Whether running your Ottawa business as an LLC, Sole Proprietorship, a Partnership, or as a Corporation, there are aspects of taxation that may elude those who are uninitiated to dealing with this part of business operations. Taxation is applied to every form of revenue, and liabilities. This includes property depreciations, pension plans, and all forms of insurance. Having the awareness of these aspects of a business being taxed only means that extra care should be taken when reporting the financial status for a given period.
This also means that as a business owner here in Ottawa some items can get missed or overlooked during tax time. Accordingly, having a tax consultant help during this period will help save the business by diminishing the tax burden, which in turn increases the profits. Additionally, business owners are not expected to understand all of the Canadian Tax laws, although it can help to understand most of them as they pertain to their business.
Using a corporate tax consultant in Ottawa can help identify what deductions are available, in addition to what should be reported as an income, an expense, or as a liability. For instance, identifying eligibility for GST/HST, determining how to figure depreciation that will show the correct financial accountability of the company property, (owned or leased), vehicles, and equipment, (using either single or double depreciation methods).
An important factor that many new business owners overlook is tax planning. A corporate tax consultant is an expert in this area and can help restructure the tax burdens as the fiscal year of the business progresses. Thus, when tax time arrives there are no or few surprises when it comes to filing the businesses financial reports with the Canadian Revenue Agency.
For more information, visit our website at http://envolta.ca/services/corporate-tax/ or call us at (613) 567-7088 and get the right advice for filing your taxes.