We are a startup corporation in Downtown Toronto, Ontario, Canada in the residential rental business. We provide accommodation by renting furnished suites for the short term residential tenants/guests.
In process of streamlining our business, we are seeking advice on several aspects specific to the nature of our business. In this regard, we are looking to consult and experienced accountant on different matters, including but limited to:
(i) Treatment of specific types of business transactions: cash payments, payments to owners, compensation of owner’s own time, recording specific accounting transactions, rules applicable to expensing small expenditures instead of capitalizing (we use QuickBooks Online for our bookkeeping, so experience with QuickBooks is a plus).
(ii) Taxes, filing and distributions: HST application, CCPC eligibility, tax efficient owner’s compensation, review and filing of company’s results.
(iii) Other matters: conducting other businesses, short term rentals business permitted practices and operational efficiencies.
While the above requirement may be done by desktop research, the preferred freelancer is the one with local relevant credentials (chartered accountant) and who demonstrates relevant Toronto/Ontario experience in this specific type of business (short term residential rentals) along with a track record of work done for similar businesses in Toronto.
You will be provided with a specific list of inquiries that fall within the general framework noted above. We are happy to clarify any inquiries you may have throughout the process to be able to complete your work in the most efficient way.