Tax Planning

Across the country, most Canadians aren't even thinking about their tax liabilities at this time of year.
It's barely mid-November at this point, and entrepreneurs - including farmers and truck owner operators - are more likely thinking about their holiday plans than their companies' tax status.
A complete tax plan should include succession planning for your eventual retirement and passing on or wrapping up your farm or business.
October isn't a time that many small business owners think too much about getting their taxes done.
Each year, millions of Canadian farm and small business owners may struggle to make sure they're doing everything they can to be fully prepared for tax season.
Over the last several months, many Canadian small business owners and independent contractors - including farmers and truck drivers - have likely noticed that the nation seems to be in a bit of economic distress right now. 
While many farm owners and truck drivers may not think about it, even in late September, the consensus among small business tax experts is that now is the time to start tax preparations ahead of the April 30 deadline.
Taxes are often not top of mind during the Fall season. However, tax planning now can save small business owners, specifically farmers and truck owner operators at tax time.
Tax planning has to be an integral part of your day-to-day operations. If you're not taking steps year-round to minimize the amount you'll eventually have to pay in taxes, then you're costing your business huge amounts of money that you'll never get back.
The prospect of being selected for an audit by the CRA is likely a scary one for many business owners.
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