Tips on not paying corporate taxes?
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Tips on not paying corporate taxes?

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This topic contains 1 reply, has 1 voice, and was last updated by Avatar of Robert Robert 4 years, 8 months ago.

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  • #5079
    Avatar of Robert
    Robert
    Member

    We have a question from a client:
     
    Basically, I want some tips on not paying tax! I know there are many deductions, or ways of reducing tax that I do not know and I do not have an accountant. It is a Corporation, but it is a small business, under $75000 revenues.

    #5080
    Avatar of Robert
    Robert
    Member

    Nobody really wants to pay income tax, but the law says that if you have taxable income, then you have an income tax liability. Given that your business would probably qualify as a Canadian Controlled Private Corporation (CCPC), your combined Federal and Provincial tax rate on corporate taxable income under $500,000 is approximately 13.5% (BC). Your primary obligation to CRA is to report your income. You are then allowed to deduct legitimate expenses incurred to earn that income, inclusive of salaries paid to yourself. Utilizing the services of a Chartered Accountant will be well worth the effort in this regard. Barry J. Watson CA. Direct Line 604-714-1999

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