SBLR Chartered Accountants

Let’s face it – running a business isn’t easy. As an entrepreneur, you face many challenges in building your business, fending off the bank, delighting customers, dealing with suppliers, handling employee issues, winding your way through government bureaucracy and red tape, and the myriad of other issues that keep you awake at night.

But for those who persevere and conquer the challenges by creating a well-run, sustainable business that provides the required compensation, the reward can be bitter sweet. After all, success comes at a price and the government wants a piece of the pie. In the end, a big fat tax liability owed to the government can be hard to swallow for any business owner.

The good news is that there are a number of high-impact tax strategies that are available to business owners and their corporations to – legally – reduce the amount of tax they have to pay on current earnings, future profits and the proceeds that will come from an eventual sale of the company. Why pay more to the government than you have to?

Here are a few tax strategies to consider for reducing income taxes on current earnings of a corporation and its owners:

Tax Strategies - Reduction of Income Taxes on Current Earnings

Tax Strategies - Federal and Provincial Tax Credits

To be certain, it is extremely important that you involve proactive professional advisors when implementing tax minimization strategies or applying for tax credits in your business. Effective tax planning either cannot be done or simply does not work after the fact. Make sure that you are planning for tax minimization before the end of the year, and ideally throughout the year to maximize your savings.