Many young people who live in Toronto and are just graduating from the film and arts programs have a strong desire to start up their own business. Just like any business big or small it pays to have a good Toronto tax accountant for several reasons.
First by making sure your business financials are kept in good order helps you to keep your business organized and allows you to make better financial decisions concerning it. This is an easy process if you make use of quality Toronto bookkeeping services.
Then when it comes to filing your business taxes your accountant is going to make this much easier and ensure that you are filing correctly.
Finally this financial expert can really give you some sound advice as to what potential tax credits may be available to you at the start of the year so you can make sure that you reach all of the criteria throughout the year so you are eligible come tax filing time.
One habit that you do not want to get into when it comes to tax benefits, is just setting yourself up so you can take advantage of these when they are really not going to benefit your film Company. There are some people that would rather do anything than pay may to the tax department.
An excellent potential tax benefit that can not only cut down your taxes but give you a great opportunity to build or expand your new film company is the Ontario Computer and Animation and Special Effects (OCASE) Tax Credit.
This is one of those tax credits that is refundable and doesn’t just reduce your Provincial tax Canada level. It involves the labor costs for animation and special effects. Of course your company has to qualify. If you are in the film industry most likely you have a keen interest in these two topics. It is a costly endeavor to hire experts in these fields and the cost alone can often deter film companies from entering into the types of films that would engage these types of effects. This puts some companies at a disadvantage. This particular tax credit for Ontario tax payers is an excellent way of opening up the doors for film producers that may not of otherwise been able to afford this type of business activity.
Remember no matter whether you are a new or established film production Company you need to rely on a quality Toronto tax accountant who is going to help you keep your tax matters straight and according to your responsibilities.
