BCBusiness

March/April 2023 – The Unsung Heroes

With a mission to inform, empower, celebrate and advocate for British Columbia's current and aspiring business leaders, BCBusiness go behind the headlines and bring readers face to face with the key issues and people driving business in B.C.

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Created by the Canada Wide Media advertising department in partnership with Baker Tilly WM LLP Business Tax Advisory with Baker Tilly L et's face it: tax time can be stressful. Business owners who want to maximize their corporate and individual tax returns and avoid unnecessary costs can benefit from engaging a tax advisory professional. John Demetri CPA, Incorporated Partner, Tax, with Baker Tilly WM LLP, says there are three common mistakes business owners make that can turn tax time into headache time: forgetting to charge appropriate sales tax as applicable; not keeping receipts and detailed records; and providing information late. Forgetting to charge sales tax as applicable can lead to an unexpected additional tax cost as the business may still be liable for the uncollected tax with the tax authority. When business owners fail to keep receipts and careful records, deductions may be denied upon future tax authority audits. "Owners should provide their tax professionals the information in a timely and organized manner so returns can be completed on-time and with consideration of specific needs," Demetri says. "Not only that, being disorganized and providing the information late can significantly increase the cost of compliance and potential for late filed returns." Organization and planning are important for business owners, no matter the business's size or sector. Discuss changes in tax situations proactively rather than after tax filings have been started or prepared. "Once the tax returns are prepared and filed, be sure to keep them—along with supporting documentation—for at least six years to assist with providing necessary support in case of tax reviews by the tax authority," Demetri says. As important as being organized and aware of all pertinent deadlines is choosing the right tax preparation and advising professional. "An incorporated business should be working with a qualified CPA to assist in the preparation of their business and personal tax filings and to ensure proactive tax planning and integration between the returns," Demetri says. "Working with a qualified professional ensures business owners can plan for and achieve their long-term financial goals and avoid issues with tax authorities. Therefore, business owners should look for professionals that specialize in their business needs. For example, working with a cross-border accountant is important for businesses that do business across borders." Baker Tilly provides full-service tax advisory, including corporate tax planning, international taxation, transaction service, estate planning and a range of other services to small, medium and large businesses across North America. "Whether a business owner is dealing with complex conditions surrounding a transaction, a restructuring, the impact of rapidly changing tax legislation, indirect tax compliance or simply managing corporate income taxes, they can rest easy knowing our advisors will help develop a custom strategy that is the perfect fit for their individual business needs and financial goals," Demetri says. Learn more at: bakertilly.ca/en/btc/ professionals/vancouver-british- columbia/john-demetri @BakerTillyCanada @Baker Tilly Canada @baker llycan To comply with domestic and international tax laws, make effective decisions and reduce tax liabilities, Canadian businesses can benefit from the insights of an experienced tax advisor

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