How To Avoid The Burden of Tax Issues
As a Kelowna accountant, If I wanted to offer my perspective on personal tax returns, I would simply say that you need to stay organized enough to keep thinking throughout the year about preparing for your year-end taxes. You do this by saving receipts, doing great record keeping, thinking about your deductions and staying organized. This will allow your tax returns to be completed easier and faster. Not to mention it obviously increases the probability of lowering your taxes
When you’re thinking about taxes, it’s the same as corporate year-ends and filing in time of any deadlines imposed by Revenue Canada (CRA). However, you shouldn’t play to the deadlines because when you’re looking at corporate taxation, you need to plan in advance to take advantage of all tax saving opportunities. Your taxes are due either in two months or three months, depending on different requirements, file early, get them done and avoid paying interest and penalties.
The important part of your business plan is planning for the future, not looking at the past. When it comes to taxes, you’ve got to remember that it’s a historical look and not a forward-look. I’m not only a Kelowna accountant but also business advisor to my clients, so I’m thinking forward all the time.
Get your taxes done, get them out of the way and move forward. Leaving your taxes to the last minute just creates stress and the best stress relief is to just have it done.
When do you typically file your taxes…late or early? Leave a message in the comments below.
About the Author
Ken Davidson is a Chartered Accountant with BDO Canada LLP, with their Kelowna accounting firm. Ken specializes in helping Kelowna businesses that are in start-up mode, companies in Kelowna that are in their growth phase and are ready to take their revenues to the next level, and professionals to secure their financial future with solid investment advice. Ken is best known for his strategic planning advice that positions him as a trusted advisor above and beyond being a Kelowna accountant that gives typical tax planning advice. To contact Ken for a Strategic Business Review to learn how he may be able to help your Kelowna business, email him at firstname.lastname@example.org.
Last 5 posts in Accounting, Taxes and Finance
- Going Through a CRA Audit? Whatever You Do, Don’t Do This - April 17th, 2014
- Significant Changes to Canada Tax Rules for Testmentary Trusts - April 3rd, 2014
- New Federal Budget Has Canadians Paying Less For Naturopath & Acupuncture - March 27th, 2014
- 5 Tax Decisions Business Owners Need To Make Before Year End - October 22nd, 2013
- Casual Labour? Don’t Tell That To The CRA - October 16th, 2013