Tax planning before the year is already over

Planning helps a business avoid surprises, improve cash flow, claim eligible deductions, plan compensation, manage installments, and structure a transaction properly.

It should happen before major decisions, not only after the year has ended. The goal is to stay compliant with the CRA and use the legitimate planning that fits the facts. No specific savings can be promised before a situation is reviewed.

• HST compliance and input tax credits
• Payroll remittances and Ontario Employer Health Tax
• Shareholder loans and how money leaves the corporation
• Instalment requirements
• Vehicle expenses and home-office documentation
• Meals and entertainment limits
• Contractor versus employee classification
• Recordkeeping that will stand up later

Ask before incorporating, buying or selling a business, hiring employees, purchasing major assets, changing compensation, taking money out of a corporation, expanding, or falling behind on filings.

Waiting until filing season often removes options. Earlier advice usually leads to a better outcome.

• Reviewing records and identifying filing obligations
• Preparing accurate returns
• Advising on deductible expenses and deadlines
• Explaining the tax effect of a business decision before it is made