Top 5 Tax-Saving Tips Every Business Owner Should Know

Here are 5 quick tax-saving tips for Canadian business owners:

1. Small Business Deduction: Lower tax rates on the first $500,000 of income if you’re a Canadian-controlled private corporation (CCPC).
2. RRSP Contributions: Reduce taxable income by contributing up to 18% of your earnings to an RRSP.
3. Write Off Business Expenses: Deduct legitimate business expenses (e.g., office supplies, travel, etc.) to lower your taxable profit.
4. Lifetime Capital Gains Exemption (LCGE): Save up to $913,630 on capital gains when selling shares of your qualifying small business.
5. Incorporate Your Business: Lower tax rates, income splitting with family, and deferring taxes on retained earnings.

These tips can help reduce taxes and boost savings.