Tax season has arrived, and the filing deadline is looming. Individuals and most business owners must file their income tax returns by April 30. However, if you are self-employed, the CRA extends the filing deadline to June 15, with interest accruing on your tax due on April 30.
Ahead of the deadline, we’ve gathered together our most popular tax articles in one convenient place. Covering everything from business mileage to how to file online, our guide will leave you fully informed and ready for Tax Season 2019.
Guide to Paying Your Small Business Taxes Online
Filing your business taxes online is easy with the Canada Revenue Agency’s (CRA) online tools. Your information will be handled securely and conveniently, cutting out needless paperwork along the way. This article provides all the information you need to get your business set up online with the CRA.
Explaining Small Business Tax Audits
Few things are more likely to send a shiver down the spine of small business owners than a letter from the Canada Revenue Agency (CRA) notifying them of an audit. According to estimates, approximately 30,000 audit letters were sent out in 2017. There’s no sure way to avoid being audited, but there are four main reasons why businesses find themselves facing small business tax audits. In this article, we explain the key red flags and how to avoid them.
Stop Using Your Personal Credit Card for Business
A worryingly large percentage of small business owners continue to use personal credit cards to fund business-related purchases. A recent study by the Canadian Federation of Independent Business puts the figure at around 30 per cent of entrepreneurs, and while it might be ok to turn to your personal credit in a pinch, it’s all too easy for it to become a regular occurrence. In this article, we explain the benefits of using a dedicated credit card for your business.
Guide to CRA-Approved Tax Deductions in Canada
March means it’s time to gather up your receipts and whip your annual numbers into shape. While some approach this time of year with trepidation, it’s really nothing to worry about – if you’re completely honest in what you declare. Here are some of the most common CRA-approved tax deductions entrepreneurs claim.
Know the Taxes You Need to Collect
Whether your small business is new, home-based, or relatively small in scope, you’ll have tax obligations you need to meet. We’ve outlined the basic guidelines to ensure you collect and remit the required taxes for your business in British Columbia.
Are You Tracking Your Business Mileage?
As a small business owner, it’s extremely likely you use your car for business. The Canada Revenue Agency (CRA) allows you claim back a portion of your business mileage as a deduction on your taxes, so it’s important to ensure you’re accurately tracking your mileage throughout the year.
Here to Help
No matter what stage of business, or what problem you face, Small Business BC offers a range of seminars and one-on-one advisory sessions to suit any business.
