Business Expenses (Canadian taxes)
Business Expenses (Canadian taxes)
Out of context: Reply #3
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- pylon0
Tax breaks, no personal liability, etc.
The company takes on its own tax entity and pays you a salary. Any expenses for the company are pulled from the company coffers and not your own; hardware, software, and so on.
There are many more reasons, but these are the main ones for which we did it. Once your revenue gets higher it really helps. You can only write off so much stuff personally. If you're thinking of hiring or taking on freelancers it makes a great deal of sense.
Talk to a specialist though, don't take my word for it. I'm a designer not a tax-lawyer.