Personal Services

Bespoke accounting solutions for personal services of Repair, Lawn, Design, Hair etc.

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Each personal service industry is unique, so is our advice

We offer valuable bookkeeping, accounting and financial solutions to make your life simpler.

Tax Issues for Personal Services

Should I Incorporate My Business? Ask us.

Business Deductions for Personal Businesses

Tax deductible expenses include:

  • Merchant fees
  • Supplies
  • Rental expenses
  • Travel expenses
  • Make travel deductible in a legal way.
  • Marketing/branding, e.g. to develop your brand logo when selling your own brand
  • Advertising
  • Accounting
  • Payroll
Uber and Ride-Sharing Programs

Register HST number when you start the business, regardless of amount of earnings.

AirBnB

Report it as business income, open HST when your income exceeds $30,000.

HST Issues for Personal Services Businesses

Keep a separate bank account for HST and tax (transfer ~20% income to this account), HST is not your income, you only collect for CRA.

 

Payroll Issues for Personal Services

Payroll Management for Personal Services Businesses
  • Make sure all employees are on your payroll system.
  • Understand payroll laws and regulations for different payroll scenarios (I.e. – holiday pay, vacation pay, overtime pay).
  • Our office provides a complete hassle-free payroll system, contact us for more details.
  • High turnover can complicate payroll, we can help simplify your payroll management.
  • Report casual labour and subcontractors on T4A tax slips.
Workers Compensation and EHT for Personal Services Businesses
  • If your gross payroll exceeds $450,000, you will be required to remit the Employee Health Tax to the Ontario Government. Ask us if this situation applies to you.
  • You may be liable to pay Worker’s Compensation Insurance for all provinces that your business operates in. Ask us for more details.
  • Collect WSIB clearance certificates from subcontractors.

Accounting Issues for Personal Services

  • Use a Cloud-based Accounting System, ask us about your options.
  • Set up a proper chart of accounts to fit your operations.
  • Keep concise records of purchases and income regardless if the transaction is electronic or by cash.
  • Report tips (pool tips or direct)
  • Be aware of fluctuations in your operations for seasonal businesses, ask us for tax planning.
  • Track in real-time cash flow and AP/AR using cloud-based accounting software.
  • Ensure you can make invoices and receive payments even while on-the-go.
  • Keep a separate bank account for HST and tax (transfer ~20% income to this account) -HST is not your income, you only collect for CRA

Accounting Plus Testimonials

Accounting Plus Testimonials

Accounting Plus Solutions For Personal Services
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Trusted Accountancy For Over Two Decades

  • I’ve been using Account Plus for a while now and could not be happier. The entire team is very responsive, easy to deal with and extremely detail or... Read More
  • Great service. We were very happy. Can be done on-line easily. Thanks guys!
  • Excellent knowledge and advice given by Peter and his staff. Always willing to help with any issues or questions. All the staff we have dealt with are... Read More
  • The Accounting Plus is our medical business' financial company which provides us with accounting, financial planning, and tax planning services. The w... Read More
  • In our family, every year there is some change in tax preparation needs. Someone gets older, some family member moves out of the country, then comes ... Read More

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