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 bad thing. So congratulations! It is time to worry about taxes!Taxes come in all shapes and sizes, from GST and PST to property taxes and income taxes. You my need to consider other taxes, and each year those may change.
This module talks about how to plan and organize for Canadian income taxes. The discussion will focus on tax breaks available to small business owners or self-employed workers and how you can protect yourself upfront. Unfortunately, it takes a long time to gather tax information and even longer to figure out what to do with the information. In the long run you will likely want to hire an accountant or bookkeeper.
GST and PST are important (and you can have remittances) but can vary significantly according to personal circumstance. You can keep your receipts and file for a GST/PST tax remittance, pay your taxes to the government that you collect or you can do both. A tax accountant or financial planner can also help you with both. If you don’t think that you will be making more than $30,000 revenue, you don’t have to charge GST or remit this tax. Simplify your life!
Topic Objective: Learn how to be more organized for tax expenses.
Your Outcome: Easier taxes for you.