This project focuses on helping Ontario business owners navigate the complexities of tax regulations and filing requirements. Students will delve into both federal and provincial tax laws to understand the obligations that business owners face, such as HST, corporate income tax, and payroll deductions. The project aims to identify common challenges and pitfalls in tax compliance and filing, providing practical solutions to optimize tax strategies. By analyzing available deductions and credits, such as the Small Business Deduction (SBD) and the Scientific Research & Experimental Development (SR&ED) tax credit, students will offer recommendations to enhance tax efficiency. The ultimate goal is to equip entrepreneurs with actionable insights to ensure compliance while maximizing their tax benefits.

The deliverables for this project include a comprehensive report detailing the tax obligations for Ontario business owners, a list of available deductions and credits, and a set of best practices for tax filing. Additionally, students will provide a presentation summarizing their findings and recommendations, ensuring that entrepreneurs can easily understand and implement the strategies proposed.