What You Need To Know About Tax Filings for Unincorporated Businesses

Tax for Unincorporated Businesses

It’s heading into a busy time of the year for us all. The holidays are just a couple of weeks away and for most people that can mean last minute shopping, festive gatherings with families and friends and a crunch for any of those things that we need to get done before the New Year starts. The New Year brings a fresh start and the promise of new opportunities. But for unincorporated businesses this also means the end of the tax period and preparing your businesses tax filing should be added to your to-do list.

Important Dates for Unincorporated Businesses

The reporting period for unincorporated businesses is January 1 through December 31. The deadline for submitting your unincorporated business tax return is June 15, however the Canada Revenue Agency allows for weekends and statutory holidays and allow tax returns to be submitted on the next recognized business day. Because June 15 is a Sunday in 2014 the date for filing your tax return for a sole proprietorship, partnership or for someone who is self-employed is actually Monday, June 16.

While the deadline for submitting your return is June 15 (or June 16 for 2014), you shouldn’t leave it that late because if you have a balance owing then the payment is due on April 1 and you will be charged interest starting April 1. It might seem strange that you’re expected to submit payment before the filing deadline but those are the rules that CRA has set forth.

How a Bookkeeper Can Help

With personal tax returns, business tax returns and RRSP deadlines all in the first few months of the year, the beginning of the year can be a busy time of year. A bookkeeper can help organize your business finances so that you can file your tax return properly and on time to avoid any late fees or interest payments. Simply Bookkeeping can organize all of your revenues and expenses, ensure your payroll and source deductions are up-to-date and accurate and that your books are in order before turning them over to your accountant to be finalized and filed.

The beginning of the New Year will be a busy time and we’d love to take some of the load off your shoulders so you can focus on establishing or building your business. Simply Bookkeeping provides a wide range of bookkeeping services at competitive prices. Please visit our website at www.simplybookkeeping1.com to learn more about us and the services that we offer. If you’d like to get in touch to see what value we can bring to your business, please call Michele Hyde at (647) 668 – 9363 or email her at michele@simplybookkeeping1.com.

#AccountsReceivable #Bookkeeping #TipsandAdvice #Taxes

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