Small Business Tax Facts: A Straightforward Tax Guide For Canadian Small Business Owners (2024)
UPDATED FOR 2024
Mastering Canadian taxes as a small business or self-employed owner can often feel complex and overwhelming. Simple errors, oversights, and miscalculations can result in paying a higher tax bill than is necessary and result in costly audits and/or penalties.
But keeping your business on the right side of the tax authorities is easier than you think. Small Business Tax Facts: An Easy-to-Understand Guide for Canadian Small Business Owners teaches you the fundamentals and the facts about income and tax. It shows you how to navigate taxes, pay only what you owe, and on time, and save your hard earned money by claiming the deductions that you are entitled to.
Inside this comprehensive and helpful guide for unincorporated small business and self employed owners, you’ll discover:
a comprehensive breakdown of business expenses and deductions with examples to help you maximize your tax savings
detailed explanation of income tax implications for small business and self-employed individuals
expert guidance on how tax brackets and rates work so that you can understand exactly how you are taxed
the differences between being an employee and a small business/self employed owner allowing you to make informed decisions about your tax obligations
how to register for an online CRA Account to simplify your tax reporting and compliance
a list of the most common tax deductions and tax credits to help you reduce your tax bill
insights into how small business/self employed owners should do their accounting to simplify the tax preparation process
guidance on how to prepare and file your own business income tax return, allowing you to save on hiring an accountant
insights on sales taxes, including how to prepare your sales tax (GST/HST) returns accurately.
how Canada Pension Plan (CPP) contributions work ,how to calculate them and how they affect your taxes payable
and so much more!
Discover insider secrets, tools, techniques, and must-know information from author Ronika Khanna CPA, CA, & CFA, and learn to navigate your Canadian small business taxes with ease.
Note: The print version available at Amazon includes a complimentary PDF with proof of purchase (To claim, please email me a copy of the completed order at contact@montrealfinancial.ca.
Types of Users That Will Benefit From This Guide
The guide is designed to benefit a wide range of users. Here are the types of users who will find this guide invaluable:
Note that this book relates to businesses that are unincorporated.
Self-Employed Professionals: Freelancers, consultants, and independent contractors looking to understand their tax obligations and optimize their tax deductions.
Small Business Owners: Entrepreneurs and owners of unincorporated businesses who need to navigate the complexities of income tax and sales tax.
Startup Founders: Individuals in the early stages of their business who need to establish solid tax practices from the beginning to ensure compliance and financial efficiency.
Gig Economy Workers: Those working in the gig economy, including ride-share drivers, delivery personnel, and other app-based workers seeking to manage their taxes effectively.
Home-Based Business Owners: Individuals running businesses from home who want to understand how to claim home office expenses, and other relevant deductions and credits.
Online Entrepreneurs: E-commerce store owners and digital service providers looking for guidance on sales tax (GST/HST) returns and other tax obligations.
Creative Professionals: Artists, writers, and other creatives who want to leverage tax credits and deductions specific to their professions.
Part-Time Entrepreneurs: Individuals running a business alongside employment, looking for advice on managing taxes for both income streams.
New Immigrants: Newcomers to Canada who have started a business or freelance work and need to familiarize themselves with the Canadian tax system.
Financial Planners and Accountants: Professionals seeking a resource to recommend to their clients for basic understanding and self-management of taxes.
REVIEWS:
When I was starting my business, I only knew about the taxes I had paid as an individual consumer. Setting up tax accounts with the government was something I didn't really understand, and I ended up paying a bunch of penalties and interest.
This book really lays things out clearly. I wish I'd had it when I started! I also found that there were deductions that I wasn't taking, and so this year I paid less tax than last year, even though my business was more profitable.
I strongly recommend buying this book if you operate your own business. The explanations are clear and complete, the step-by-step guides to government forms easy to follow, and the language is aimed at regular people--you don't have to be a lawyer or accountant to get it!
Jack T.
I am really liking the book and the tip on convention expenses more than makes up for the cost. Let me add that you do have a way with words. There aren’t many authors who can make their readers laugh about the subject of income taxes.
Thomas J.
Another great guide for small business written by Ronika. Recommended!!
It is well written and very helpful. The beauty of your books are that they are logical and straight forward. Anyone reading your latest book would, with confidence, proceed with doing their own small business tax return.
Ralph H.
I finished Small Business Tax Facts, and I LOVED it very much, learned a huge amount in so little time! Packed with information in an easy to read form for people who need it! So thank you very much again!
Dustin F.
I bought your two books 'Small Business tax facts' and 'Faststart your Corporation' on amazon and found them great!
Francois R.
I just bought your book. I am loving the way you have explained the complex terminology in simple terms :) .
Harminder S.
I bought three of your books and I must say that from what I have read so far, they are amazing, and by far, the best resources I have read so far, on my journey.
Georgia G.
Thank you for writing such helpful books
Kathy M.
Thank you so much and thank you for the wonderful book that focuses on Canadian taxes for small business owners.
Krista R.
I purchased your book on Small Business Tax Facts and in about 10-12 days, I finished reading it. I loved it because of the simple manner in which you have explained things. You have a very reader-friendly writing style. Keep up the excellent work!
Nilay S.
My husband has a consulting business that I feel I should’ve able to do his books for him. We have in the past used our local accountant but he retired two years ago and after being transferred to a larger firm I feel it is time for me to be more pro active. Really enjoyed reading your book - it was very helpful.
Pat L.
I read your book Small Business Tax Facts and it was very interesting and well written.
Ren D.
I purchased your excellent book to help with doing the taxes for my husband's business. I am very pleased with your easy to understand and current information!
Steve M.
I have just bought your book from amazon.ca. and I like this book so much!
Wang Y.
ABOUT THE AUTHOR
I have helped numerous small businesses with their financial, accounting and tax reporting over the years, which has allowed them to run their businesses more effectively and profitably. I wrote this book to try and help small business owners gain a better understanding of their tax obligations and provide guidance to those who want to do it themselves.
If you have any questions about this guide, please contact me and I will get back to you as soon as possible