cPP cONTRIBUTION CALCULATOR:

UPDATED FOR 2024

Mastering Canadian taxes as a small business or self-employed owner can often feel complex and overwhelming. Simple errors, oversights, and miscalculations can result in paying a higher tax bill than is necessary and result in costly audits and/or penalties.

But keeping your business on the right side of the tax authorities is easier than you think. Small Business Tax Facts: An Easy-to-Understand Guide for Canadian Small Business Owners teaches you the fundamentals and the facts about income and tax. It shows you how to navigate taxes, pay only what you owe, and on time, and save your hard earned money by claiming the deductions that you are entitled to.

Inside this comprehensive and helpful guide for unincorporated small business and self employed owners, you’ll discover:

• a comprehensive breakdown of business expenses and deductions with examples to help you maximize your tax savings

• detailed explanation of income tax implications for small business and self-employed individuals

• expert guidance on how tax brackets and rates work so that you can understand exactly how you are taxed

• the differences between being an employee and a small business/self employed owner allowing you to make informed decisions about your tax obligations

• how to register for an online CRA Account to simplify your tax reporting and compliance

• a list of the most common tax deductions and tax credits to help you reduce your tax bill

• insights into how small business/self employed owners should do their accounting to simplify the tax preparation process

• guidance on how to prepare and file your own business income tax return, allowing you to save on hiring an accountant

• insights on sales taxes, including how to prepare your sales tax (GST/HST) returns accurately.

• how Canada Pension Plan (CPP) contributions work ,how to calculate them and how they affect your taxes payable

• and so much more!

Discover insider secrets, tools, techniques, and must-know information from author Ronika Khanna CPA, CA, & CFA, and learn to navigate your Canadian small business taxes with ease.

Get your free small business tax return checklist .