If you are the owner-manager of a company, the approaching new year marks a good time to take stock of your tax situation. As 2021 draws to a close, a careful review can help ensure that you are receiving distributions from your company in a tax-efficient manner, and that you are meeting your small business tax obligations. Depending on your situation, this may also include reporting financial assistance that your business received as part of the government's emergency COVID-19 measures.

This publication outlines important issues and tax tips to consider in order to assess your 2021 tax situation. While these tips assume your corporation has a December 31 year-end, you can still use most of these ideas to improve your overall tax position whenever your business' year-end comes up.

Download this edition of the TaxNewsFlash to learn more.