Tax Breaks and Where A Toronto Accountant for Small Business Fits In

Perhaps you consider yourself as a small business entity and as such don’t feel that you qualify or even need a Toronto Accountant. It is not unusual for a small business to just assume that they can tend to their tax matters at the end of their fiscal year, by providing the necessary figures to an accountant to prepare their tax return and file it for them.
 
You may be surprised to discover that the services offered by these professionals can go far beyond a routine business tax filing. So many people in business have such an enormous task of just seeing that their business is operating efficiently that they don’t realise that there may be other ways of saving money, such as substantial business tax breaks, or even planning for their future tax obligations.
 
Many times the Canadian government releases a budget where it can include something of benefit for the small business person, yet many of these entities assume it doesn’t apply to them and miss out on some great opportunities. A reputable Toronto accountant immediately researches any new release information related to businesses and peruses these to see if they are applicable to their business clients. These experts know that business people do not have the time or expertise to understand what these types of new tax proposals can mean to them. Toronto businesses trust their Toronto accountant to stay on top of this for them.
 
A good example of this is the 2013 budget which allowed for the extension and expansion of the Hiring credit for small business. It allows for a $1,000 credit against a Company’s increase in EI premiums, for those who qualify. The purpose of the Government is to use this credit as an incentive to stimulate new hiring by easing some of the costs burden with this. Another new proposed resource in the 2013 budget was a program to assist some businesses access research and business development services.
 
At first glance these two examples of potential tax savings and business assistance may not seem significant. By having a Toronto accountant as one of your resources, who knows your business, you have access to a valuable asset that can advise you as to whether these or other tax issues could have a positive impact on your small business.
 
Just as you insist on trying to implement the very best of resources for your Company by way of equipment, location and staff you need to give the same attention to the financial aspects of your business. In order for it to be a successful entity you need to not only generate money but save it as well. Why not contact me today and let’s discuss how my expertise can be of great value to your business.