Vancouver Business Tax Planning for Small Businesses in 2024

many small business owners wait until spring to start thinking about taxes, stay on top with strategies and advice to reduce tax burden

This press release was orginally distributed by ReleaseWire

Vancouver, BC -- (ReleaseWire) -- 04/01/2024 -- As a team of Chartered Professional Accountants in Vancouver, Mew and Company understands that many small business owners are spirited entrepreneurs with products and businesses out to change the world. However, a strong focus on tax planning strategies plays a critical role in any company's success. From small business incorporation to meeting tax requirements, Mew and Company is a team dedicated to the long-term prosperity of BC's small businesses. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/corporate-tax-planning/

There's no denying that corporate tax is one of the largest expenses for any successful business. To maximize savings, business owners need to be mindful of money-saving strategies year-round. One of the simplest ways to minimize tax burden is to take advantage of all the tax deductions available. That means collecting receipts of all business expenses no matter how small or large. These expenses add up and will reduce the tax bill come tax time.

For example, as more Canadians begin working from home, entrepreneurs and small business owners should be aware of tax advantages. If the primary place of business is the home, it's possible to claim a percentage of home expenses, typically in relation to the size of the workspace compared to the home. If the workspace is roughly 7% of the home, it's necessary to claim a portion of home expenses that relate to operating the business. Some examples would be utilities, house insurance, cleaning costs, property taxes, and mortgage interest.

If a business has a non-capital loss, years when expenses exceed income, a tax specialist will utilize this loss when the business finally turns a profit.

As a team of Chartered Professional Accountants, Mew and Company can offer small business owners insight and advice on strategies to help hold on to more money—and make taxes less taxing.

Call 604-688-9198 to learn more and work with a tax specialist who can address issues like:

- Strategic wage or dividend payments
- Income splitting
- Share classes and shareholding strategies
- RRSP purchase and mortgage payment strategies
- Corporate and/or personal investment trade-offs
- Corporate tax and GST/PST instalment planning
- Timely payroll remittances
- Corporate tax and GST/PST return filings
- Timely and accurate filing of T4, T5, and T3
- SR&ED credit claims

About Mew + Company, Vancouver
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients. Learn more about Mew + Company and discuss their tax services.

Lilly Woo, CPA, CA, CFE
Mew + Company Chartered Professional Accountants
604 688 9198.

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