3 Easy Tax Tips for Your Small Business -
accounting firms north edmonton
Bookkeeping Tips for Business
March 29, 2017
Show all

3 Easy Tax Tips for Your Small Business

financial audit

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:

  • home insurance
  • property taxes
  • interest on your mortgage
  • utilities

Another option is to charge a reasonable amount of rent to your business for the use of the space in your home. However, keep in mind that any rent amounts charged to the company, should then be taken into income by you on your personal tax return.

2. Assess your motor vehicle expenses

Vehicle costs is an expense often overlooked by many small businesses. If you have a vehicle that you use for both personal and business purposes, you are eligible to claim the portion of expenses in relation to your business. The CRA requires you to keep a mileage log detailing your starting and ending odometer reading, along with the date of your trips and the total kilometers travelled for business purposes. This mileage log is essentially your proof for the amount of your claim and determines the percent of motor vehicle expenses you can deduct from your business income. You can claim the business portion of expenses such as:

  • fuel
  • insurance
  • interest on vehicle loans
  • maintenance
  • leasing costs, etc.

When purchasing a vehicle for both business and personal purposes, be sure to weigh all of your options. It is likely more favorable for a shareholder of a corporation to purchase a vehicle in their personal name, and then charge the company for the business use of the vehicle, rather than purchasing the vehicle in the business’ name. If you choose to purchase the vehicle under the company name, and also use the vehicle for personal purposes, the company is required to calculate a shareholder benefit which is added into your income.

3.    Explore your options when taking income from your company

If your business is a corporation, you have options as to how you will receive income from the corporation. Some people take a salary, while others are paid via dividends. You can also take a mix of dividends and salary. It is important to know how each works and how it will affect you and your business so be sure to always have a detailed discussion with your accountant to find out which structure works best for you.

A tidbit on salary and dividends

With a salary, the corporation can take the salary paid to you as a deduction, thus reducing the corporation’s tax. The salary is then included on your personal tax return. Dividends are paid out to shareholders of the corporation with after-tax earnings. In other words, retained earnings.  Dividends are not taken as a deduction to the company since they are paid out with after-tax dollars. The shareholder includes dividend income on their personal income tax return, however, they are entitled to a dividend tax credit. This can sometimes put the shareholder into a better net cash flow position in comparison to taking the same amount of income as salary.

Tax time doesn’t have to be stressful if you have an accountant who understands your small business needs. Don’t have an accountant?  We can help! Book a complimentary consultation with Roth Schroder Professional Corp. 

0 Comments

  1. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Nicely put, Regards.
    http://www.canadianpharmacymsn.com/
    canadian drug store
    canadian pharmacies
    canadian pharmacy no prescription needed
    top rated canadian pharmacies online

  2. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You have made the point.
    http://canadianonlinepharmacynnm.com/
    canadian prescription canada pharmacy pharmacy online canada drug
    approved canadian pharmacies online
    mail order pharmacy
    cialis canadian pharmacy
    king pharmacy
    canadapharmacy
    prescription drug cost

  3. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Nicely put. Kudos.
    https://nicktambone.com/
    canadapharmacyonline com canada pharmacy online canada online pharmacies global pharmacy canada
    mexican pharmacy online medications
    best non prescription online pharmacies
    visit poster’s website
    prescription drugs without doctor approval
    canada online pharmacy
    prescription cost

  4. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Nicely put. With thanks.
    https://nicktambone.com/
    web medical information canadian pharmacies-24h canada pharmacies prescription drugs canadian pharmacies
    mexican pharmacy online medications
    pharmacies in canada
    canadian drug
    canadian prescription drugs
    pain meds online without doctor prescription
    medical information online

  5. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Really lots of fantastic tips!
    http://canadianpharmacymim.com/
    canadian meds online pharmacies of canada canadian pharmacies online canada pharmacy
    canadian drugstore reviews
    canadian prescription drugs
    pharmacy price compare
    discount prescription drugs online
    canada online pharmacies
    canada pharmacies online

  6. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Wow loads of excellent information.
    http://canadianonlinepharmacynnm.com/
    discount pharmacy online london drugs canada canadian pharmacy uk delivery online pharmacies canada
    online pharmacy canada
    mexican pharmacy online medications
    internet pharmacy
    ed meds online
    canadian online pharmacy reviews
    no 1 canadian pharcharmy online

