Staying on Top of Small Business Income Taxes (Canada)
Whether they are profitable or not, businesses cannot avoid filing their taxes. However, it’s a wise business practice for business owners to take steps to enlighten themselves by learning about tax strategies that could maximize their business income tax deductions and to help them stay on top of filing requirements to avoid interest and penalties.
Here are some of the business income tax questions that will be covered in this session:
• Which Canadian Income Tax Return do you need for your business?
• How to comply with Canadian tax standards as a sole proprietor versus a corporation?
• What business expenses are legitimate Canadian income tax deductions? Can you claim expenses on income tax without receipts?
• What are the Canadian small business corporate tax rates, including tax rates for provinces and territories?
• When must Canadian corporate income tax returns be filed? What happens if not filed on time?
• What are the chances of corporation being audited by Canada Revenue Agency?
Vartika Satija, CPA, CA is an independent designated professional accountant, striving to work with small businesses to educate and provide a financial check up of their business. Her passion is to partner up with Sole Proprietors, Small Businesses and Non for Profits to provide ongoing guidance towards their unique Accounting and Tax requirements. Her mission is to ensure that small businesses are well educated and informed about the best tax and accounting practices to be able to manage their cash flows and utilize in the best possible ways that will help to grow their business, achieve their financial goals and make a difference in the community. Her intensive experience includes personal and corporate tax compliance, tax planning, and other business advisory and who have also been involved in all sorts of businesses such as manufacturing, consulting, professional services, constructions, retail, restaurants, real estate, and many more.