Canadian Small Business Tax Tips
Navigating small business taxes can be a daunting task for many entrepreneurs and small businesses in Canada. Having a plan and being informed can help alleviate some of the pressures of doing your business taxes. There are a few things business owners can do to optimize their tax strategies to minimize liabilities and maximize returns. Here are some of our tax tip suggestions below: Keep Accurate Records Maintaining detailed and organized records is crucial for small businesses to track income, expenses, and deductions accurately. Use accounting software or hire a professional accountant to keep your financial records up-to-date throughout the year. This will not only streamline the tax filing process but also ensure compliance with Canada Revenue Agency (CRA) requirements. Claim Small Business Deduction The Small Business Deduction (SBD) allows eligible Canadian-controlled private corporations (CCPCs) to benefit from a reduced federal corporate tax rate on their active business income. To […]