The taxation system in Canada has evolved throughout the years; today our tax system is a labyrinth of forms and calculations, that seriously tests the taxpayers' algebra skills and sometimes the ability to find a needle in a haystack!
In general, the majority of people agree with some tax laws and disagree with others. But it is important to know, that there are numerous tax breaks available to businesses in many ways. Ultimately the Government does make an effort to contribute to the success of businesses by providing some tax breaks. However, many small businesses just don't have the knowledge of where to find or claim them.
For example, we try to remind our clients at Vancouver Premium Packaging, that often their product packaging is PST exempt. In that case, simply by providing their PST account number, we can omit this cost from their invoice. If you are a BC-based company please check out this link for more information: PST exemption on Containers and Packaging Materials. In other provinces please refer to the appropriate government website.
If you have an accountant to help advise your business, well you are in better shape than most; but if you choose to file your income tax yourself, it is a good idea to use reliable software. I do recommend Quickbooks because it is one of the approved sites by the Government of Canada. In addition, it provides some information about other software available as well as excellent advice on various tax brackets including personal. Here is a quick refresher video:
By having a reputable tax filing software, you can make sure that the funds needed for your business are not tied up in excess tax payment. We have seen clients who were able to elevate the image of their company by adding small details to their packaging which resulted in an increase in their revenue. For example, by adding tissues to their packaging box, or color to their design they succeeded in standing a class above their competition.
If you are looking for a reputable packaging company to elevate your product's image to a higher class, we can show you how we have helped our clients in over a decade to make that happen. At Vancouver Premium Packaging we work with our clients, with various needs and budgets, to create custom premium packaging and branding. Contact us today at 604-728-7225 or at email@example.com, so we can review your needs and offer inspiring solutions.