As our wonderful summer is coming to an end, with the trees are changing colour and leaves falling, many people would think it’s the start of ‘Spooky Season’ but at Jason Ding, CPA Inc., we like to call it ‘Tax Planning Season’!
Corporate Tax Planning can assist in reducing tax liabilities by using various tax planning strategies. And even more importantly reduce risk exposures so you can sleep well at night. It is important to get the most out of your tax strategies, to plan well in advance of the December year end. With the government grants, loans and subsidies that have been available to small business during COVID-19, it is important to understand the associated tax implications and how to ensure that the financial aid provided does not burden your business with a large amount of tax owing.
Tax Planning is not only about attempting to reduce the amount of corporate tax owing, but also a great chance to review how your company is doing. For example, looking at your dividends or payroll to yourself as the business owner, looking at your capital assets and how they are depreciating, investments, and other expenses. Tax Planning is an important part of ensuring your business stays healthy, viable and well situated for future growth.
To avoid a ~spooky~ tax bill at the end of your fiscal year, reach out to us for assistance with your tax planning! As your local small business accountant, Jason Ding, CPA Inc are well trained in all matters of corporate taxes, no matter how complex and are happy to assist our clients in any way we can.