Business Tax Guidelines for Canada
Starting this New Year, 2022, the COVID-19 pandemic continues to affect the global economy. Filing taxes during such a chaotic year can be stressful, even if you consider yourself well-versed in business taxes. But of course, the Canada Revenue Agency (CRA) remains open!
As a business owner, you want to be tax-savvy, or find someone who is, like the TaxAssist Accountants.
Paying Canadian Business Taxes
One of Canada’s primary tax agendas focuses on stabilizing the economy. Approved budget highlights may benefit your business. The highlights to familiarize yourself with include:
- Taxes on the digital economy and ways to support a “green” economy;
- Particular business incentives targeting hiring policies;
- Anti-avoidance rules;
- Restrictions placed on deductions;
- Mandatory reporting.
The network of specialists at TaxAssist Accounting can help you navigate the tax changes for 2021 and prepare for 2022. Tax tips for businesses make sure your business continues to thrive. After all, all businesses strive to make a profit while paying just the taxes you owe and no more. To make your business more effective in this digital, global economy, there are tax tips for businesses to follow.
Tax Tips for Businesses in Canada
If you have a small business, maintain a separate business banking account and keep an accurate record of your receipts. This organization makes filing taxes easier. But there are other tips that affect the amount of tax you pay. Consider the questions that affect or provide support for business, such as:
- How should I structure my business? Choices include:
- Which government support funds can I access? Options include:
- The Job Growth Fund, which includes funds to support a transition to a green economy.
- The Canada Emergency Wage Subsidy program, which Canada has proposed to extend until March 2022.
- The Canada Recovery Hiring Program.
- When should I sell or purchase depreciable assets?
- Which employees do I need to give a T2200 or T22002 form?
- Should I revisit any family payment strategies, if applicable?
- How can I understand how the small business deduction and passive investment rules affect my business?
- How can I decide when and if I should apply for government financial support?
To help answer these questions for your particular business, rely on TaxAssist Accountants, who work throughout Canada. Take advantage of our bookkeeping services and small business accounting services. Working with TaxAssist Accountants will save you time so you can focus on growing your business.
Why Tax Tips May Not Be Enough
Even though you found online tax tips for businesses, you can’t claim expertise. Instead, maintain your focus on the everyday functions of your business and let TaxAssist Accountants deal with your tax burden. Even though you pay for the service, an experienced accountant can save you money in the long run, both in the short term with your tax returns and in the long term through tax planning.
TaxAssist Accountants can guide you and provide information about reporting your taxable income. They do the work that you don’t have time to do or aren’t qualified to do. That way, you can pay attention to what you do best: running your small business. Contact TaxAssist Accountants today.
Date published Feb 13, 2022This article contains general information only and should not be relied upon for accuracy or completeness. You should seek appropriate tax or accounting advice from a qualified accountant before you take, or refrain from taking, any steps based upon this article. This article should not be construed as tax, accounting or other professional advice and QX Franchise Limited (Master Franchisee for TaxAssist in Canada) disclaims liability for any loss, howsoever caused, arising directly or indirectly from reliance on the information in this article.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
We specialize in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 3 locations, meet with us online through video call software, or talk to us by telephone.
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.