Tax Guide for Small Businesses
Essential tax planning strategies and deductions every business owner should know
Tax Planning Essentials
Effective tax planning is crucial for business success and requires year-round attention
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Small business tax planning goes beyond just filing your annual return. It's about making strategic decisions throughout the year that can significantly impact your tax liability and cash flow.
Key Planning Tips:
Keep detailed records of all business expenses throughout the year
Separate personal and business expenses with dedicated accounts
Track mileage for business vehicle use
Save receipts for office supplies, equipment, and software
Consider timing of income and expenses for tax optimization
Maximize RRSP contributions before the deadline
Plan capital gains and losses strategically
Keep records for the required retention period (7 years)
Need Help?
Our tax experts can help you implement these strategies for your specific business situation.
Common Business Deductions
Maximize your deductions with these commonly overlooked business expenses
Office Expenses
Rent/utilities for home office
Office supplies
Phone and internet
Software subscriptions
Vehicle Expenses
Fuel and maintenance
Insurance
Licensing and registration
Depreciation
Professional Services
Legal and accounting fees
Consulting services
Professional memberships
Training and education
Marketing & Advertising
Website development
Social media advertising
Print materials
Networking events
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