While you're out Christmas shopping this weekend, don't forget about your small business. Year end is almost here for many small businesses and that means your time to make business related purchases that will increase your income tax deductions is running out.
Assuming that the product you're buying is an asset for business use, you'll be able to claim a portion of the cost of your purchase through your Capital Cost Allowance claim. (Read more about how to use your Capital Cost Allowance claim to reduce your income tax in 8 Small Business Tax Strategies to Reduce Income Tax.)
So look around your office and see what you need and hit the stores. If you shop at a small business, it could be a gift to both of you.
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Photo courtesy PriceGrabber.com
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