What Small Business Owners Need to Know About Income Tax Instalments
Self Employed, Small Business, Business Tax Ronika Khanna Self Employed, Small Business, Business Tax Ronika Khanna

What Small Business Owners Need to Know About Income Tax Instalments

Transitioning from being a full time employee to small business ownership or self employment means that you need to cultivate self discipline.  You can no longer rely on your employer to take care of business functions that do not relate to your job ,and must take a much more active role in ensuring that you remain on top of your obligations whether it is collecting payments from customers, paying bills or ensuring that you do not run afoul of Revenue Canada.  One of these obligations requires that you calculate and pay the full amount of your income taxes when you file your income tax return, rather than having your employer remit deductions from your paycheck directly. In addition to having to calculate and pay your income tax, once you exceed a certain income threshold, you are also required to pay income tax and sales tax instalments.

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Small Business Tax Filing Deadlines for 2019 (UPDATED)
Business Tax Ronika Khanna Business Tax Ronika Khanna

Small Business Tax Filing Deadlines for 2019 (UPDATED)

As the year end approaches, small businesses should be aware of the deadlines, imposed by Revenue Canada and Revenue Quebec, for their various tax obligations. Ensuring that these are done on a timely basis can result in significant savings , that can be put to better use in the business , by avoiding interest and penalties. It also helps to prevent aggressive notices from revenue agencies and reduces the red flags that tend to accompany habitually late filers. Below are the deadlines that businesses should be aware of: 

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Last Minute Guidance and Information for Tax Filers
Business Tax Ronika Khanna Business Tax Ronika Khanna

Last Minute Guidance and Information for Tax Filers

Accountants and tax preparers all over Canada are waiting with bated breath for the end of April and dreaded busy season, when sleep will no longer be a luxury and dreams cease to be tax reconciliation exercises.  At this point in the month, most tax filers have submitted their info and efiled (or mailed in) their tax returns.  Of course, there are always a few stragglers (accountants among them) who have either have not had the time to prepare their tax files or simply tend towards the easy yet stressful path of procrastination. For those that are in the straggler category, below is some guidance to help facilitate the process:
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