Tax Filing Deadlines for Unincorporated Businesses

It’s a busy time of year, folks! In case you didn’t already know, today is the last day that you can contribute to your 2013 RRSP’s. The April 30 deadline for filing your personal taxes will follow quickly, so make sure that’s on your calendar, too. But if you’re an unincorporated business in Canada, you should also make sure that April 15 is circled on your calendar, too.

Tips for Unincorporated Tax filling

Tax Filing For Unincorporated Businesses

Years ago, the Canada Revenue Agency mandated that all unincorporated businesses must have a January 1 through December 31 tax year. In 2014, tax filings for the 2013 fiscal year must be submitted by Monday, June 16. The date is usually June 15 but this year June 15 falls on a Sunday and CRA allows the deadline to fall on the next working day, which is June 16.

While the deadline for filing your unincorporated business tax returns in June 16, it is important to know that if you owe tax payments to the CRA, interest starts accumulating on April 15. This is often a big surprise to our clients – how can interest accumulate before the tax return has even been submitted? While we don’t have to agree with them, the Canada Revenue Agency’s policy is that interest starts accruing 90 days before the deadline for submissions.

The easy way to avoid any costly interest payments or penalties is to finish up your year-end and submit it before April 15, making sure that you pay any taxes that you owe ahead of time.

How a Bookkeeper Can Help

Hiring a bookkeeper to help with your year-end filing can be a good idea for a number of reasons.

First, unincorporated businesses tend to be smaller businesses where the owner is also the sales and marketing department, the person who runs the business and the person who does much of the work. Preparing your books for filing can be a good amount of additional work, additional work that you may not have time for.

Second, bookkeepers are trained at managing your books and will make sure that your filings are prepared correctly. Errors or omissions in your tax filings can incur penalties and fines. We’ll make sure that your books are prepared correctly before they are filed. As bookkeepers, we aren’t trained to submit your filing – that’s your accountant’s job. But we’ll make sure the books are ready to be filed so that all your accountant has to do is do some final year-end adjustments and submit them.

Finally, your bookkeeper can help identify tax saving opportunities while preparing your books, because who wants to pay more taxes than they have to? Certainly not us! We’ve worked with many companies and seen it all and we can bring this experience to work for you and help save on your taxes.

Let Simply Bookkeeping1 Help …

This is a busy time of the year, with the filing deadlines for both personal taxes and unincorporated businesses fiscal years quickly approaching. While the deadline for submitting your tax returns for your unincorporated small business is June 16, 2014, interest starts accumulating on taxes owed on April 15. Let Simply Bookkeeping1 help you submit your year-end filings the right way and on time so you don’t have to pay costly fees, interest and penalties!

Simply Bookkeeping1 provides professional bookkeeping services at a reasonable cost and for many of our sole proprietor and small business clients we only need to work a few hours a week to keep their books up to date and in order.

To learn more about us, please visit our website at or contact Michele Hyde by phone at (647) 668 – 9363 or by email at

Have Your Say

We’d love to hear what you have to say about your experiences and best practices for year-end filings for unincorporated and small businesses. Please leave a comment below or share this article with your family and friends using the social media sharing buttons!

#SmallBusiness #Bookkeeping #TypesofBusinesses #Incorporate #TipsandAdvice

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