What are the tax write-offs available to small business owners in Canada?
If you are a small business owner in Canada, it’s important to be aware of all possible tax writes offs for your business. Tax write offs will significantly reduce your business’ taxable income and taxes payable.
How do I settle taxes owing with the Canada Revenue Agency?
If you have taxes owing leading to significant financial penalties, there is a way to avoid the harsh consequences by engaging the accounting services of a tax settlement company in Mississauga. An amnesty company can help you settle your tax liability with the Canada Revenue Agency and avoid this problem.
The following three situations may subject you to the major penalties or, even worse, a criminal charge which could result in jail time:
You have not filed tax returns in previous years
Your tax return is more than 1 year past due
You have unreported income in the current year’s tax return or in the prior years’ tax returns