  7. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You mentioned this well.
    http://canadianpharmacymim.com/
    online canadian pharmacies canadian viagra pharmacy online mexico canada pharmaceuticals online
    canadian pharmacy
    pharmacy without dr prescriptions
    onlinecanadianpharmacy.com
    prescription drugs prices
    best canadian prescription prices
    canada drug prices

  8. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Good tips. Thanks.
    http://canadianpharmacyntx.com/
    no prior prescription required pharmacy canadian online pharmacy drug costs canada drugs
    pharmacy prices
    legitimate canadian mail order pharmacies
    pharmacy online mexico
    medical information online
    canadian prescription drugstore
    canadian pharmacies top best

  9. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Amazing plenty of superb tips!
    http://www.canadianpharmacymsn.com/
    prescription drugs prices canadian online pharmacy online pharmacies canada london drugs canada
    rx online
    internet pharmacy
    walmart pharmacy price check
    canadian pharmacies that are legit
    mail order pharmacies
    canada drugs online

  10. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Beneficial tips. Kudos.
    https://nicktambone.com/
    drug prices comparison canada drugs online prescription drugs online without london drugs canada
    drugstore online
    ed meds online
    canadapharmacyonline.com
    canada online pharmacies
    canadapharmacyonline com
    onlinecanadianpharmacy.com

  11. Howardmog says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You actually stated it adequately.
    http://canadianpharmacysilo.com/
    online canadian pharmacies canadianpharmacy canada pharmacy top rated canadian pharmacies online
    canadapharmacyonline com
    medical information online
    online pharmacies canada
    buy online prescription drugs
    online pharmacies no prescription
    online pharmacy no prescription needed

  12. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Incredible tons of useful knowledge.
    http://canadianonlinepharmacynnm.com/
    drugs from canada canadian drugs canada pharmacies online pharmacy canada drugs
    mexican pharmacy online medications
    24 hour pharmacy
    canadian prescriptions
    online pharmacy
    best price prescription drugs
    canada online pharmacy

  13. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Amazing a lot of great information.
    http://canadianonlinepharmacynnm.com/
    prescription drugs online without doctor top rated canadian pharmacies online visit poster’s website canadian viagra
    canadian rx
    cialis canadian pharmacy
    king pharmacy
    canadian meds
    prescription drugs online without doctor
    canada pharmacies prescription drugs

  14. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Really loads of good information.
    http://canadianpharmaciesnnm.com/
    most reliable canadian pharmacies online pharmacies of canada canadian pharmacy online canada canadian pharmacy online
    online drugs
    best canadian mail order pharmacies
    prescription prices comparison
    best online pharmacy
    canadian pharmacy viagra brand
    northwestpharmacy

  15. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Thanks. I value this.
    http://canadianonlinepharmacynnm.com/
    reputable canadian mail order pharmacies canadian pharcharmy canadian drug canadianpharmacy
    discount pharmaceuticals
    prescription price comparison
    king pharmacy
    canadapharmacy com
    canada pharmacies online prescriptions
    canadian drugs

  16. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Cheers, I enjoy this!
    http://canadianonlinepharmacynnm.com/
    ed meds online northwestpharmacy canadian prescription drugs canadian online pharmacies
    online pharmacy
    approved canadian pharmacies online
    walgreens pharmacy
    canada pharmacy online orders
    best canadian pharmacies
    canada pharmacies

  17. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You actually expressed it very well!
    https://nicktambone.com/
    legitimate online pharmacies canadian viagra buying drugs canada top rated canadian pharmacies online
    buy drugs online
    northwest pharmacy canada
    canadian pharmacies without prescriptions
    pharmacy tech
    no prior prescription required pharmacy
    highest rated canadian pharmacies

  18. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Wow all kinds of helpful knowledge.
    http://www.canadianpharmacymsn.com/
    online canadian discount pharmacy canada pharmacy online online pharmacies canada canadian pharcharmy
    pharmacies in canada
    drugs online
    mexican pharmacies
    canadadrugs.com pharmacy
    best online pharmacy
    no prior prescription required pharmacy

