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
- Trust money is not your revenue. Leave client funds held in trust out of every box here.
- Remember your Law Society of BC practice fees, professional liability insurance and the Law Society trust report when you fill in licences and dues. See our trust accounting guide and trust report guide.
- Slow-paying clients are the usual squeeze. If unpaid bills pile up, lower the revenue box to the money you actually collect.
Business help in BC
Links open other websites. Programs and rules change, so check each one is current.
- Law Society of BC – practice standards, trust accounting rules and practice advice
- Canadian Bar Association, BC Branch – member resources and practice support
- Law Foundation of BC – funding and information about legal aid and education
- 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.