What Small Business Owners need to know about Tax Filing Deadlines for 2014

One of the responsibilities of being a small business owner requires having to submit a variety of tax declarations by specific deadlines or face consequences that involve penalties, interest and if left long enough, aggressive letters from Revenue Canada and Revenue Quebec.  The bad news is that there is no way around it and ignoring it does not make it go away.  The good news is that if you are prepared and organized it doesn’t have to be painful and can actually be quite straightforward with the right infrastructure.  The first step is to be aware of the deadlines and understand the obligations that go along with it:

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Last Minute Guidance and Information for Tax Filers

Accountants and tax preparers all over Canada are waiting with bated breath for the end of April and dreaded busy season, when sleep will no longer be a luxury and dreams cease to be tax reconciliation exercises.  At this point in the month, most tax filers have submitted their info and efiled (or mailed in) their tax returns.  Of course, there are always a few stragglers (accountants among them) who have either have not had the time to prepare their tax files or simply tend towards the easy yet stressful path of procrastination. For those that are in the straggler category, below is some guidance to help facilitate the process:
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What Small Business Owners Need to Know About Income Tax Instalments

One of the more difficult aspects of the transition from employment to small business ownership is having to cultivate a whole new level of discipline.  You can no longer rely on your employer to take care of business obligations that do not relate to your job ,and must take a much more active role in ensuring that you remain on top of your business obligations whether it is collecting payments from customers, paying bills or ensuring that you do not run afoul of Revenue Canada.  One of these obligations is that you are now responsible for remitting your own, which is done via the mechanism of instalment payments.
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