Canada: Year-end tax considerations for business owners, managers

Important issues and tax tips to consider in order to assess 2021 tax situation

Important issues and tax tips to consider in order to assess 2021 tax situation

For the owner or manager of a company, the approaching new year marks a good time to take stock of the tax situation.

As 2021 draws to a close, a careful review can help confirm that individuals are receiving distributions from their companies in a tax-efficient manner, and that companies are meeting their small business tax obligations. This may also include reporting financial assistance that the business received as part of the government's emergency coronavirus (COVID-19) measures.

Read a November 2021 report [PDF 254 KB] prepared by the KPMG member firm in Canada that outlines important issues and tax tips to consider in order for business owners to assess their 2021 tax situation. While these tips assume businesses have a 31 December year-end, the tips can still be used to improve overall tax positions at any time.

 

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