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.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.