Top 10 Tax Tips for Small Business - Entrepreneurs Connect

Event Summary: Businesses need to file taxes every year. Regardless of your industry, there can be a cause for concern for making sure you are filing correctly and staying out of trouble with the CRA. This session will show you how to stay organized to avoid last minute tax filing horrors and tax saving tips for small businesses. Top 10 Tips: 1. When to Register as a Corporation or run as a sole proprietorship (Tax pros and cons) 2. Deciding appropriate fiscal year end 3. Know your deadlines (HST, Payroll and Corporate taxes) and work accordingly 4. Stay on top of your record keeping 5. Consider using a tax professional and get involved 6. Business use of personal home and automobile tax deductions 7. Scientific Research & Experimental development tax credit 8. Quick method of HST 9. Hiring your family members for tax deductions 10. Apprenticeship job creation tax credits