Did you know that all resident corporations, with a few exceptions, must file a T2 corporation tax return each year, even though the might not have a tax liability?

Small businesses contribute an average of 30% to GDP Canada-wide. At Hummingbird Financial, we recognize the importance of small businesses to the Canadian Economy. That’s why we specialize in services to small business clients who may not have the knowledge or resources to prepare and file their corporation tax returns.

According to the June 2016 Key Small Business Statistics publication by the Ministry of Innovation, Science & Economic Development Canada a small to medium size enterprise (SME) is a business establishment with 1–499 paid employees. A small business more specifically has 1 to 99 paid employees. 2013 data shows that in 2013, the total number of SME births was 78,430, compared with 83,240 deaths, which resulted in a net decrease of 4,810 businesses. With many small businesses failing each year, there are several strategies we can share to help your business become more successful.

The Canada Business Network provides some helpful advice for small business owners to help them achieve success:

• Understand your business finances, such as cash flow and handling credit.
• Develop a good marketing and business plan that considers customer needs, competition, pricing, and promotional strategies.
• Have a good working knowledge of business law or hire a lawyer.
• Keep a good inventory of your products or services and your existing customers.
• Supervise, train, and motivate your employees.
• Make sure you have the experience, expertise and talent to run your business.
• Plan every part of your business from start to finish.
• Know your market and define how much of it you will be able to capture.
• Make sure you are offering a product that is unique and competitive or at a lower cost than that of your competitors.
• Don’t under-estimate your expenses and over-estimate your revenue.
• Make sure you have some cash reserves or a line of credit to help you get through slow periods.

Let us help your business find the path to sustainability and profitability.