Keeping the small business payroll honest

Small business owners that pay taxes and handle their small business payroll "by the book" are more likely to survive in the long term.

According to a recent article in the Financial Post, business owners will profit in the long run by completing payroll services in an honest and complete manner, despite some small businesses slipping through the cracks with unethical filings.

As customers perform more extensive due diligence before engaging in a contract - for example with a construction company - business owners need to ensure they are not under review by the Canada Revenue Agency for a violation, says the article.

"I know that when we bid on a lot of the bigger jobs they want to make sure that we've paid all our taxes," Toronto-based business owner David Weenen tells the Post.

Solid financials and complete business forecasting have other ramifications for small businesses.

The Financial Post reports separately that some young business owners are denied important loans due to incomplete financial information.

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