Jan 8, 2018 We all know how important business planning is – this small business year end
checklist will inspire you to get to it and make the process easier. … 8 Small
Business Tax Strategies to Reduce Income Tax reviews tax strategies Canadian
sole proprietorships and partnerships can use to reduce the amount of …

For example, imagine you incorporated on June 1. You could opt to carry on a half of a year of business and file your corporate tax at the end of the calendar year. Alternatively, you could name May 30 of the following year as your yearend date and use a fiscal year that runs from June 1 to May 30.

Aug 11, 2014 So if you incorporated July 15, 2013 you can set your fiscal yearend to be June 30, 2014. That'll postpone your tax bill and professional fees long enough, while allowing you to take advantage of the small business deduction and tax planning opportunities.

Dec 11, 2012 If you are starting an unincorporated business such as a sole proprietorship, then
you may choose an off-calendar tax yearend; however, this will introduce more
tax reporting complexities, says Mr. Machon. "The Canada Revenue Agency will
require you to report your income on a 'notional' calendar year …

For any number of reasons, your current fiscal yearend may no longer suit your
needs. If you meet a certain number of criteria, the Canada Revenue Agency (
CRA) may allow you to change it, but the process is by no means automatic. The
overriding concern of the CRA is to ensure that businesses do not change their …

Superman flies faster than a speeding bullet. And so does your first year of
business. One day you'll be working away, dealing with a customer, perhaps, or
sourcing supplies, and you'll suddenly realize that you've been running your own
small business a whole year! That's definitely something to celebrate. But it's also
 …