Taxes for Small Businesses
While owners of small businesses might be considered a being self employed, there is a functional difference. A self employed person works in his line of business, but a business owner may or may not do so. They may make policy decisions and hire employees to run the actual day to day functions of the business. Obviously there is a blurred line between the two at some points. A small business would have between 5 to 100 employees. Less than 4 employees would be referred to as a micro-business, but would be treated the same for taxation purposes. There were 1.14 million businesses registered in Canada as of December 2010, and 1.12 million were considered to be small enterprises. Over 41% of employees worked for a company with a staff of 20 or less. That means that small businesses represent a large segment of Canadian business tax payers. If you are a member of this group, you know how fragile your financial position can be, and how vital it is to reduce your tax exposure to the smallest level possible. The professionals at ATS have years of experience guiding the development of small enterprises, and helping them to minimize their tax bills. They know exactly what you can deduct, and how to set up your accounts for the maximum benefit of your company. From bookkeeping to number crunching, they are a one stop shopping centre for all your financial needs.