So you’re ready to start your business but you’ve received mixed messages about tax implications for Aboriginal entrepreneurs. Does it depend on whether you are status First Nations? Is it about the business structure you choose or whether you operate on- or off-reserve? Or all of the above? Have no fear, you’re not alone! There is no right or wrong choice but it is important to understand the impact of each option and which will work best for you before setting up shop.
Blog Category: Taxation
Tax season is among us and this can be a bittersweet time for many small businesses like your own. Before we get to reap the benefits of our tax returns, there is lots of paperwork to be done which can sometimes be a little confusing. Below are some questions and simple, quick tips to help you along the way.
If the thought of doing taxes makes you cringe, you're not alone! Here are some simple tips to help you de-stress when filing your business taxes.
1. Know what you can claim if running a home-based business
Canada Revenue Agency (CRA) recognizes that many small businesses operate out of their homes, and because of this, a deduction is allowable in proportion to the amount of space that is used for the business. Some expenses eligible for claim are:
As an entrepreneur, it’s always important to start the year with clear goals, an action plan and a moment to reflect on what you’ve learned in the past year. With all that’s on your plate, the legal side of things is often pushed to the side. This short checklist will help you quickly review some critical legal compliance issues, so you can get back to focusing on your success in 2016!