Canadian income tax instalments are due on March 15th so it's time to get yours in if you haven't already. Many small business people don't have a choice; they have to pay their Canadian income tax in instalments. (See this Paying your income tax by instalments page on the Canada Revenue Agency website.)
But that's all right; paying Canadian income tax in instalments is a smart thing because it cuts down on the amount of income tax you would have to pay all at once in April.
An even smarter thing, though, is to review your income tax strategies and ensure that you're not paying any more Canadian income tax than you have to. 8 Small Business Tax Strategies to Reduce Income Tax presents some of the tax strategies I use to lower my Canadian income tax bill; see how many of them will work for you.
More on Small Business Income Tax Deductions
- Business Expenses as Tax Deductions Index
- Investment Tax Credits for Canadian Small Businesses
- 6 Home Based Business Tax Deductions You Don't Want to Miss
- Don't Miss out on the SR&ED Tax Credit Program