What is the best way to set up your business structure for tax purposes? Are you a full time employee or self-employed or both?
The way you set up your business structure is critical in terms of how much tax your business ends up owing to the government. What you need to do is set it up right from the get go or fix it as soon as possible in order to avoid penalties. Most of the time businesses get too caught up in trying to break even or managing growth that they forget to pay attention to things like tax planning, process efficiency and procurement.
Consequently, they realize upon receiving a cra notice or during an audit. As a growing business there must always be checks and balances in place in order to ensure business continuity and take advantage of future opportunities. And this does not cost much in fact, if done properly it may even result in cost savings. Hence, knowing how you operate and understanding your business structure may get your business a strategic advantage over your competition.
