut Through The Red Tape!

Here’s just a taste of what it contains …

“START RIGHT” STRATEGIES - We’ll dissect the 3 ways to organize your business – and take a close look at the advantages, disadvantages, considerations and consequences of EACH one: Perhaps the deepest, most comprehensive information about forming a business available. When you’re finished, you’ll be crystal clear about the type of business you want

INCORPORATING - Should you incorporate now, later or not at all? You’ll gain a thorough understanding of incorporating in your province and in Canada, including how to protect your assets, what you’d be liable for, eligible deductions and deferrals, as well as the costs.

APPLICATIONS & REGISTRATION – CRA Business Numbers (BN) Provincial Sale Tax (PST) numbers, GST/HST. You will know with 100% certainty which application to fill out ... if registration or tax numbers are needed ... AND, the precise steps to take.

FORM PREPARATION - Forms may be boring, but they’re an important part of starting a business. Mistakes can delay the launch of your business by weeks if not months. You’ll look over our shoulders as we fill in the forms together. You’ll prepare them correctly, submit them on time, and avoid frustration and unforeseen delays.

THE BEST WAY TO PAY YOURSELF - What’s best for you? A salary, dividends or a mix of both? You’ll know how to implement both strategies ... be clear on what paperwork to file (when and how) and understand the tax implications of each choice.

DEDUCTIONS and EXPENSES - Pay the least amount of tax by maximizing write-offs and deducting what you’re entitled to. We’ll examine deductible expenses (vehicle, home office, travel and much more!) You’ll know what you can claim, what you can’t, and how to “audit proof” yourself from the prying eyes of the Canada Revenue Agency (CRA)

RECORD & BOOKKEEPING - Managing records and creating a paper trail can keep your business out of hot water. We’ll show you an astonishingly effective, easy-to-use system that will satisfy the toughest auditors.

TAX PLANNING STRATEGIES: Business is not only about what you make, but how much you keep. The right tax planning strategies can save you and your family thousands each year. We’ll show you how to properly implement a wide variety of tax saving strategies ... keep more money in your pocket ... and stay off the CRA’s radar screen.

This is a PRACTICAL, hands-on blueprint for start-ups that doesn’t just tell you what to do, but will actually SHOW YOU how it’s done.

Who is the target audience?
  • Canadians who are in the process of starting their own business
  • Canadian small business owners who would like to know more about the tax aspects of their small business
  • Students in accounting and tax who wish to augment their theoretical knowledge and framework with the practical, real-world aspects of small business
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Curriculum For This Course
62 Lectures
Forms of Business Organization
14 Lectures 01:58:52

Download the lecture notes and follow along with our lectures.

Preview 68 pages

An introduction to the tutorials in this series and the objectives of the course.

Preview 04:43

Proprietorship and partnerships are the easiest way to set up a small business. This tutorial reviews these 2 forms along with advantages and disadvantages of each.

Preview 18:13

This tutorial reviews the corporation as a form of organization and the advantages and disadvantages of this form.

Corporations and the advantages to incorporation

If you are going into business with someone else (or a number of people), then you will need a good partnership agreement. This tutorial analyzes 5 critical elements of a good agreement.

Partnership agreements

Similar to partnership agreements, a shareholder agreement covers a number of issues and questions you should address before going into business with others as shareholders. It will save you headaches later on.

Shareholder agreements

Taxes and filing requirements are a necessary evil when you are business for yourself. This tutorial outlines the filing requirements for each form of organization so that you know when your filing deadlines are, and what you need to file.

Tax filing requirements

Having a good name for your business is paramount for a successful business and your marketing efforts. This tutorial outlines some of the legal aspects of your business name.

Deciding on a name for your business

You may have heard of numbered companies in your small business research. In this tutorial I outline what they are, and when they could and should be used.

Named vs numbered corporations

You will have the choice of incorporating your business provincially or federally. This tutorial outlines Federal and Provincial incorporation issues.

Federal vs. Provincial incorporation

Your decision on the form of organization to take is never etched in stone. It can be changed in the future if your circumstances change.

Changing the structure of your business

This tutorial will outline your responsibilities as a proprietor and what you can expect as a business owner using this form of organization.

