Small Business Tax Submission

Small Business Tax Submission

Small business tax submission in Canada is typically done once a year and is due June 15th of each calendar year for the year before.  Was last year your first year in business?  Are you an entrepreneur that works online from home and needs some help organizing your receipts and papers to hand off to your accountant for tax filing?  Do you know what information you need to gather and why? Are you thinking of doing it yourself? or should you get help this year?  Have you been in business for a few years and need to do multiple submissions?  Are you overwhelmed and need help?

Well, you’re in the right place!  I’m going to help you through this one step at a time!

Steps to take to have your small business tax submission done this spring.

  1.  Gather your documents and receipts.  This includes all your bank statements of the accounts that you use for your business.  This is so important to get ahead of time for your accountant.  Receipts for other expenses like services you’ve purchased, physical items you’ve purchased for your work, courses that you’ve taken, etc.  Do you have space that you do work? Is it a percentage of your home that can be written off?, etc.  These are the kinds of questions your accountant will ask so they get all the particulars right.
  2.  Organize them into months (this saves a lot of time and money for you) If your accountant has to do this they will charge you a sorting fee.
  3.  Give your accountant good lead time!  Their busy season typically starts beginning at the beginning of March to end of April (just before personal tax season ends).  So those six weeks after personal tax season ends is another busy time and your file isn’t the only file they have on their desk.  Start thinking about getting your information to them before the end of February that way your business is on the top of the pile once they get to small business filing season.
  4. Know that it can be a time-consuming process.  If you are new to the accountant there will be some back and forth before everything is in order.  Be available for questions and FOLLOW UP with emails.  Many times your accountant will be multi-tasking and working on multiple files and to keep them all straight and accountable. Keep your file top of mind and get back to them asap with answers to their questions!
  5. If you do work online than you know the benefits of working online.  Your accountant should be available to you via online.  Set up to do face to face video meetings online.  Time truly is of the essence for everyone involved these days.

I hope this has helped in getting you organized for your next small business tax submission season.

If you have any questions or would like a consultation with me please connect with me here.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.