Started business two years ago. Do not want to pay taxes
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Started business two years ago. Do not want to pay taxes

Landing Page Forums Personal and Business Tax Matters Small Business Tax Started business two years ago. Do not want to pay taxes

This topic contains 1 reply, has 1 voice, and was last updated by Avatar of Robert Robert 7 years, 11 months ago.

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  • #5059
    Avatar of Robert
    Robert
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    We have a question from a client:
     
    I started my business two years ago and have not done any tax returns because I have not made any money. But now maybe I will be making money in 2012 but I do not want to pay tax. Thanks a lot for any ideas.

    #5060
    Avatar of Robert
    Robert
    Member

    You should meet with a Chartered Accountant. He will inform you that very few people want to pay tax but that our country is dependant upon and mandates that all taxpayers are to comply with the Income Tax Act, report their taxable income and pay the required statutory income taxes. It is the Law. Assuming that you have incorporated a company to run your business, you should get your accounting records brought up to date for the first two years of operations. A bookkeeper will of great assistance to you here. If you have incurred losses over those two years, you are able to carry these losses forward and offset them against your current year income within your corporation. If you are running an unincorporated business, then you should still report the gross income and the underlying expenses on your prior years income tax returns. You will be entitled to refundable tax and GST/HST credits if your taxable income is low enough. These credits will vary by provincial jurisdiction. Barry J. Watson CA. Direct Line 604-714-1999

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