Stay Abreast of the Tax Code With These Tips

By QuickBooks Canada Team

1 min read

Canada makes updates and slight changes to the tax code every year. If you’re a small business owner, it can be challenging to keep track of the changes that affect your business and your personal finances. To stay abreast of what’s happening in the world of Canadian tax codes, you may want to check the Canada Revenue Agency’s What’s New page. This section of the agency’s website features regular updates – new posts appear roughly twice a week. It has news releases, tax tips, and alerts on CRA programs and services. You can also subscribe for email updates. You may want to work with a reputable tax accountant or use tax preparation software that is updated annually. With both of those approaches, you answer questions and provide the numbers, and the accountant or software ensures your return is legally compliant and that you don’t miss any new deductions. Consider doing regular internet searches for phrases such as “updates to tax laws” or “tax laws”. Rather than looking at the general results lists, hit the “news” category so you can see what the media is reporting. It’s important to note that many news stories focus on upcoming laws or new tax codes under discussion, rather than on tax laws that have already been added to the books. Staying updated on tax codes helps you avoid unpleasant surprises at tax time. Use these tools and resources to keep yourself informed.

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.

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