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.