Most people dread taxes. For a small business owner, however, having to pay taxes means that you are making money! In the grand scheme of things, this isn’t such a bad thing. So congratulations! It is time to worry about taxes! Taxes come in all forms, from GST and PST to property taxes and income taxes. You may need to consider other taxes, and each year those may change, so we’ve collected some tax tips for you.
This module talks about how to organize your financial records to complete Canadian income taxes. The discussion focuses on tax breaks available to small business owners or self-employed workers, and how you can protect yourself upfront. Unfortunately, gathering tax information takes a while, and figuring out what to do with the information takes even longer. In the long run, you will likely want to hire an accountant or bookkeeper.
GST and PST are important. Your remittances, if you’re required to submit them, may vary significantly according to personal circumstances. You can keep your receipts and file for a GST/PST tax remittance, pay taxes to the government that you collect, or do both. A tax accountant or financial planner can also help you with both. If you don’t anticipate making more than $30,000 revenue, you’re not required to charge GST or remit this tax. Simplify your life!
Topic Objective: To learn how to be more organized for tax expenses.
Your Outcome: Easier taxes for you.