To reach your most favourable tax position is not always easy. But make no mistake; a habit of reviewing tax consequences will save a lot of money and heartache over the years. This guide gives you what you need to walk down that road.
Are you completely certain you are doing all you can to save taxes? When was the last time you really took a close informed look? It's amazing what many businesses and professionals leave on the table at the end of the year to be lost in taxes.
INCLUDES:
Seven Potential Consequences of Unfiled Taxes
Four Things You Must Consider
Six Ways CRA May Find You
Is Voluntary Disclosure Necessary?
Four Things You Need to Know
If you lost money investing or loaning money to a Small Business Corporation (including your own business) you may be able to recover some of that loss as a tax refund.
Canadian tax laws are purposefully designed to reduce the risk of loss of investments or loans to small business corporations. This type of loss is called an Allowable Business Investment Loss (ABIL) which is a special type of capital loss.
These comments will hopefully answer many of your questions and provide more details of the incorporation process, including the dilemmas, opportunities and potential outcomes.
Most Incorporated Businesses are Not Using All the Advantages of Their Corporation. This checklist includes:
Ways to Increase Cash Flow
Updating Shareholder Privileges and Rights
How to Improve Structure to Capture Opportunities
Better Protection for Directors & Shareholders
If you have a business or profession, there are important aspects of claiming expenses that bear careful scrutiny, all with the objective of maximizing every legitimate claim.