Responsibilities of the proprietor

If you area director of a corporation, you need to watch this video so that you can become fully aware of your responsibilities and what you can be on the hook for personally.

Responsibilities of corporate directors

Do a corporation's shareholders have any responsibilities? This question will be analyzed.

Responsibilities of a corporation's shareholders
Decision Process & Actions - Step by Step
15 Lectures 01:42:07

This is the introduction tutorial to the rest of the series. It will go over the objectives of the course and some other important information.

Summary of steps to setting up a business

Your team of professionals is a very important aspect of small business start-up. This tutorial reviews your key professional and what you should be looking for and asking for.

Step 1 - Putting the right team in place

Step 1 - Update on the Canadian Professional Accounting Body

In the first module to this course, we reviewed the 3 main forms of organizations. You must now decide which form your business will take.

Step 2 - Choosing your form of organization

Registration of your business can be done on your own, or you could have one of your professionals (lawyer, accountant) take care of that for you.

Step 3 - Registering your business.

This may not seem like an important issue, but it is. Giving this question some thought up front could save or defer some taxes for you, and save you a lot of headaches in the future.

Step 4 - Picking a year-end date

Often overlooked in the business registration process is municipal issues. This brief tutorial examines some of the issues you will need to investigate.

Step 5 - Municipal issues, licenses and permits

Once you have set up the structure and registered or incorporated your business, you will need to register with the Canada Revenue Agency. The next few tutorials guide you through the process.

Step 6 - Registering for a CRA business number

Registration for a business number is straight-forward. The next series of tutorials will guide you through the applicable form, the RC1

Step 6a - The RC1 Request a Business Number Form

This tutorial examines the application for a GST/HST number with the CRA. We will look at the RC1 form and review the questions asked on the application form.

Step 6b - The GST-HST account registration

Registering a payroll account with the CRA is a simple process. The payroll account application portion of the RC1 form is reviewed along with the pertinent questions you'll need to answer on the form.

Step 6c - The payroll account registration on the RC1

If you plan on exporting or importing goods, you will need to open an account with the CRA. This tutorial reviews that portion of the RC1 application form.

Step 6d - Import and export account registration

If you plan on hiring employees you will need to register with the WSIB and pay premiums. This tutorial reviews the issues with regards to the WSIB and who needs to register.

Step 7 - Registering with the safety insurance board (WSIB)

In this tutorial we will look over the registration form for the Ontario WSIB and review some of the questions you will be asked to answer on the form.

Step 7a - Example of a WSIB registration form

The final step in the process is going to your preferred bank and opening a business bank account. Here, we review some information you will need to do so.

Step 8 - Opening a company bank account
Owner Manager Compensation
11 Lectures 01:05:51

This tutorial will go over the objectives of the module and summarize the topics we will be covering throughout the module.

Introduction to owner manager compensation

The method and mechanics of paying yourself if you are a proprietor.

Paying yourself as a proprietor

Keeping track of the capital in your business if you are a proprietor is not a difficult task. Put on your accounting cap for this tutorial on what is entailed.

The proprietor's capital account

An important account for all partnerships is the Partner's capital account. Without the proper accounting, partners may be getting the short end of the stick.

Paying yourself as a partner

Now that you know a little bit more about partners' capital accounts, this tutorial will go over a simple example to help you understand the concept.

The partnership capital account

As you may know, a corporation is a separate legal entity from its owners. Paying yourself through a corporation is a completely different process than a proprietorship or partnership. This tutorial explains why.

Paying yourself if you are incorporated

There is no cookie cutter approach to the right compensation method for everyone. This lecture outlines the questions you need to ask yourself. Salaries and dividends each entail different elements especially when looking at RRSP and CPP issues.

Question to ask yourself on compensation

This tutorial continues on with compensation using salary or dividends. I provide you with a handy little framework that you can apply to see which is the best compensation method for you.

Planning elements of salaries and dividends

You've decided to pay yourself a salary. How do you do it and what do you have to do?

The logistics of paying yourself a salary.

Dividend logistics are much different than that of salary. They are much easier to administer but the requirements are just as important nonetheless.

The logistics of paying yourself through dividends

It's the end of the year and you have to inform the CRA on what you've paid yourself. So what do you do and when do you need to do it by? Find out with this lecture.

