Tax savings in your business does not come after year end. Tax savings happens all year long, looking at your financials to see where you are throughout the year helps you plan for better tax situations at year end.
I have seen too many times businesses and contractors either set up as a sole proprietor or incorporate, get their GST number and WCB, and forget about the rest. This then ends them in big tax trouble.
In past years I have had single contractor tax bills from $12,000 to $45,000 which could have been avoided with up front planning. So find an exceptional bookkeeper as they are your number one asset in managing paperwork and getting the best tax advantage for your business situation.
Also, don't forget the old adage "You get what you pay for". You may get a great deal on bookkeeping fees but are you getting all that you need.
For example, in a "rescue" I did to help clients through a serious financial situation, they were paying $25/hr for bookkeeping. The books took 28 hours to complete each month, this is a $700 fee. Finding a trained, professional bookkeeper who charged $50/hr helped them greatly because the books only took 5 hours to complete and were done properly and efficiently.
A professional bookkeeper will charge you an appropriate fee and your bookkeeping will be done in a efficient and professional manner.
Please be diligent in choosing the right bookkeeper and tax person for you and your business. Tax Link Canada has such professionals listed on this site. They follow the code of ethics and standards that you can view here.
Thanks for checking out our list of professionals! Below are tax tips and information to help you in getting your best tax advantage!
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