Maximizing Your Business Tax Refund
Posted On: 25/06/21 - 0

Maximizing Your Business Tax Refund

Here Are A Few Ways To Maximize Your Business Tax Refund

First, let us understand the purpose of maximizing your business tax refund. All business owners pay tax calculated on the total income of that business.  Then you subtract any business expenses towards the running of that corporation. There are many business tax deductions to consider when estimating what will be the taxes owed to the CRA. It is the law to file an annual corporate tax return. What can you do to maximize your business tax refund?  We have a bit of an overview here, but you can access a more comprehensive guide to maximize tax refunds for small businesses in this article.

Work-From-Home Expenses Helps With Your Tax Refund

If you are working from home, then the costs that are involved in using an area of your home to run the business can be used to increase your business tax refund. These expenses include electricity, internet charges, certain home office supplies, insurance and maintenance.

Child Care Tax Benefits To Reduce Taxes

Child care expenses are amounts you or another person paid to have someone look after an eligible child.  This applies when you or the other person earned income from employment.   This also applies if you are a business owner or a business partner. But, the child must have lived with you or the other person when the expense was incurred for the expense to qualify as a deduction on your tax return for that same year.

Medical and Dental Expenses To Maximize The Tax Refund

The CRA has compiled a list on its website of allowable deductible expenses. The is not the complete list, but it does include some items such as prescribed medicines, health insurance premiums and dental work.  There are also allowances made for prosthetic limbs, bathroom aids and crutches.  You can also expense medical marihuana, service animals as well as oxygen for the maintenance of your health.  For a very detailed list, please go to the CRA website for all details.

Give our office a call if you are looking for an experienced corporate tax accountant.

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