End of year filing requirements for salary and dividends
Tax Planning & Saving Strategies
9 Lectures 01:25:27

This tutorial introduces the module and outlines the topics and strategies that will be discussed in the following tutorial videos.

Introduction to tax minimization strategies

The advantages and potential tax savings of putting family members on payroll will be reviewed.

Paying family members salaries and wages

Once the decision to pay family members is made, then the proper way to pay them is vital. This tutorial shows you how to pay them properly.

Paying family members properly and setting up the process

A great income splitting opportunity exists with corporations due to the fact that shares can be issued to different family members.

Income splitting with shareholders and dvidiends

Do you have family members who you intend on sending to college or university? This tutorial outlines strategies to pay for that tuition in a manner that is tax beneficial.

Tax savings strategy for tuition fees

This is another option on paying children's tuition using a corporation. This one may be a bit easier to set up and administer than the often written about strategy in the previous tutorial.

Tuition strategy using salaries to children

Can I deduct medical expenses through my company? Well, if you set things up properly the answer that question is yes.

Using medical expenses as a business deduction

There are a number of dangers and pitfalls when it comes to paying personal benefits through your company/business. This tutorial outlines a few things you need to be aware of so that you can stay off the radar maps at the CRA.

Dangers and pitfalls of corporate paid benefits

Personal expenses paid through a corporation is a big "no-no". This tutorial outlines the adverse tax consequences of doing this.

The dangers of deducting personal expenses in your corporation
Bookkeeping & Record Keeping
12 Lectures 01:41:34

This tutorial will briefly describe the objectives of the module and what is to follow in the upcoming tutorials. We'll look at the types of expenses we'll be digging into.

Introduction to record keeping and expenses

This tutorial goes over the rules for claiming vehicle expenses if you are running your business as proprietorship. We'll look at the theory and an example.

Deducting vehicle expenses as a proprietor/partner

Vehicle expenses through a corporation is a whole new can of worms. Remember, a corporation is a separate legal entity from you. Here, we examine the issues of corporate automobile expenses.

Deducting vehicle expenses if you are incorporated

A closer look at the types of automobiles and the tax implications and issues related to each when seen through the eyes of the CRA.

Planning elements and pitfalls for corporate vehicles

Charging your corporation for vehicle expenses is a simple yet effective way of properly claiming vehicle expenses.

Charging your corporation for using your personal vehicles

If you meet the criteria for home office expense deduction, you can claim them on your tax return. This tutorial explains the criteria and how to deduct them properly.

Deducting home office expenses as a proprietor

Let's look at the criteria for writing off home office expenses more closely. This is important for the proprietor because of the specific rules the government has put in place.

Criteria and rules for writing off home office expenses

Be careful when claiming home office expenses. This tutorial outlines some of the issues and pitfalls you need to be aware of.

Dangers and areas of caution with home office expenses

If you run a business through a corporation, then home office expenses will work a little differently than a proprietorship.

Home office expense deduction through a corporation

It's time to set up your bookkeeping system. This tutorial outlines a very important concept with regards to your receipts and proper proof for expense deduction.

Make sure your expenses are deductible with proper records

There are really only 3 ways you can (and should) be paying your expenses. This makes it easy to capture the information on your accounting and bookkeeping system.

The 3 ways to pay expenses and keeping your payment system clean

Let's keep things as simple as we can, but at the same time be able to look up information whenever we need to (either for ourselves or for the CRA). Your accountant will also love you for this!

A simple and effective filing system for your receipts and invoices
1 Lecture 02:07

Thank you for taking the Small Business Blueprint. Check back for additional content.

Good luck on your road to small business and entrepreneurial success!

Concluding remarks
About the Instructor
Ian DiNovo, CPA, CGA
4.6 Average rating
259 Reviews
3,140 Students
5 Courses
SBC Knowledge Systems Inc.

Ian DINovo is a professional accountant and Director of SBC Knowledge Systems Inc. He has been practicing accounting and offering independent financial and business advice for over 15 years.

He is the creator of a number of courses dealing with business, tax and investment matters that are designed to make difficult topics easy to understand for everyone.