How to use it: type in your numbers (or keep the examples to see how it works), then watch the results change. Use the What if…? sliders to try things like hiring two people, a rent jump or a rate change. Pick up to 75 years. Use Save my numbers to keep a copy on your own computer. Nothing is sent to us.
What this planner does and does not include
- The starting numbers are examples only. Replace them with your own.
- Tax is simplified. It uses the rates and limit you see in the boxes (the example is 11% federal plus BC small business rate up to $500,000, and 27% above that), less any credits you enter. Check the current rates, and whether your business qualifies, with the firm.
- Not included: depreciation, GST/PST, personal tax on your pay or payouts, and month-to-month timing of cash. Work in yearly totals.
- Everything is a straight-line estimate. Growth, inflation and rates stay the same every year, which real life never does, especially over 75 years. Use the results to compare choices, not to predict.
- Information only. This is not tax, accounting, legal or financial advice.
Things to keep in mind for this type of business
- Use your real cost of goods. A small change in it moves your profit more than most other things.
- Sales taxes (GST and PST) belong to the government, so leave them out of your sales number.
- Seasonal business? Use yearly totals here and keep a separate monthly cash flow with your bookkeeper.
Business help in BC
Links open other websites. Programs and rules change, so check each one is current.
- Small Business BC – free advice, seminars and guides for starting and running a business
- Business Development Bank of Canada – financing and advisory services
- Community Futures – loans and support for small businesses across BC
- Futurpreneur – mentoring and start-up loans for entrepreneurs aged 18 to 39
- Innovate BC – support and funding for technology and innovation
- BC Registries – register or update a company, partnership or name
- WorkSafeBC – employer coverage, rates and safety
- CRA for businesses – GST/HST, payroll and corporate tax
- BC government taxes – PST, Employer Health Tax and more
- Vancouver Economic Commission – help for Vancouver businesses
- Greater Vancouver Board of Trade – networking and business community
- City of Vancouver: doing business – business licences and permits
- Our Employer Health Tax guide – plain-language guide from the firm
- Talk to the firm – book an initial consultation to go over your plan
Want advice for your own situation?
This free tool is a courtesy of HJ Wu & Company Inc. (CPA), a Vancouver CPA firm offering accounting, tax, financial reporting and review assurance. Feedback on the calculators is welcome.