Overview

Updated for 2024Navigating Canadian taxes as a small business or self employed owner can be challenging and stressful. Small Business Tax Facts: An Easy-to-Understand Guide for Canadian Small Business Owners teaches you the fundamentals and the facts about income and tax. Keeping your business on the right side of tax collectors is easier than you think. Simple errors, oversights, and miscalculations can result in costly audits and/or fines. Don't let that happen to you! Learn how to navigate taxes, pay only what you owe and on time and save your hard earned money by claiming the deductions that you are entitled to. Inside this comprehensive and helpful guide for unincorporated small business and self employed owners, you'll discover: (Includes complimentary PDF version by sending an email with proof of purchase - see book for details) a comprehensive breakdown of business expenses and deductions with examples how income tax works when you are a small business or self employed owner guidance on how tax brackets and rates works to give you a better understanding of how you are taxed the differences between being an employee and a small business/self employed owner so that you can assess the tax impact how to register for an online CRA Account to simplify your tax obligations and reporting the difference between tax deductions and tax credits and a list of the most common ones to help you reduce your tax bill the essentials of small business/self employed accounting to make your life easier at year end how to prepare and file your own business income tax return allowing you to save on hiring an accountant how to prepare your sales tax (GST/HST) returns insights into CPP contributions, how to calculate them and how they affect your taxes payable and so much more! Discover insider secrets, tools, techniques, and must-know information from author Ronika Khanna CPA, CA, & CFA, and learn to navigate Canadian small business taxes with ease

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9781777443931

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Reviews

When I was starting my business, I only knew about the taxes I had paid as an individual consumer. Setting up tax accounts with the government was something I didn't really understand, and I ended up paying a bunch of penalties and interest.This book really lays things out clearly. I wish I'd had it when I started! I also found that there were deductions that I wasn't taking, and so this year I paid less tax than last year, even though my business was more profitable.I strongly recommend buying this book if you operate your own business. The explanations are clear and complete, the step-by-step guides to government forms easy to follow, and the language is aimed at regular people--you don't have to be a lawyer or accountant to get it!y business, I only knew about the taxes I had paid asan individual consumer. Setting up tax accounts with the government was something I didn't really understand, and I ended up paying a bunch of penalties and interest.This book really lays things out clearly. I

Author Information

Ronika Khanna is a Chartered Professional Accountant (CPA), Chartered Accountant (CA) and Chartered Financial Analyst (CFA) and the founder of Montreal Financial, an accounting, tax and financial consulting services business. After having worked as an accounting professional for several multinational companies, both in Montreal and Bermuda, she decided to launch her own business, focusing primarily on the accounting, tax and financial needs of small business owners, startups and independent contractors.To date, Ronika has helped many small and medium sized businesses, startups and self employed individuals, in a diverse range of industries, with their accounting setup and maintenance, financial reporting and tax obligations.

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