JASON HEATH | Special to the Financial Post | Published
This time of year can be intimidating for any taxpayer, but perhaps none more so than the business owner. Whether you have a sole proprietorship or a corporation, the need to pull together records and receipts or the potential of writing a cheque to the Canada Revenue Agency may not be very appealing.
One of the first things business owners should do is plan ahead. Have an idea of what your year-end numbers are going to look like long before year-end so you can be prepared for a potential tax bill. Putting it off until after your tax return has been completed just delays the inevitable. If you’re going to owe tax, at least you can plan accordingly. And if you’re getting a refund, that’s a pretty good incentive to get started early and get filed as soon as possible. read full article
