When you are operating a business in Toronto chances are you have wondered if any of the Ontario tax credits for business could help you reduce your tax burden in some way. Then again you may not even been aware of them.
Making sure that you have a good Toronto Accountant for your business will help you to become aware of what is available to you by way of not only Ontario tax credits but Federal as well. Depending on the type of business you have, or its particular circumstance the total tax credits that you could be eligible for from both tax departments could be quite substantial.
One of the major problems with Canada tax, is its complexity and that is another good reason for using a top notch tax accountant.
One major complaint of many new businesses is that it appears that the available Ontario tax credits for business either apply for businesses that are experiencing huge revenue, or they are isolated to only a few chosen industries. This in many cases doesn’t offer any real help to the average new start up business.
The general purpose of these particular credits is supposed to be to help businesses reduce their costs and in some cases provide incentives to Ontario small businesses with helping the hire and train workers. Two significant incentives in this category is the apprenticeship training tax credit and the co-operative education tax credit.
Both of these have a lot of criteria that has to be followed and not every business can qualify. As a business owner it is something that you should discuss with your Toronto accountant to see if your business could qualify and what type of impact it would have on your tax situation.
To begin with one of the most important tax credits for your business that you should not ignore is the Ontario small business tax reduction. This can be a significant savings when it comes to your business tax obligation.
As a small business owner it’s important to realize that there are really two segments to your income tax obligation, and this will help you to distinguish between the tax credits and incentives that may be beneficial to you on both levels. While the Federal tax is applicable to everyone across Canada, the Provincial tax is applicable to each province and each one has its own set of tax rules.
By choosing a Toronto tax accountant you can be sure that this expert is going to be up to date with what the Province of Ontario has by way of tax credits and incentives that could benefit your particular business.
