Managing your small business taxes effectively can mean the difference between keeping more of your hard-earned revenue or overpaying the government. We partnered with tax expert Mark Solis, Founder of Solis Financial , to bring you five essential tax-saving strategies for small business owners that can help maximize savings and build long-term financial security. 1. Incorporate Your Business & Pay Yourself Smartly If your business is generating consistent revenue, incorporation can help you take advantage of lower corporate tax rates. Instead of taking all earnings as a salary, consider a mix of salary and dividends to lower your personal tax bill. A salary is subject to payroll taxes but provides RRSP contribution room, while dividends are taxed at a lower rate but do not generate RRSP room. This strategy provides flexibility and can help optimize your tax situation. 2. Maximize Small Business Tax Deductions Every eligible business tax deduction you claim reduces your taxable income. Common small business tax write-offs include: Home office expenses (if you work from home) Vehicle costs (if used for business) Advertising and marketing Office supplies and business meals Tracking and categorizing expenses properly ensures you don’t leave money on the table when filing your business taxes. 3. Use an Individual Pension Plan (IPP) or RRSP to Reduce Taxable Income Saving for retirement while lowering your small business taxes is a win-win. If you’re incorporated, an Individual Pension Plan (IPP) allows for higher contribution limits than an RRSP and is a great tax-deferral tool. If you’re a sole proprietor, contributing to an RRSP helps reduce taxable income while building long-term wealth. 4. Set Up a Health Spending Account (HSA) for Tax-Free Medical Expenses Health and dental expenses can add up, but with a Health Spending Account (HSA), you can cover these costs 100% tax-free. HSAs allow small business owners to deduct medical expenses as a business expense, reducing taxes while providing essential health benefits for themselves and their employees. However, to qualify, business owners must earn more than half of their income from the business. Be sure to review all HSA eligibility criteria to ensure compliance. 5. Split Income with Family Members to Reduce Your Tax Burden If your spouse or children help out in your business, consider paying them a reasonable salary for their work. This strategy shifts income to lower tax brackets and helps reduce your overall tax burden. Just ensure their compensation aligns with the work performed to meet CRA requirements. About Mark Solis – Small Business Tax Expert With over a decade of experience in the financial services industry, Mark Solis founded Solis Financial Services  to help Canadians maximize tax savings and achieve financial security through proven insurance and investment strategies. His career began as an Associate Financial Advisor with The Co-operators, where he eventually managed his own office before launching his independent brokerage. Today, he partners with Canada's top insurance and investment companies to deliver the best financial planning solutions to his clients.

