We hope you got some well-deserved rest and are prepared for our favourite time of year— tax time!
One date you NEED to remember if you have staff is the LAST DAY OF FEBRUARY! You are required to provide your employee with their T4 slip and file your T4 information return with the CRA on or before the last day of February following the calendar year to which the information return applies. If the last day of February falls on a Saturday or a Sunday, your information return is due the next business day.
There is a lot of information available online if you are still trying to file your own taxes. The problem with going with what’s online is it might not be the right information for your specific situation.
If you just started your business last year (2020) when are your taxes due?
Are you a sole proprietor, incorporate company or contractor and what’s the difference in how you file and pay your taxes?
Why is it that if you’re self-employed or have a spouse or a common-law partner who is self-employed, the deadline to file your taxes is June 15, 2021, yet all taxes owed must still be paid by April 30, 2021!?!
These are all questions the team at Censea can answer for you based on your specific situation. The government does not accept, “But I am new and didn’t know”, as a valid reason for untimely filing or for paperwork being filed incorrectly.
If you are not perfectly clear on what you have to do and by when, or have no previous experience to rely on, it is time to call professionals who can guide you at the very least.
Business owners need to save as much tax as they can this year, but not spending on a certified bookkeeper and accountant, doesn’t typically save you any money. In fact, most often, once we start working with a business, we save our clients more than double our cost and hours and hours of frustration. Those hours are best spent securing new business and resting up!
It is critical to stay on the right side of the Canada Revenue Agency — if you find yourself in need of expert advice and accountability for these deadlines, feel free to book a quick introductory chat, they are always free!