  19. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Cheers, Very good information!
    http://canadianpharmacyntx.com/
    canadianpharmacy canada pharmaceutical online ordering highest rated canadian pharmacies online pharmacies of canada
    cialis canadian pharmacy
    prescription pricing
    pain meds online without doctor prescription
    legitimate canadian mail order pharmacies
    northwest pharmacy
    prescription price comparison

  20. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You stated it well.
    http://canadianpharmacyntx.com/
    canadian rx pharmacy online canadian pharmacies-24h canadian viagra canadian drugs
    pharmacy online store
    canadianpharmacy
    canadian drug store
    canadian rx pharmacy online
    walgreens pharmacy
    get prescription online

  21. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Seriously many of valuable information!
    http://canadianonlinepharmacynnm.com/
    prescription cost comparison canada drug prescription drugs online without canada pharmaceutical online ordering
    pharmacy prices compare
    online prescription drugs
    no prior prescription required pharmacy
    canadian pharmacies top best
    northwestpharmacy
    pharmacy online store

  22. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Seriously a good deal of excellent info.
    http://canadianonlinepharmacynnm.com/
    top rated canadian pharmacies online aarp approved canadian online pharmacies no prior prescription required pharmacy canadian pharmacy online
    pharmacy tech
    online pharmacies
    drugs without prescription
    prescription drugs prices
    northwestpharmacy
    buy cialis

  23. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You said it very well.!
    http://canadianpharmacyntx.com/
    drugs online canadian online pharmacies get prescription online canadian online pharmacy
    prescription online
    no prior prescription required pharmacy
    canadian online pharmacy
    king pharmacy
    northwest pharmacy canada
    compare prescription prices

  24. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Thanks, Ample facts!
    http://canadianpharmaciescubarx.com/
    cialis online canadian viagra canada pharmacy online reviews aarp approved canadian online pharmacies
    compare prescription prices
    canadian pharmacies
    online drugstore
    canadian pharmacies top best
    online canadian pharmacy
    canadian viagra

  25. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You revealed this well!
    http://canadianpharmacyntx.com/
    canadian pharmacies that are legit trust pharmacy canada pharmacy prices canadian pharmacies online
    pharmacy drug store
    canada pharmacy online reviews
    canadian pharmacy viagra
    online prescription drugs
    canadian drugstore
    cheap prescription drugs online

  26. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Thank you. Awesome information.
    http://talahicc.com/
    online canadian pharcharmy canadian drugs online pharmacies london drugs canada
    canadian online pharmacies prescription drugs
    buy prescription drugs without doctor
    no prescription pharmacy
    prescription drug cost
    canadian drugs without prescription
    canadian pharmacy online

  27. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Tips very well used.!
    http://www.canadianpharmacymsn.com/
    reputable canadian mail order pharmacies global pharmacy canada king pharmacy canadian viagra
    web medical information
    canadian pharmacy 365
    medical information online
    canadian pharmacies online
    buy prescription drugs online
    pharmacy price compare

  28. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Whoa a good deal of awesome facts!
    http://www.canadianpharmacymsn.com/
    online canadian pharmacies top rated canadian pharmacies online prescription cost comparison canadianpharmacy
    best online pharmacy stores
    cheap prescription drugs online
    pharmacy online store
    online pharmacies no prescription
    online pharmacy usa
    safeway pharmacy

  29. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You actually expressed that very well.
    http://canadianpharmacymim.com/
    online pharmacies canadian pharmacy online discount prescription drugs online north west pharmacy canada
    legitimate online pharmacies
    online pharmacy reviews
    canadian pharmacy online
    medical information online
    canada pharmacies online prescriptions
    mexican pharmacy online

  30. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Nicely put, With thanks!
    http://canadianpharmaciescubarx.com/
    canada drugs online pharmacy canada online pharmacies global pharmacy canada canadian drugs
    drug stores near me
    us pharmacy no prior prescription
    canada pharmacies without script
    king pharmacy
    candrugstore com
    buying prescription drugs canada

  31. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Amazing loads of amazing data.
    http://canadianonlinepharmacynnm.com/
    canadadrugs.com pharmacy online pharmacies of canada trust pharmacy canada canadian pharmacy online
    pharmacy price comparison
    us pharmacy no prior prescription
    rx online
    northwest pharmacy
    canada pharmacy online no script
    mexican pharmacies shipping to usa