Last week, Mastercard and Pier Five hosted the highly anticipated Priceless Experience in Toronto, a transformative gathering for the 2024 Mastercard Small Business Fund recipients. This exclusive event was designed to connect the 10 exceptional women entrepreneurs with each other, Mastercard experts, and experienced mentors, providing them with the tools and inspiration to take their businesses to the next level. Each recipient had already received $10,000 in funding, but the Priceless Experience was about more than just financial support—it was about fostering community, learning from industry leaders, and gaining insights that are often inaccessible to small business owners. Entrepreneurship can be an isolating journey, and taking time away from daily operations is challenging. That’s why Pier Five, a strong advocate for meaningful connections, collaborated with Mastercard to create an experience that balanced learning, networking, and inspiration. (Swipe for photos) The Mastercard Small Business Fund recipients were flown into Toronto from across the country, with accommodations provided at the luxurious Le Germain Hotel for a two-night stay. The experience kicked off on Monday evening with a warm and welcoming reception at the hotel, allowing the entrepreneurs to connect with one another, as well as the Mastercard and Pier Five teams, in an intimate setting over drinks and conversation. Tuesday was a full day of insightful programming designed to help these entrepreneurs refine their strategies, expand their knowledge, and strengthen their businesses. The day began with a breakfast gathering, setting the stage for an engaging and interactive workshop led by two-time Canada’s Top Female Entrepreneur of the Year, Kelsey Kitsch. She guided the business owners through key themes of growth, leadership, and team-building, sharing actionable advice drawn from her own experiences. (Swipe for photos) Following the workshop, Pier Five facilitated a dynamic roundtable session featuring three rotational group discussions on essential business themes: marketing and brand visibility, customer loyalty and retention, and financial sustainability and growth. These sessions provided a space for the entrepreneurs to exchange ideas, ask questions, and gain targeted insights tailored to their unique business challenges. (Swipe for photos) After an incredible lunch at Bar Ardo, the participants attended an inspiring innovation panel featuring industry leaders and small business experts, including Luchila Mado of Digital Main Street, Jessica Pachis of Fiserv, Amber Mac, a public figure and tech entrepreneur, Nishant Raina, the Head of Small Business at Mastercard, and Andrea Grand, the founder of Barbet and a 2022 Small Business Fund recipient. The panel covered a range of topics, from leveraging digital tools to enhancing customer experiences, providing real-world advice to help the entrepreneurs sustain and scale their businesses. (Swipe for photos) To cap off this incredible experience, the entire group was treated to an unforgettable evening at the Toronto Raptors game in the Mastercard suite. This celebratory moment allowed the entrepreneurs to unwind, strengthen their new connections, and enjoy a well-deserved break from their daily business responsibilities. The Mastercard x Pier Five Priceless Experience was more than just an event—it was a testament to both organizations’ commitment to supporting small businesses and fostering community among female entrepreneurs. By creating a space for connection, education, and inspiration, this initiative reinforced the power of collaboration and the importance of investing in the future of women-led businesses. As these 10 remarkable entrepreneurs return to their respective businesses, they do so with renewed confidence, valuable insights, and a network of peers and mentors who will continue to support them on their journeys. The impact of the Priceless Experience will undoubtedly extend far beyond these two days, shaping the next chapter of their entrepreneurial success. Learn more about the Mastercard & Pier Five Small Business Fund, and discover the other 2024 recipients here .

Explore the Mastercard x Pier Five Small Business Fund Introducing The Magpie Cakery, one of the ten recipients of the Mastercard x Pier Five Small Business Fund 2024! Founders: Libby Brewer-Dulac & Maggie Frith Location: Toronto, ON Discover Mess Hall online: Website // Instagram About The Magpie Cakery The Magpie Cakery is a commercial kitchen space and hub for culinary professionals, built with the goal of empowering emerging entrepreneurs in the food space to launch and grow their own businesses. The Magpie Cakery residents gain access to a vibrant community, a storefront for customer interaction, and resources that act as a launchpad for success. Since early 2023, The Magpie Cakery has welcomed 24 small food businesses, with residents achieving milestones like securing wholesale clients and growing revenue. With big plans for the future, including an expansion of their space and a new business education program, the Magpie Cakery will look to increase the potential of its offerings for residents to help them thrive and achieve long-term success. How will the fund make an impact with your business? The mentorship from Mastercard, combined with Pier Five’s support, will be instrumental in ensuring our initiatives drive measurable success. We plan to use the $10,000 CAD grant to fund kitchen renovations and equipment, develop a business education program, grow outreach efforts to support women-led food startups, and offset increased operating costs. Expanding our kitchen space will double our capacity for residency clients, prioritizing bakers and women entrepreneurs. With these enhancements, we can provide immediate benefits and long-term growth opportunities for our residents. What is your long term goal for the company? Within the next 3-5 years, our goal is to support the launch of 10 new women-led food businesses annually through our residency program, with some residents staying for extended six-month terms to hone their craft. We plan to fully optimize our current space and pursue partnerships with George Brown College and other local culinary and community organizations to reach more early-stage women entrepreneurs. Additionally, we aim to host baking workshops and events that showcase our resident bakers, foster community connections, and provide local residents with opportunities to learn new skills and celebrate the art of baking. Learn more about the Mastercard & Pier Five Small Business Fund, and discover the other 2024 recipients here .

