What small business owners need to know about income tax Iqaluit NU

A strong small business sector is key to a healthy Canadian economy. Running a business is hard work, especially keeping your paperwork and tax oblig ...

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What small business owners need to know about income tax

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(NC)-A strong small business sector is key to a healthy Canadian economy. Running a business is hard work, especially keeping your paperwork and tax obligations up to date.

This spring, the Canada Revenue Agency (CRA) is providing the following tips to help small businesses.

• Small business owners should explore the necessary requirements for business registration. Registration is different from incorporation and has different implications for taxes. The CRA's Web site has everything you need to know at www.cra.gc.ca. Under "Business," select "Business registration."

• Some businesses need to charge taxes on the goods and services they supply. Others do not. To find out what the rules are for your business, visit www.cra.gc.ca. Under "Business," select "GST/HST."

• Completing all necessary tax returns correctly is important. The CRA's Web site has a lot of helpful tips and information on how to do that. Be aware that small business owners can file returns as sole proprietors, partnerships, or corporations, depending on how the business has been set up. The CRA's Web site has a breakdown of all three.

• Be prepared to back up every claim you make with proper receipts and paperwork. If you can't prove it, don't claim it. Visit www.cra.gc.ca. Under the A to Z index, select "Topics for business," and "K" for "Keeping records."

Credit: www.newscanada.com