Tips for small business owners to cut taxes: read them all at Canadian Money Magazine

BMO Bank of Montreal released 5 year-end tax tips and strategies for Canadian small business owners that can pay dividends come tax time.

“While 2011 may be a year remembered most for its economic challenges, many s mall business owners we talk to are cautiously optimistic and confident about their ability to finish 2011 on solid ground,” said Cathy Pin, Vice President, Commercial Banking, BMO Bank of Montreal. “Before the holiday rush, now is the time to do a quick financial check-up with a small business specialist and your accountant to consider some straightforward tips and strategies to help minimize the amount of 2011 income tax payable,” added Ms. Pin.

For small business owners in Canada (most commonly a sole proprietorship or partnership), there are a number of year-end strategies that can be applied to reduce the amount of income tax payable, including: 

1. Do a ‘Financial Check-Up’: A small business specialist, accountant, and investment advisor can help owners make sure they have a clear understanding of their current financial situation. These professionals can also help develop or adjust existing plans based on new needs or changing circumstances.

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