You may remember when small businesses got all fired up about the tax rules that the Canadian federal government proposed in 2017 and 2018, but you may also remember not understanding what these new changes meant for your company.
Whether you’re a start-up or you’ve been in business for a while, there’s a good chance that you haven’t kept up with tax regulations (because other than us accountants and bookkeepers, who does?), but there’s also a good chance that you haven’t yet realized how they impact you.
Now that the small business tax changes proposed in last year’s budget are finally in effect (as of January 1st, 2019) it’s time to refresh your memory. It’s also important to know that this year’s Federal Budget, tabled on March 19th by Finance Minister Bill Morneau, introduced additional changes, and we’ve highlighted those, as well.
Here are the most important Canadian tax considerations for a small business owner: