Restaurant Owner? We Know What You Are Up Against.

If you aren't including staff tips on T4's then you need to make sure you are set up properly so CRA does not classify your tip structure as controlled. If this happens you will be on the hook for CPP and EI payments for both the employee and employer portions on the tips plus penalties and interest. We can help you put the recommended safe guards in place to minimize your risk.

If you have excess cash flow and are using that to grow your business or investments then incorporating will allow you to maximize available cash by utilizing lower corporate tax rates. Paying down debt is much faster using a corporation because of the lower corporate income tax rates on your profits.

The answer is, it depends! Different POS systems are better for different types of operations. We can help you by walking through the accounting steps on the back end to ensure automation is possible. Automated POS systems keep your accounting fees down which should be a consideration with any POS system.

We will set you up with an easy to use bookkeeping system. Your manager then forwards emails or takes pictures on using a phone app of the bills and receipts. 

It depends! If you are a one person show you might be able to keep track of everything in your head. As soon as you start distancing yourself from operations, or maybe you open your second or third restaurant, the more important getting up to date information is going to be to help you manage your business. An integrated perpetual sales and inventory system solution might be a good fit or a simple manual periodic count once a month might do the trick. We can help you get a system in place that makes you feel in control.

Uber Eats, Skip, Door Dash we know the in and outs and how to integrate the online systems with your in store POS. No need for analyzing two, three or four different types of sales data. We will get all your systems talking to each other and produce one easy to read integrated report.

Do you want to put your excess cash to work for you and start earning some recurring passive income? Maybe you want to become your own landlord and buy the property the restaurant is in. A holding company can be a good option to help preserve your operating companies small business preferred tax attributes without first needing to pay the high personal tax rates on your operating profits. It also keeps your operating company separate from your investments keeping it ready for sale or to bring in new investors.

A family trust can be used to multiply the capital gains exemptions on a future sale of the shares of your company. It can also be used as a flexible vehicle to distribute your operating companies retained earnings to your family or holding company.