Did You Know?
- Importance of meeting government deadlines ensures a clean record;
- Opt in to Workplace Safety Insurance Board (WSIB) for optional disability insurance for business owners.
- Corporations can set up self-administered medical plans for their employees that do not require monthly premium payments.
- Home office expenses: you can claim office space, utility, insurance, interest and other necessary expenses; also claimable is vehicle mileage.
- PST, GST and WSIB audits are most often standard procedures.
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Did you know that even if funds are tight and remittances are due, you should at least remit the remittance portion of your obligation. This at least shows that there are no "holes" in your file. Penalties and interest will still accrue.