26Nov
If you talk to experienced business owners about tax season, you’ll notice something strange:
They never panic in April.
They panic in November — if they haven’t prepared.
Because November is the real tax deadline.
Not the one in the calendar… the one in reality.
By the time the new year starts, your ability to strategize is gone.
Your spending is locked in.
Your tax position is already written.
Your options shrink from “proactive” to “damage control.
”November is where smart owners protect their profits — and everyone else pays more tax than they need to.
Let’s walk through what high-performing business owners do in November (and what you should be doing too).
1. They Start with a Year-to-Date Snapshot — Not a Guess
The smartest business owners don’t go into year-end blind.
They pull a clean YTD financial picture:• Revenue vs. expenses
• Actual profit vs. expected
• Estimated tax position
• Cash flow health
• Owner draws/distributions
• Upcoming liabilities
This one snapshot can save you thousands because it tells you exactly where you stand — before you make decisions.
If your books aren’t up to date by November, tax planning becomes guessing.
And guessing is expensive.
2. They Confirm Their Estimated Tax Bill (Yes, in November)
Waiting until March or April to find out your tax bill is like checking the weather after you’ve already gone outside.
In November, smart owners ask their accountant:
“Where do I stand today? And what do I need to adjust before December 31?”This is where tax strategy lives:• Did you earn more this year?
• Are you under-contributing to RRSP or corporate investments?
• Should you accelerate expenses or defer revenue?
• Should you withhold more tax now to avoid April stress?
The goal is simple:
No surprises. Only strategy.
3. They Make Strategic Purchases — Not Emotional Ones
November feels like “spend money for tax deductions!” season.
But experienced owners know better.
A deduction saves you only a percentage of the cost.
A $1,000 purchase doesn’t save you $1,000 — it might save you $250.Smart owners ask:
“Does this expense strengthen the business, or am I just buying it to reduce tax?”
The best year-end investments include:• Equipment you actually need
• Software you’ve been delaying
• Training that increases capability
• Marketing systems that generate next-year revenue
• Operational upgrades that reduce labour cost
Every purchase should pass the “3-to-1 rule”:
Can this $1 create at least $3 in future value?
4. They Clean Up Payroll, Dividends, and Owner Compensation
This is the messy part — and the most overlooked.
By November, smart owners confirm:• Should they pay themselves salary or dividends?
• Are payroll remittances correct and up to date?
• Should they issue bonuses before year-end?
• Are they over/under-paying corporate income tax?
The right compensation structure can save thousands in April.
The wrong one?
It’s one of the fastest ways to trigger CRA headaches.
5. They Maximize All Remaining Contributions
November is the last window to plan:• RRSP contributions
• TFSA strategies (if withdrawing/depositing)
• Corporate investments
• Shareholder loan repayment
• HSA/Welfare plan reimbursements
• Employer benefits
• Charity contributions (for tax receipts)A 30-minute meeting can reduce your tax bill dramatically.
6. They Prepare for Year-End Before It Arrives
Smart business owners don’t wait for December chaos.
They prepare now:• Request missing receipts
• Reconcile accounts
• Match bank/credit card statements
• Verify contractor invoices
• Close out outstanding AR/AP
• Confirm inventory counts
• Ensure all documentation is digital and audit-ready
This is also when they remind themselves of the golden rule:
CRA doesn’t care how busy you were — only how accurate your records are.
7. They Meet With Their Accountant or Fractional CFO Before It's Too Late
The best tax savings happen in November, not tax season.
This is when you should ask questions like:• “Am I structured correctly?”
• “Should I incorporate (or stay incorporated)?”
• “Where am I overpaying tax?”
• “What must I do before December 31 to reduce liability?”
A 45-minute tax planning session can save you thousands.
Not having one can cost you thousands.
The Bottom Line
Tax planning isn’t about scrambling at year-end — it’s about being intentional before year-end.
Smart business owners treat November as their strategic month:• No panic
• No guessing
• No surprises
• No leaving money on the table
If you want April to feel calm…
November is where the work happens.
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