TSA Technical Series: Finance Fundamentals for Small Practices

Every architectural practice, whether a sole proprietorship or a growing corporation, has financial obligations. To truly succeed as a business owner, a solid financial foundation is essential. This means understanding your financial, tax, and statutory obligations, and having a firm grasp of your financial statements and cash flow for strategic growth.

Join us and Ali Ladha, Founder of Vertical CPA, for a special technical lecture as we demystify the core financial considerations for architectural practices and outline crucial accounting and tax topics. Specifically, we’ll cover:

• Sole Proprietorship vs. Incorporation: A breakdown of the differences in liability, taxation, and administrative burden for architects choosing their business structure.
• HST Registration: When and why you need to register for the Harmonized Sales Tax (HST), and the process for charging, collecting, and remitting it.
• Hiring Staff and Payroll Obligations: Understanding your responsibilities as an employer, including source deductions (CPP, EI, Income Tax), filing T4 slips, and general compliance with the Canada Revenue Agency (CRA).
• Reading Financial Statements (FS): A guide to understanding and using your practice's Income Statement and Balance Sheet as tools for strategic planning and financial health assessment.

This lecture has been designed with small and growing practices in mind, but is good for everyone looking to better understand the financial obligations of running a practice.

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TSA MEMBERS: This event is free for TSA Members using the discount code found in the TSA Bulletin and on your Member Dashboard! Not a member yet? Membership is open to everyone and you can join here (student memberships are free!).

OAA MEMBERS: This lecture is eligible for 1 OAA Structured Learning Hour. When registering, please include your full name as registered with the OAA to ensure your certificate of participation is credited properly. Please also include an email address you check frequently to ensure you receive our certificate in a timely manner.

This lecture was made possible thanks to the generous support of Rockwool.