Whenever a new budget is in the wind, Toronto business owners always have room for concern. With a tight economy most businesses view themselves as being somewhat vulnerable even though the figures make the business appear stable. Small business issues that may usually go unnoticed by those in management positions demand more attention, and companies rely heavily on their Toronto accountants to keep them in the financial loop. When the new budget comes down it’s usually the Toronto chartered accountant who makes it understandable for the Toronto small business owner and how it is going to directly affect them.
So for the 2013 budget what does it mean for Toronto business owners? For many small business owners they often feel as though they are put on the back burner when it comes to tax considerations. There now seems to be a sense of justice filling the air with the awakened approach to closing the tax holes that allow for the hiding of offshore money. For the most part this isn’t something that the small to mid-sized business would have been party to, as it takes all the money they are making just to keep their businesses afloat.
How tempting the big snitch rewards will be remains to be seen. If this type of recourse is used in its proper perspective then it will have some merit to it. Chances are though it will be used by some as a means to cause great distress against companies that may not in fact be guilty of offshore money hiding. Of course for those that use safety deposit boxes the small deduction for this expense is a bit of a slap against those who used these for valid reasons. Not everyone uses safety deposit boxes to stash money. These security devices have become a solid way of keeping important papers and contracts safe.
With all the new terminology that comes with this revelation of cracking down on off shore accounts many business owners will be turning to their Toronto tax accountant for an explanation of the meaning of synthetic dispositions or what are character conversion transactions. Like most technical terms that come from the CRA the average person isn’t quite sure how to decipher this terminology.
Comments made by Jim Flaherty the Federal Finance Minister during his recent speech, may have raised a few eyebrows or perhaps a bit of smirk by some business persons. This was his comment referring to tax fairness being important to ordinary hard-working Canadians. There are more than a few business owners that are of the thought that there isn’t much to be said in regards to tax fairness for the small to medium sized businesses not only in Toronto but throughout Canada.
Every budget that comes forth no matter how small or big, the potential impact that it may have on Toronto businesses should be scrutinized by every business owner. Even small tax issues can have a big impact on a small company. Reviewing Government budgets with your Toronto Chartered accountant is something that you should include in your business planning.
As a Toronto chartered accountant I make it my business to stay in tune with the budget implications and how they relate to small to medium sized businesses in Toronto. If you are in need of a financial expert for your business then just fill in the form here on the right and take advantage of my free consultation.
