Taxes, Tax Planning and Recordkeeping

The three levels of government in Canada (federal, provincial, and municipal) have distinct responsibilities and taxing authority. Unless you are a tax expert, sorting through tax regulations can be confusing and time consuming. We recommend that you consult a professional accountant. One way of finding a good accountant is by asking other small business owners for recommendations.

A professional accountant can do the following:

1. Make sure your business is set up to meet all tax regulations and requirements
2. Make sure you are claiming all eligible tax deductions and expenses
3. Help you set up a simple, effective recordkeeping system for tax purposes
4. Serve as your agent in negotiations with Revenue Canada
5. Save you time, so that you can focus on the income-generating aspects of your business