When it comes to preparing your taxes and claiming incentives, Bryan Haralovich and Terry Lavineway from Welch LLP Chartered Accountants have some advice that every entrepreneur should know.
Planning ahead can go a long way when it comes to complying with Canada Revenue Agency and capitalizing on your own advancements for incentive programs. Of course, these tips are only general advice; you should always conduct your own research and consider engaging with a tax professional for details particular to your own situation.
For startups that meet the requirements of incentive programs such as the Scientific Research and Experimental Development Tax Incentive Program (SR&ED) and the Ontario Interactive Digital Media Tax Credit, among others, it’s critical to know whether your project activities qualify and meet specific criteria. Watch Bryan and Terry’s talk “Demystifying SRED and Other Tax Tips for Entrepreneurs” from the MaRS Best Practices series to learn more.
Here are three practical ideas to consider when preparing tax reporting for your startup. To hear all six of Bryan and Terry’s tips, watch the whole presentation below.
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