Optimize tax planning strategies

As a business owner, you are always looking for ways to optimize your tax planning strategies. The best way to do this is to consult with a tax professional who can help you understand the best way to structure your business and how to take advantage of tax breaks and incentives.

• (1) What business structure have you chosen? This will determine what tax obligations and rates apply to your business.

• (2) Have you registered your business for GST/HST? If your business is registered, you will need to charge, collect and remit GST/HST on qualifying sales.

• (3) Are you required to withhold taxes from employee wages? If so, you will need to remit those withheld taxes to the government.

• (4) Do you need to file corporate or personal income tax returns? Depending on your business structure, you may need to file both corporate and personal income tax returns.