Access funding for your small business or creative project in Canada from Pier Five. Pier Five Funding Programs We know how important access to capital can be as you launch and scale your business. With the help of our community and brand partners, Pier Five has helped connect Canadian business owners with $250,000 CAD in support and funding since 2022. If you are an organization interested in working with Pier Five to support emerging small business owners, send us an email at community@pier-five.com ! Pier Five x Intak Printing Activation Grant (Apply Now) Mastercard x Pier Five Small Business Fund Pier Five Creators Grant

5 Small Business Tax Strategies To Save You Money PIER FIVE COMMUNITY DINNERS LEARN MORE Latest Posts Catch up with our latest conversations and events. Empowering Women Entrepreneurs: Mastercard x Pier Five's 2024/25 Priceless Experience Mar 2 Pier Five’s 2024 End-of-Year Celebration Dec 17, 2024 Celebrating Creativity and Community at the OOAK Show '24 Dec 5, 2024 5-Tips On Brand Building From Kuwalla Tee's Founder Yaniv Abecassis Nov 26, 2024 Toronto Community Court Day Recap: A Slam Dunk Success Oct 21, 2024 Pier Five Community Canvas For Kuwalla Tee Sep 25, 2024 Community Court Day MTL: Pier Five x PUMA x Ball Her Way x Double Dribble Sep 22, 2024 Pier Five Community Dinner: Volume 1 Jul 31, 2024 Your Number One Resource With Nishal Kumar of No Days Wasted Apr 24, 2024 Playing the Game Better With Drew Stevens of Margin Skincare Mar 11, 2024 Doing It Yourself With Carol Pak of Makku Feb 7, 2024 Creating Your Identity With Jun Arnaiz of Neutria Jan 9, 2024 Explore All Guests

Small Business Activation Grant General Rules 1. Eligibility 1.1 The Pier Five x Intak Printing Activation Grant ("Grant") is open to individuals and businesses that meet the eligibility requirements outlined in the application guidelines. 1.2 Applicants must be legal residents of Canada and at least 18 years of age at the time of application. 1.3 Employees of Pier Five, Intak Printing, and their affiliates, as well as their immediate family members, are not eligible to apply. Apply to the Pier Five x Intak Printing Activation Grant here. 2. Application Process 2.1 Applications must be submitted within the designated application period, as stated in the grant timeline. 2.2 All information provided in the application must be accurate and complete. Pier Five reserves the right to disqualify any applicant providing false or misleading information. 2.3 By submitting an application, applicants consent to receive emails and communications from Pier Five and Intak Printing for marketing, promotional, and informational purposes. Applicants can opt out at any time. 3. Selection and Notification 3.1 Grant recipients will be selected based on criteria established by Pier Five and Intak Printing. 3.2 Finalists may be contacted for interviews as part of the selection process. 3.3 Selected recipients will be notified via email and must confirm their acceptance within a specified timeframe. Failure to respond within the given period may result in disqualification and selection of an alternate recipient. 4. Grant Activation and Use 4.1 The grant is intended for the recipient’s business activation and branding through Intak Printing services. 4.2 Recipients must complete the activation project within the timeframe specified in the grant agreement. 4.3 Pier Five and Intak Printing reserve the right to use the recipient’s name, business name, and activation details for promotional and marketing purposes. 5. Liability and Indemnification 5.1 Pier Five, Intak Printing, and their affiliates shall not be held liable for any direct, indirect, incidental, consequential, or special damages arising from the acceptance, use, or participation in the grant program. 5.2 Recipients acknowledge that participation in the activation project is at their own risk. 5.3 Recipients agree to indemnify and hold harmless Pier Five, Intak Printing, and their affiliates from any claims, damages, or losses arising from the activation project. 6. Modification and Termination 6.1 Pier Five and Intak Printing reserve the right to modify or terminate the grant program at any time without prior notice. 6.2 Any changes to these terms will be communicated to applicants and recipients via email or the official Pier Five website. 7. General Conditions 7.1 This grant is non-transferable and cannot be exchanged for cash. 7.2 All decisions made by Pier Five and Intak Printing regarding the grant are final and binding. 7.3 These terms and conditions shall be governed by the laws of the Province of Ontario and applicable Canadian laws. By submitting an application, applicants acknowledge that they have read, understood, and agree to these Terms and Conditions.