As a Corporate Business Owner, The Choice Is Yours A small business owner who has set up a corporation can pay herself a salary or she can receive pay in dividends. (She can pay herself a mix of both, too, but let’s keep this explanation simple for the moment.) Each way of paying yourself from a corporation has advantages and …
Income Tax Challenges For The Self-Employed
When people choose self-employment, they are often attracted to the challenge and excitement of creating a business they are passionate about. They may look forward to a more flexible work schedule, or the possibility of earning more than they did as an employee. The one thing most people don’t get excited about is keeping track of all their expenses and …
Self-Employed? How To Save The Most On Your Tax Returns
Many expenses can be claimed on a tax return if you’re self-employed. How can you save the most money? By knowing what deductions you’re eligible to receive. If you work for yourself and report a business income, you have the good luck of being able to deduct several expenses on your tax return for the self-employed. The Canada Revenue Agency’s …
Reminder – June 15, 2017, is the Deadline for Self-Employed Individuals to file their 2016 Income Tax and Benefit Return
If you are self-employed or the spouse or common-law partner of someone who is, the deadline to file your 2016 income tax and benefit return is midnight on June 15, 2017. The legislated due date for any balance owing is April 30. However, since that date is a Sunday in 2017, the Canada Revenue Agency (CRA) will consider your payment …
Are You Self-Employed? Know Your Tax Obligations
As a self-employed person, you and your spouse or common-law partner have until midnight on Thursday, June 15, 2017, to file your 2016 income tax and benefit returns. The legislated date for paying an income tax balance owing is April 30. Since that date is a Sunday in 2017, the Canada Revenue Agency (CRA) will consider your full payment as …
Filing Due Dates For The 2016 Tax Return
Generally, your return for 2016 has to be filed on or before April 30, 2017. Note: If you do not file your return on time (see exception to the due date of your return), your goods and services tax/harmonized sales tax (including any related provincial credits), Canada child benefit payments (including related provincial or territorial payments), and old age security …