What to know
Ten tax mistakes owner-managed businesses in Ontario commonly make, from mixed expenses to ignored CRA notices.
- Mixing personal and business expenses
- Failing to keep receipts and supporting documents
- Missing HST registration or filing requirements
- Falling behind on payroll remittances
- Waiting until year-end to plan taxes
- Misclassifying employees and contractors
- Not tracking vehicle and home-office expenses properly
- Ignoring CRA notices
- Taking shareholder withdrawals without proper planning
- Not working with an accountant until problems arise
Put it into practice
If several of these are already true, the useful next step is to list what is outstanding and deal with the oldest filing or balance first.
A note about this resource
This is general information for business owners in Ontario and the GTA. It is not tax, legal, or accounting advice for your file.