As small business owners, you know that every dollar counts. We want to help you minimize your taxes for the year by staying on top of the tax laws and using tax-saving strategies that will put more money back into your business.
In this blog, you’ll learn about small business tax breaks:
If you have more questions about your specific situation, we’re happy to help. We’re here to make tax season hassle-free so you can focus on what’s truly important — growing your business.
Turn your passion into an incorporation. Incorporate your small business to pay lower taxes, among other benefits, like deferring taxes later. If you’re a sole proprietor wondering why you should incorporate, we’re happy to explain why.
Tax credits are like hidden gems that can save you money. Here are some Canadian tax credits available that may apply to your business.
Learn more from the CRA website.
If your family members help out with your business, paying them a fair wage can spread the tax love. It’s a win-win; your business gets the help it needs, and your family’s income gets more tax-friendly.
Our blog Should you pay your spouse a salary? provides more details on this approach.
Whether it’s the coffee for the office or a new laptop, keeping track of what you spend on your business can pay off (see the full list from the CRA). Here are common small business tax write-offs to reduce your taxable income:
See Your home office: how to get organized and claim small business expenses
See What business entertainment expenses are deductible?
See Tax tips: Claiming child care expenses in Canada
See Tax grey areas: Make the most of your vehicle and home office expenses
If you can, be smart about taking money from your business. Sometimes, waiting a bit can mean paying less tax, especially if next year looks a bit leaner.
If you charge GST/HST, make sure you also claim back what you pay on your business expenses. It’s like getting a little rebate every time you buy something for your business.
Learn more about GST in our blog.
Paying your taxes in instalments throughout the year is a helpful way to spread out your payments and avoid potential surprises at tax time.
Putting money into a Retirement Savings Plan (RRSP) isn’t just about planning for beach days in your golden years. It can also reduce your income tax. Your future self will thank you – every little bit helps!
Our Chartered Professional Accountant (CPA) professionals are experts in the constantly evolving tax laws and regulations. We can help you with deductions, write-offs, expenses, tax returns, GST filing, etc.
Read more about Corporate and Personal Tax topics relevant to you and your small business. Don’t hesitate to reach out — we’re here to help make tax season a little brighter for you.