As the owner-manager of your company, it’s a good time to take stock of your tax situation, as the end of 2022 approaches. A careful review can help ensure that you are receiving distributions from your company in a tax-efficient manner, and that you are meeting your small business tax obligations. This year, the federal government introduced several new and complex tax rules that could affect your company in the near future, such as the new mandatory disclosure rules, and in some cases, the new excessive interest and financing expenses limitation (EIFEL) rules. Even though they have not yet been enacted, you should take this time to consider whether these rules will apply to you to ensure that you are ready for when they come into effect.
Remember, the tax rules affecting small businesses are complex and can have far-reaching effects on you, your family and your private company. As a result, we recommend you meet with your KPMG Enterprise Tax Adviser as soon as possible—well before the end of the year—to review your tax situation.
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