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Revenue Canada Net Tax Advice for Canadian Taxpayers
Added: (Sun Dec 21 2003)
Every Canadian small business owner spends hundreds of hours building revenues and reducing expenses. But few take the time to appreciate the impact of income taxes ... until it comes time to remit the cheque to Canada Customs and Revenue Agency (CCRA).
Ouch! It always hurts. That's where www.RevenueCanada.net can help with legitimate tax planning and allowable expense deductions to reduce the annual (and even quarterly) pain of filing those income tax returns.
For instance, did you know that if you give an employee up to a $500 Christmas/performance bonus in any form other than cash or gift certificates, it is a fully deductible business expense, but is not considered a taxable benefit to the employee. So, for example, giving your workers a DVD player instead of the equivalent money works better for both parties. This is just one of hundreds income tax tips found at www.RevenueCanada.net.
When it comes to doing your taxes, take a proactive approach with your accountant like you would with your doctor. If you were ill, you would do research online, checking reliable websites for information, making sure you're getting the best medical care possible by challenging your physician with new and better ideas to treat your illness.
Reducing your income taxes is no different. Do some reading on www.RevenueCanada.net to see if you can find new and better ways to put more money back in your pocket instead of the government's. Take charge of your tax planning with a little research, Read what the financial experts at www.RevenueCanada.net have to say about taxation in Canada.
It can't hurt ... and it certainly may help put more dollars back into your business next year.
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www.RevenueCanada.net offers free tax advice to Canadian taxpayers looking for legitimate tax planning and allowable expense deductions. Taxation topics and resources include NetFiling (NetFile) with the Canada Customs and Revenue Agency (CCRA - formerly known as Revenue Canada), net filing, e filing, efile, efiling, audit, auditors, notice of assessment, notice of objection, tax forms, tax refunds, tax tables, tax calculators, RRSPs, mutual funds, RESPs, GST, HST, PST, principal residence and many other taxation tips. Online income tax preparation as well as income tax software is also available to help Canadians lower their CCRA income taxes. The federal government tax agency is often found online by taxpayers seeking revenuecanada, revcan, www.ccra-adrc.gc.ca, revenu du canada, canadian revenues, EI Employment Benefits and CCRA Canada in the taxation years 2002, 2003 and 2004.