Monthly Newsletter – June 2016 Issue
A few items to take note of:
Next Tax Filing Date
June 15 th , personal tax returns due for those that are self-employed but any taxes payable were already due. Same is true for your annual HST filing.
Next Personal Tax Installment
Next tax installment is due on June 15 th . If you receive CRA forms to pay installments for 2016 make sure you pay them on time to avoid penalty and interest.
Check with your accountant if not sure. Future payments due Sept. and Dec. 15 th .
CRA, My Account
Register for My Account on the CRA web site to access your tax information on line, such as your notice of assessment and statement of a/c.
Corporations can register for My Business Account to access their tax information.
New Payroll Tables
New payroll tables must be used effective July 1 st . Ensure you download the payrollupdates from QuickBooks or Simply. They are also available on CRA web site.
Corporate Tax Returns
Corporate tax returns are due 6 months after the year end of the business but any taxes payable are due after 3 months for most small businesses. December is a popular year end so these tax returns are due by June 30 th .
Record Keeping
One of the most important things in business is also one of the most neglected. Setting up a proper set of books is key to keeping track of revenue and expenses, banking, government remittances for payroll and HST, and corporate tax filing.
Tax Free Savings Account, Penalty Letters
If you over contributed to your TFSA in 2015 you will get a letter shortly from CRA to pay the penalty by June 30 th . Over contributions should be removed ASAP.
Check with your banker for the status of your TFSA account.
Heart and Stroke Big Bike Ride
I am riding in the Heart and Stroke Big Bike Ride in Richmond Hill on June 16 thwith the Connecting the Community Group. You can cheer us on at Longo’s Please follow link below if you would like to donate and help create survivors.
I hope you find this general information helpful. Please consult with your accountant or myself if you have any questions.
This material is provided for general information and is subject to change without notice. Please consult with your professional advisor before you act on any of the above information to ensure it’s right for you.