As the fiscal year-end date fast approaches, many entrepreneurs like you will be preparing to close their books. However, it is also the right time for corporations to hire professionals for year-end tax planning for small businesses in Canada. Why? Profits from flipping residential properties will be taxed as business income instead of capital gains starting in 2023. In 2024, the alternative minimum tax (AMT) will be implemented, limiting tax preferences. For tax years ending 2023 or later, most trusts will be required to file an annual T3 income tax return. Finally, the deadline for filling the 1% annual tax on underused or vacant residential properties owned by non-Canadian citizens or permanent residents will end on April 30, 2024. Basically, a lot is happening, or about to happen that can influence your business revenue & taxes
for more- https://cjcpa.ca/blog/answer-these-3-year-end-tax-planning-questions-before-closing-books-in-2023/
