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The COVID-19 pandemic has, for pretty much the entire year, certainly created much disruption with the way we live every day. In the tax world, there was some relief, including an extension of some tax-filing deadlines. But some things never change. Taxes will always have to be paid eventually, and the Canada Revenue Agency hasn't stopped working to collect them.
So it's still important to do some planning to minimize the tax bill when it comes due.
With that in mind, and before we put 2021 behind us, let's look at some year-end tax planning strategies for both business owners and employees before next year's April tax-filing deadline is once again upon us. Amid the ongoing challenges of the pandemic, tax planning may not be top of mind for many business owners, but it’s more important than ever to plan for income taxes to avoid any unpleasant surprises later on.
In addition to tax considerations, your financial plan should reflect investment philosophies, sound business practices, and motivational goals. Owner-managers should ensure that sufficient funds are retained to meet business objectives; given the uncertainty in the economic environment, cash flow management is especially important.
With the help of this CPD E-Book individuals and owner-managed businesses will be able to save tax.
In response to the COVID-19 pandemic, federal, provincial, and territorial governments have introduced many financial incentive programs to help individuals and businesses, as well as extending many filing deadlines for certain income, sales, and capital tax and other returns; certain payment deadlines were also deferred, including those for installments and final balances.
This CPD E-Book will highlight some of these incentives and deadline extensions too.
Advisor, Entigrity Solutions, LLC
𝗔𝘁 𝗘𝗻𝘁𝗶𝗴𝗿𝗶𝘁𝘆 𝘄𝗲 𝗵𝗲𝗹𝗽 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗳𝗶𝗿𝗺𝘀 𝗵𝗶𝗿𝗲 𝗱𝗲𝗱𝗶𝗰𝗮𝘁𝗲𝗱 𝘀𝘁𝗮𝗳𝗳 𝗮𝘀 𝗽𝗲𝗿 𝘁𝗵𝗲𝗶𝗿 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀. Worldwide, thousands of firms are making the shift to a “double office strategy,” Onshore and Offshore. So it’s clear accounting firms are more open to hiring offshore staff especially post 𝗖𝗢𝗩𝗜𝗗.
Every month 𝟯𝟬 𝗻𝗲𝘄 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗳𝗶𝗿𝗺𝘀 𝘀𝗲𝗹𝗲𝗰𝘁 𝗘𝗻𝘁𝗶𝗴𝗿𝗶𝘁𝘆 in hiring offshore staff associates and taking a step forward in building their offshore team. We can help you hire staff for many positions, including accountants, tax preparers, tax reviewers, bookkeepers, tax seniors, audit associates, admin executives, etc. 𝘀𝘁𝗮𝗿𝘁𝗶𝗻𝗴 𝗮𝘁 𝗷𝘂𝘀𝘁 $10/𝗵𝗼𝘂𝗿. 600+ 𝗖𝗣𝗔𝘀, 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 & 𝗧𝗮𝘅 𝗳𝗶𝗿𝗺𝘀 have successfully built their offshore team with Entigrity. If you’d like to find out more about how we can help grow your capacity, margins and profits, contact us to request a free consultation at 646-827-4348
1 CPD Credit for Chartered Professional Accountant (CPA Canada)
goodwill impairment basics
revenue recognition principles
segment reporting basics
remote staffing handbook: 8 reasons why remote staffing is better than outsourcing
10 best practices of working with offshore staff
cyber security: best practices for cpa firms
passive activities & rental real estate income tax issues
qualified business income (qbi) deduction - irc §199a - the ins & outs
partnership preparation, basis calculations & distributions - form 1065 schedule k & k-1 analysis
s corporation preparation, basis calculations & distributions - form 1120s schedule k & k-1 analysis
building a circle of influence
iras - contributions & distributions for traditional, roth, sep, & simple iras
basis calculations & distributions for pass-thru entities - schedule k-1 analysis
goodwill impairment testing
segment reporting – a detailed review
Something Just Gone Wrong.