Tax Planning Tips for the Self-Employed
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If you are a solo entrepreneur or are otherwise self-employed, you are aware that it is nearly impossible to take into account all the various tax consequences of your business decisions. You have a business to run and customers to please, so decisions are often made on the fly.
You hope that you will be able to sort it out adequately at a later date. The problem with this strategy is you are likely paying thousands of dollars in taxes to Revenue Canada that could otherwise be in your pocket.
