2016-11-21 00:00:00TaxesEnglishFind out if your small business has been overpaying taxes by overlooking the tax credits available in your province.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Business-Owner-Instructing-Student-Apprentice.jpghttps://quickbooks.intuit.com/ca/resources/taxes/dont-miss-small-business-tax-credits/Don’t Miss Small Business Tax Credits

Don’t Miss Small Business Tax Credits

0 min read

Small businesses leave money on the table each tax year by overpaying their taxes. This often happens because small business owners overlook deductions and tax credits that are available to them.

For example, when your Ontario-based small business spends money on activities that involve computer animation and special effects, you may be able to claim as much as 20% of your expenses through the Ontario computer animation and special effects tax credit. If you own a book publishing business in Ontario, you may be eligible for the Ontario book publishing tax credit. In addition, the Ontario apprenticeship training tax credit offers small businesses a tax credit when they provide apprenticeship to students.

The Canada Revenue Agency website has a comprehensive list of available small business tax credits for each province. Visit the CRA website to research what other tax credits your business may be eligible to receive.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

How to File Self-Employed Taxes

When you’re self-employed, you have different tax responsibilities than a traditional employee.…

Read more

Everything You Need to Know About Business Sales Tax

Table of Contents (Click Me) What Are Sales Taxes? What Sales Taxes…

Read more

Understanding the Small Business Deduction

As a small business owner in Canada, you can claim a number…

Read more