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When are Small Business Taxes due?

As a self-employed person, of a partnership or sole proprietorship, you (and your spouse) have until midnight on June 15 to file your income taxes,  as opposed to the April 30 deadline.

However, if you have a balance owing to the Canada Revenue Agency (CRA), that must be paid  by April 30, or CRA may charge you a late filing penalty

It's always tempting to put this job off to the last minute meaning if the deadline is June 15, the Human Condition will put the collecting of receipts and other required documentation off until June 14.  You are only postponing the inevitable and the likelihood of missing something becomes greater.  At the very least start now with organizing your documents   You probably have a mountain of receipts, invoices and paperwork to go through. Create a spreadsheet so everything is documented.  For tax slips that you're expecting, develop a check list to make sure you've received them all.  Don't forget the Government benefits like CERB, CESB, etc, which must be reported as taxable income.  Any income that doesn't' get reported are subjected to penalties.

By the middle of April, all your tax slips should have been received, including those for Charitable donations which tend to be a little later.  This makes the end of April an ideal time to get those taxes filed and off your list of things you need to worry about.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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