Tag: tax planning tips

Tax planning tips · Bringing forward any invoicing into the current financial year for scheduled work that will be carried out in the next financial year.

There comes that lightbulb moment when they think of a breakthrough idea for a new product or service for many Canadian entrepreneurs.

While small business owners are passionate about their ideas and want to change the world, they often regret waiting too long to start their business, or come up with a business plan.

It’s the same with a tax plan. It’s never too early to start thinking about tax planning strategies and how to bring down your tax bill. Especially while you still have time to make positive changes to your tax situation.

You need to collect receipts for all business-related activities if you want to take advantage of all the tax deductions available to you and reduce your tax burden.

And we know you’re busy, and that keeping track of your receipts may not be at the top of your list, but all of your business expenses add up — no matter how small.

Business expenses include everything from online advertising and promotional materials.

If the CRA asks you to verify your claims, you need to provide the original receipts.