TAX TIPS

Business Vehicle Expenses

As a business owner there are multiple costs you may claim on your personal income taxes - vehicle expenses being one of the classifications of these costs. Not only does accurate expense documentation contribute to the total amount claimed, but the type of vehicle you own will have an affect as well.

Common tax credits and deductions to use to your advantage

Tax season can be overwhelming for some. But here are a few tax credits and tax deductions that might be able to help save you or make you a few dollars!

Key Terms:

Tax credit: reduce the taxes you pay on your taxable income.

Tax deduction: Reduce taxable income

Non-refundable tax credit: can only reduce taxable income down to zero and will not generate a tax refund.

7 Tips to Help Small Business Owners Prepare for Tax Season

The life of an entrepreneur can sometimes feel overwhelming when it comes down to accounting, tax filings and other similar matters. Often times, small business owners will overlook deductions or pay too much in taxes when they take on the responsibility. That’s why it’s essential to hire Chartered Professional Accountants (CPA) to assist you with your tax filings so you avoid any costly errors that may catch the attention of the Canada Revenue Agency (CRA).

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