Small business owners and self-employed individuals have until midnight tonight to get their income tax returns in to the Canada Revenue Agency or they could get dinged with a penalty.
Commercial banking manager for BMO Saskatchewan Kelly Walker has some tips for those last minute filers. "Small business owners would like to consider is income splitting. To include their spouses or children as employees for their business. It has to be reasonable, the income levels for those family members can't be unreasonable, but reasonable levels can be deducted."
Walker also advises self employed people to look at exemptions for capital gains and remuneration options.
He suggests all small business owners visit with a tax expert before filing.
Fri, May 17, 9:30 AM
Entry-Level, Casual, Full-time, Part-time
Featured
