When building your economic value, the tax rule is simple: pay the least amount of income tax as legally possible. To get there you need planning and organization. With Silver + Goren by your side, accomplishing this is simple too.
You pay tax in Canada on your net business income, and the amount you pay is determined by different tax rates per level of income. Net income is the difference between gross income for your fiscal period (everything you make) and your deductible business expenses. Generally speaking, an expense is deductible if its purpose is linked to earning income, it’s reasonable, and not capital in nature. Examples of these can include business vehicle operating costs, certain meals or office supplies. Continue reading