COVID-19 has brought unprecedented challenges to businesses across Canada, significantly affecting their bottom lines. Ryan recently compiled a list of top tax-related opportunities that can help businesses minimize costs.

1. The (Property) Taxman Cometh

Property taxes are one of the largest expenses for many companies. With high fixed costs, maintaining cash flow is tough enough without the risk of overpaying your property taxes. Unfortunately, that is exactly what many businesses do. Some options that may be available to manage and minimize property tax liabilities include preliminary value negotiations, assessment appeals, and legislated relief.

2. I'm Not Sold on This

Canadian federal and provincial sales taxes are complex, and changes to the rules and administrative policy occur every month. It’s important to carefully review your taxable amounts and monitor regulatory changes to ensure that you only pay the sales taxes you owe. If you do notice an overpayment, there are avenues available for recovery.

3. SR&ED...Say What?!

The Scientific Research & Experimental Development program (commonly referred to as SR&ED) is now Canada’s largest incentive program benefiting businesses. Companies can check for eligibility and apply for tax credits by submitting required documentation to the Canada Revenue Agency (CRA) by the cutoff date.

4. Don’t Get Caught at the Border

As many businesses move online, it is more important than ever that accounting departments have a customs duty solution that will make their jobs easier while protecting their bottom lines. Ensure your finance team is reviewing all import and/or export transactions and related documentation to identify customs duty overpayments for recovery.

5. Grant Me Relief!

Each year, the Canadian federal and provincial governments provide financial support to corporations in the form of grants. While many programs have complicated terms and conditions that need to be navigated, it’s worth investigating to potentially unlock significant financial benefits.

Is your business overlooking any of these tax opportunities? At Ryan, we strive to help companies minimize their costs, mitigate tax burdens, and make informed decisions that ultimately help their businesses grow and thrive. We share knowledge and best practices for improving tax performance by offering the most comprehensive support services available in the industry. Contact us today to receive your complimentary corporate risk assessment.