Thank God it\u2019s May, an expression used by many accountants after tax season.<\/p>\n
A few items to take note of:<\/p>\n
Next Tax Filing Date<\/strong><\/p>\n June 15th, personal tax returns due for those that are self-employed but any taxes\u00a0payable were already due. Same is true for your annual HST filing.<\/p>\n CRA, My Account Personal Tax Installments CRA Request for Receipts QuickBooks New Business Incorporation Corporate Year Ends Corporate Tax Returns I hope you find this general information helpful. Please consult with your\u00a0accountant or myself if you have any questions.<\/p>\n This material is provided for general information and is subject to change without notice. Please consult\u00a0with your professional advisor before you act on any of the above information to ensure it\u2019s right for you.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Thank God it\u2019s May, an expression used by many accountants after tax season. A few items to take note of: Next Tax Filing Date June 15th, personal tax returns due for those that are self-employed but any taxes\u00a0payable were already due. Same is true for your annual HST filing. CRA, My Account Register for My […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-579","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=579"}],"version-history":[{"count":1,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/579\/revisions"}],"predecessor-version":[{"id":580,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=\/wp\/v2\/posts\/579\/revisions\/580"}],"wp:attachment":[{"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.larosacpa.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong>Register for My Account on the CRA web site to access your tax information on\u00a0line, such as your notice of assessment and statement of a\/c, now and in the future.\u00a0Corporations can register for My Business Account to access their tax information.<\/p>\n
\n<\/strong>If you receive CRA forms to pay installments for 2016 make sure you pay them on\u00a0time to avoid penalty and interest. Next installment is due on June 15th.<\/p>\n
\n<\/strong>If you e-filed your return you may get a request over the next few months to provide\u00a0a copy of some receipts such as donations, medical or tuition. Ensure you open all\u00a0mail from CRA and that you respond to these requests within the 30 day period to\u00a0avoid reassessment and denial of these deductions. Keep your receipts handy.<\/p>\n
\n<\/strong>If you are self-employed and did not have proper tax information for 2015, consider\u00a0setting up a proper set of books now for 2016. It will save you time and money in\u00a0the long run.\u00a0Make sure you get proper training to ensure you get started on the right track.<\/p>\n
\n<\/strong>Many will venture out to start a new business in 2016. Make it a positive experience\u00a0by talking to an accountant first to get the right advice at the right time.<\/p>\n
\n<\/strong>Talk to your accountant or lawyer about the pros and cons of incorporation.<\/p>\n
\n<\/strong>If you incorporated recently, you can select any month, within the first 12 months,\u00a0as your year end. Talk to your accountant about the best month for your company.<\/p>\n
\n<\/strong>Corporate tax returns are due 6 months after the year end of the business but any\u00a0taxes payable are due after 3 months for most small businesses.<\/p>\n