Corporate Tax Planning and Some Useful Tips
Tax planning explained
A sneak peek into reality
The world of taxes can get daunting at times. As a business owner, incorporating your business is one of the first steps to manage your taxes. However, that first step could be a massive failure if you miss out on some important strategic aspects like – Tax Planning.
No matter which industry you are from, you need a clear vision of taxation to run your business seamlessly. Moreover, the tax season is round the corner; this makes it a highly crucial time for business owners to plan their taxes.
Our recommendations
Depending on the industry of the business, tax planning strategies might vary.
“Tax planning is key for a successful venture. Further, a business owner cannot afford to miss tax planning under these five major events”
- Withdrawals (Trade-off between Salaries v. Dividends)
- Using personal vehicle for work
- Home office expenses
- Claiming depreciation (CCA) under fixed assets
- Claiming Input Tax Credits (ITCs) on HST return
– Manav Kalra, Director at Toronto Tax Boutique
Your next steps
Pay yourself out of your business. Use a vehicle for work. Setup a home office. These are just a few of the things that can be incorporated into a tax plan to optimize the way you pay taxes on your business.
“It always pays to have a tax plan.”
– Karishma Kalra, Director at Toronto Tax Boutique
Get in touch with us today to help you devise a customised plan for your business. Based on the way you carry your business operations; our tax experts are experienced to handle any tax scenario you may be facing.
Disclaimer:
The contents of this article are written and published to provide general information and are not intended to substitute advice. As individual circumstances, which may be applicable in a specific situation, have not been addressed in this article, readers seeking specific advice may find the information misleading. Such readers are encouraged to consult a professional to obtain complete and relevant advice related to their situation. We have made every effort to prepare the information with care. However, we do not accept responsibility for its use and any outcome arising out of its use. Where opinions are expressed, such opinions do not reflect the facts of the subject matter and should not be considered as advice or recommendation(s).