Episode 7 // Nine Tax Tips to Tackling Covid Benefits [Personal and Corporate]

Championed by our friends at Community Futures Manitoba

It’s been a crazy twelve months to say the least. And now, add taxes to the mix—well, let’s just call it absurdly nerve-racking.

We’re running into a tax season unlike any other. As Founders, we’re typically tapped with twice the pressure, contending with both personal and corporate tax returns. Now, with the added task of reporting Covid benefits, it can feel four times as daunting.

Make this episode a top priority, Founders. It’s time sensitive. It’s mission critical. And, if you apply the tips NTN Pro, Brian Quinlan shares here, you’ll likely save yourself, and your business, tons of aggravation, uncertainty and costly mistakes.

Part 1 // Personal Taxes + Covid —What You Need to Know

First things first, let’s make sure home base is covered. Brian walks us through what we need to know if we’ve benefited from either CERB or CEWS. He also takes us through what we can and can’t write off, if we found ourselves working from home through Covid.

In case you didn’t know, different rules apply for sole-proprietors versus employed Founders.

Part 2 // Corporate Taxes + Covid —What You Need to Know

And now, to get down to business. Whether you received Covid benefits to support your team, to subsidize your lease, or to cover your operating expenses, Brian helps us navigate the A-Z of Covid relief accessible to business owners in 2020.

Heads up, for those of you who may have drawn larger than normal dividends last year, you’ll want to pay close attention.

Part 3 // Taking a Proactive Approach

Last but not least, Brian suggests an alternative approach to our 2021 tax strategy. Saving money requires a proactive approach, not a reactive one.

Come May, as weary as you may be, that's the time to ask the one, most important, question of your accountant...

You'll have to tune in to uncover what question to ask.

Saving money requires a proactive approach, not a reactive one.

// Download the free tools and templates

About the Pro // Brian J. Quinlan, CPA, CA, CFP, TEP

Partner, Campbell Lawless LLP

Brian concentrates on the needs of entrepreneurs – from the struggling artist to the medium sized business. His role is that of a part-time VP Finance serving organizations and individuals in a proactive manner. Brian operates in a supportive role to maximize cash by minimizing tax.

Brian has over 20 years of experience in public accounting. He often speaks at financial planning seminars and serves as a contributing editor at Canadian MoneySaver Magazine.