There are no shortage of ways in which to keep track of what's happening in the nation and the world.
As a small business owner, much of your attention is likely wrapped up in what's going on with your company, determining the best way to allocate resources to produce a quality product.
And in the time that's remaining, you probably spend it doing things that you enjoy, like spending time with your family, relaxing or getting to the gym to work off stored energy.
As a business owner, though, it's important to keep tabs on what's happening in the business world, both in terms of how the country is performing economically, but also with regard to the obligations you have as an entrepreneur as far as paying taxes is concerned.
The following tips can help you keep up to date with the ever changing Canadian tax laws and the business world so you can focus your efforts on managing your employees and your small business.
1. Bookmark Canada Revenue Agency
The Canada Revenue Agency (CRA) serves as the headquarters for all things taxes. If you go their website, you'll find up-to-the-minute news on what legislation has been passed that concerns you as resident of Canada but also as a business. You can find this information in the "News" section, on the right side of the page. There are also tabs on the top of CRA's homepage that are broken up into groups. If you click on "Business," you'll find information on popular topics that other entrepreneurs peruse the website for.
With a complicated web address like cra-arc.gc.ca, it's a good idea to bookmark the page so that you can easily access it, avoiding having to type it out every time you wish to go there.
2. Follow on Twitter, Facebook
Social media has revolutionized the way in which people interact with one another but also news developments. Gone are the days when the quickest way to find out what's happening was with the morning newspaper or evening broadcast. Now, following media outlets like CTV News or CBC News on Twitter or "liking" them on Facebook brings the news to you, rather than the other way around.
You should also follow government agencies, like the Parliamentary Budget Office. It recently released a report on The Family Tax Cut, announcing it via Twitter:
3. Pay Attention To When Financial Reports Air
As a business owner, you may not always have time to sit through a half-hour evening news broadcast to get to what's happening in Canada's financial sector. That's why news agencies often air news developments at regular times. The next time you're watching the news, see what time segments air. That way, you can flip on the TV at the same time every day to get the latest on tax law changes, if there are any.
4. Setup Google Alerts
With Google Alerts, you can have tax news delivered to your e-mailbox.
Google's footprint in Internet culture is so significant that it's both a noun and a verb. Wondering what happened in last night's hockey game? "Google it," is the typical answer. If you have Google as an email service, you can set up a schedule where you'll get information on tax stories. You can refine your search in a number of ways so that the updates you get are restricted to what you're most interested in.
5. Speak With a Professional
Taxes can be complicated, so even if you are aware of what's going on, you may not understand how it affects you and your business. That's where the experts at FBC can help.
An FBC tax specialist can separate the "wheat from the chaff," as the old saying goes, so that you know what tax developments concern you.Connect with your Local Tax Consultant to learn more