Getting the Right Tax Credits For Your Business
As a business owner, you are probably aware in the general sense of the word of what credits and benefits and incentives are available to you. Most likely you have been so busy keeping your business afloat and keeping it in a profit margin that you just simply don’t have the time to fully delve into find out whether you are getting all that you are entitled to. For this reason alone, it is always a good idea to have a quality business accountant available to you at that will take on the role of making sure that your business is getting all of the tax breaks possible.
As employers you may be eligible for certain refundable tax credits when you hire and train apprentices. This will be restricted to specific skilled trades and university or college students that are eligible for the program. In this case you would want to look at the apprenticeship training tax credit and the cooperative education tax credit. If you are not currently eligible for these programs you may still want to take a closer look at them to see if there are some changes within your business that would put you in an eligible state.
For those that are in film, television and media there are a whole list of tax credits that may be available to them. The purpose of this is the government’s desire to ensure that Ontario is deemed as one of the largest entertainment and creative centers bringing more money into the province.
Then for those at that are into innovation and scientific research there are many different types of tax credits and incentives available to them as well. Then there is the what one could call as miscellaneous tax credits such as the community food program donation tax credit, electric vehicle incentive program, political contribution a tax credit.
While it seems like there are a tremendous amount of credits available to businesses you really have to take a look at what your business is eligible for. Once you do that you will see that the list will dramatically shrink. However, it is most important to make sure that you are doing proper tax planning for your business right across the board. By making sure that you place this important aspect of your business in the hands of your small business accountant it will lift the pressure off you of trying to second-guess what you are eligible for or what you could be eligible for, and just how much benefit it would give you.