How Much Are You Overpaying in Taxes?
Free calculator for Mississauga small business owners
Small Business Tax Savings Calculator
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Frequently Asked Questions
How much can I really save by incorporating my business?
If you’re earning over $75K as a sole proprietor in Ontario, incorporating can save you $5,000-$25,000+ annually through the small business deduction (9% corporate rate vs. 26-53% personal rates), income splitting with family members, and tax deferral strategies. The exact savings depend on your revenue, expenses, and personal tax situation.
What deductions do most small business owners miss?
The most commonly missed deductions include home office expenses (even for hybrid work), vehicle expenses calculated properly using a mileage log, meals and entertainment (50% deductible), professional development and courses, software subscriptions, and capital cost allowance on equipment. Our average client discovers $8,000-$15,000 in overlooked deductions.
What happens if I have unfiled tax returns?
The CRA charges a 5% penalty on taxes owed plus 1% per month (up to 12 months) for late filing. If you owe taxes and delay, interest compounds daily at ~10% annually. More seriously, unfiled returns can trigger audits, frozen bank accounts, and personal liability for directors. We’ve helped dozens of clients resolve unfiled returns with minimized penalties through voluntary disclosure.
Is a professional CPA worth the cost for a small business?
Absolutely. Our average small business client (under $500K revenue) saves $12,000-$35,000 annually in taxes and avoided penalties-far exceeding our fees. Beyond savings, you get peace of mind, audit protection, and hours of your time back to focus on growing your business instead of paperwork.
How accurate is this calculator?
This calculator provides reasonable estimates based on typical Ontario tax scenarios, common deductions, and incorporation benefits. Your actual savings depend on your specific financial situation, expenses, family income, and tax planning opportunities. Book a free consultation for a personalized analysis with exact numbers for your business.