Virtually every business decision has tax implications. Consequently, it’s important to understand the impact of those decisions – especially given the need to comply with the complex tax systems across Canada. Effectively managing federal and provincial corporate income and capital taxes is more challenging than ever before. Tax laws and regulations can change quickly, businesses are facing more rigorous scrutiny by tax authorities, and many tax managers are dealing with limited resources and heavier workloads.
Companies should be prepared to quickly comply with changes to tax laws and regulations. However, managing Canadian corporate taxes goes far beyond compliance. Some of the most progressive companies consider tax issues in everything they do—from how they structure their business, to their future plans for expansion in Canada or around the world. They also seek opportunities to employ tax incentives that can contribute significantly to their bottom line.
In today’s business environment, where tax regulations and legislation can change quickly, staying on top of changes can be a full time job for in-house tax professionals, which is why it’s beneficial to work with an adviser who can help you understand and quickly and effectively respond to any changes.