  32. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You stated it very well.
    https://nicktambone.com/
    online pharmacy without a prescription canada pharmaceutical online ordering prescription drug cost northwest pharmacy
    prescription drug cost
    discount drugs online pharmacy
    global pharmacy canada
    canadian online pharmacies prescription drugs
    global pharmacy canada
    pharmacy online store

  33. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Truly a good deal of wonderful knowledge.
    http://canadianpharmaciesnnm.com/
    most reliable canadian pharmacies canada pharmaceuticals online rx pharmacy canadian viagra
    walgreens pharmacy
    mail order pharmacies
    canadian pharmacies shipping to usa
    northwest pharmacy
    northwestpharmacy
    discount prescription drugs online

  34. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    You said that fantastically!
    http://www.canadianpharmacymsn.com/
    no prescription online pharmacy canada pharmaceuticals online canadian pharmacy without prescription canadian pharmacies without an rx
    ed meds online
    canadian online pharmacies
    prescription drugs canada
    canadian pharmacy no prescription needed
    web medical information
    drugs without prescription

  35. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Kudos! Fantastic information!
    http://canadianpharmacymim.com/
    canadian pharmacy online canada london drugs canada online pharmacies canada north west pharmacy canada
    canadian pharmacy no prescription
    drug stores near me
    buy cialis
    canadapharmacyonline com
    best online pharmacy stores
    online prescription drugs

  36. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    This is nicely expressed. !
    http://talahicc.com/
    canadian pharmacies online prescriptions canadian cialis pharmacy canada london drugs canada
    pharmacy near me
    discount prescription drug
    drugs online
    best online pharmacies canada
    online drugs
    discount prescription drugs online

  37. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Beneficial forum posts. Kudos!
    http://canadianpharmacyntx.com/
    discount pharmaceuticals canada pharmaceuticals online highest rated canadian pharmacies canadianpharmacy
    canadian pharmacies online prescriptions
    best canadian mail order pharmacies
    canadapharmacyonline.com
    pharmacy cost comparison
    trust pharmacy canada
    mexican pharmacy online medications

  38. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Amazing loads of beneficial facts!
    http://canadianpharmacymim.com/
    canadian pharmacy meds canadian pharmacies without an rx canadian viagra canada pharmacy online
    best canadian online pharmacy
    canadianpharmacy
    king pharmacy
    canadian drugstore online
    cheap drugs online
    canadian pharmacy meds

  39. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    This is nicely expressed! !
    http://canadianpharmaciescubarx.com/
    prescription cost trust pharmacy canada canada drugs online pharmacy global pharmacy canada
    approved canadian pharmacies online
    no prescription pharmacy
    international pharmacy
    canada pharmacies
    prescription drugs without doctor approval
    prescription drugs online without

  40. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Wow many of very good data.
    http://talahicc.com/
    canada drugs online aarp approved canadian online pharmacies canadian drugs without prescription canada pharmaceuticals online
    mail order pharmacy
    safe canadian online pharmacies
    mexican online pharmacies
    prescription drugs prices
    canada pharmacies online
    best online pharmacy stores

  41. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Many thanks! Quite a lot of stuff.
    http://canadianpharmacyntx.com/
    candrugstore com canadian online pharmacies canadian family pharmacy canada pharmacy online
    mail order pharmacies
    pharmacy price comparison
    canadian drug store
    24 hour pharmacy
    pharmacy price compare
    canadian pharmacy

  42. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Great knowledge. With thanks.
    http://canadianonlinepharmacynnm.com/
    canadian pharmacy viagra brand canadian viagra pharmacy price compare canadian pharmaceuticals online
    canada drug
    prescription drugs without doctor approval
    canadian mail order pharmacies
    canada pharmacies
    canadapharmacy com
    canadian pharcharmy online

  43. QuentinGrozy says:
    Your comment is awaiting moderation. This is a preview, your comment will be visible after it has been approved.

    Amazing lots of superb tips!
    http://canadianpharmaciescubarx.com/
    prescription without a doctor’s prescription canadian pharcharmy ed meds online london drugs canada
    drugs from canada
    canadian pharmacy reviews
    buy prescription drugs without doctor
    canadian pharmacies online
    king pharmacy
    pharmacy prices

Leave a Reply

Your email address will not be published. Required fields are marked *