Canadian tax laws allow several credits and deductions to corporations; however, there are limits on the amount that prevents you from using them completely in the current tax year.
Your corporate tax accountant will use carryovers to use these credits and deductions in the future and reduce your business's taxable income.
The accountant will keep track of all carryovers so they can be utilized in the future to minimize your tax liability.
Some common examples of carryovers include capital losses and net operating losses.
Do Year-End Planning
You can substantially reduce your taxable income by performing year-end planning for your business. Many strategies allow you to defer and minimize your tax liability.
For instance, you can buy fixed assets and claim depreciation in full. You can also revalue your assets to increase the amount of depreciation, which will reduce your taxable income.
Your corporate tax accountant will several strategies to reduce your business's taxable income and, as a result, minimize your overall tax liability.
These are only a few of the many ways a qualified corporate tax accountant can help you reduce your business's taxable income.
Having a tax expert by your side will allow you to slash down thousands of dollars from your taxable income and minimize your tax burden.
If you are looking for a professional corporate tax accountant in Edmonton, get in touch with us today!
At Duggal Professional Corporation, we provide specialized tax solutions to ensure our clients pay their fair share without paying more than required by the law. Call +1 780 863 2224 to get started.