My First Blog Post – 2014 Tax dates for small businesses

Need 2014 tax deadlines for your small business? Below is a complete list of notable tax dates as well reminders for HST, T2′s and more.

Tax Deadlines

  • February 10, 2014 – First day you can NETFILE
  • February 28, 2014 – T4, T4A’s, and T5 slips
  • March 3, 2014 – RSP contributions
  • March 15, 2014 – First quarter tax instalment payment
  • April 30, 2014 – Annual HST, any tax amounts owing should your year-end be December 31st.
  • June 15, 2014 – Tax filing for individuals/self-employed

HST

* If you remit either monthly or quarterly, HST is due a month after the reporting period. Thus for December or for the last quarter of 2013, HST is due January 30, 2014.

* If you remit annually and have a fiscal year-end of December 31st,  HST is due April 30th 2014. (For filing you have until June 15th, however if you owe money, you must pay by April 30th, 2014)

These deadlines also apply to those who are paying by instalments.

Corporations

* You must file your T2 no later than 6 months after your year-end to avoid penalties. If your year-end is March 31st, you must file by September 30th.

* The balance of tax is due 2 or 3 months after the year-end depending on the balance due date. – see CRA website for more details.

Bookkeeping tips

Being organized in key at this time of year. Make sure you are giving your accountant a clean set of books which will save you money. Contact us for one free hour consultation on how we can save you money at 613-547-2665.

This is also the perfect time to have your bookkeeper come in to make sure you are set up properly so that you can focus on making more money in the New Year.

The CRA website is great to look at income tax time as they will provide more details.

 

Hire a bookkeeper. If you are starting a new business, it is recommended to hire a bookkeeper. A bookkeeper will provide you with accurate accounting business records, allowing you to focus on what you do best.