It’s been a busy year as a small business owner, now it’s time to turn your attention towards your small business’s income tax filing requirements. Small business owners in Canada are required to file an annual income tax returns with Canada Revenue every year whether they are profitable or not. Here are some tips on how to avoid making costly errors and falling under the CRA radar.
- Find an accountant
- Determine your income tax due date
- Take advantage of tax deductions available to your business
- Determine non-taxable benefits from employee wages and benefits
- Ensure you don’t miss your income tax return deadlines
- Stay on top of your record-keeping
The above article is for reference only. Every taxpayer’s situation is unique and offers various opportunities for tax savings and strategies. Feel free to Contact us for no-obligation evaluation and no-charge initial 30 minute consultation.