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Tag: Banking & Finance

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When is the right time to start tax planning in your business?

Crafting an effective tax strategy may not be the flashiest part of managing a business, but it’s undeniably one of the most critical.

So, when should you start planning your business tax strategy?

Well, the simple answer is: yesterday!

Most business owners think they need to be of a certain size to start planning for taxed and executing on complex and strategic tax planning.

However, I can promise you that even the smallest business can benefit from some simple tax strategy – and the benefit is that you get to keep more money in your pocket earlier!

The ideal time to kickstart your tax strategy isn’t linked to hitting a specific revenue or profit milestone; it’s about getting in the game from the very inception of your business journey. Whether you’re a start-up or a seasoned player, being proactive with your tax planning is your secret sauce for financial success.

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About 20% of small businesses in Canada fail within their very first year. But it doesn’t have to be that way if you have the right business and legal guidance.