By Stephen Thompson, CA, CFP, TEP

Tax season is quickly approaching, and in this economic climate those in small business ventures – entrepreneurs, mom-and-pop stores, small corporations etc. – are especially vulnerable. Stephen Thompson, a Certified Accountant with the firm Wilkinson & Company has put his specialist knowledge of small-business taxation into a well-organized guide to the murky world of Canadian tax rules, with the intent of showing how small business can reduce the taxes they pay. The table of contents alone reads like an FAQ for quick reference, although to get the most out of the book (and your taxes) it is recommended that the book is read from start to finish, since there may be savings tips along the way that you didn’t know could be applied to your business. The first chapter begins with the basics, like the types of expenses that can be deducted, then there is a chapter on accurate record keeping (essential in case the tax man revisits), a guide to incorporation, an entire chapter just on the GST, numerous chapters on saving, and he even provides information on what can happen after all the tax forms are submitted. I especially like the easy, (mostly) jargon-free language he uses, the side-bar “Tax Beater” short tips and its quick reference index in the back, which is very handy in avoiding turned-down pages or a mass of sticky-note bookmarks. Read this book early to avoid the tax-season rush. Click here to find it in SPL's on-line catalogue.


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