Taxation

Small Business Tax Tip

Your Business Income Tax Deductions

Small Business Tax Tip # 1: Maximize your Capital CostAllowance claim.

Purchase necessary equipment and technology now rather than waiting for the new tax year to start. Although you’ll only be able to claim 50 percent of the normally allowable Capital Cost Allowance on your new assets, you’ll still be increasing your Capital Cost Allowance for this tax year – and setting yourself up for an increased CCA claim in the following tax year.