How Canadian businesses canavoid a large tax bill with strategic payments, it’s crucial for individuals and businesses alike to stay on top of deadlines and ensure compliance. At Switzer & Co., we aim to make this process as smooth as possible for you. Here’s a guide to help you understand the key dates and what you need to know.
Key Tax Deadlines:
- Personal Tax Payments: Due by April 30th.
- Business Filing: Deadline is June 15th.
If you haven’t made installment payments throughout the year, now is the time to ensure your tax payments are completed promptly.
Understanding Tax Installment Payments: Installment payments are periodic payments made throughout the year to spread out the tax liability instead of paying a lump sum on April 30th. If your net tax owing exceeds $3,000, the Canada Revenue Agency (CRA) will request installment payments. An installment schedule will be included in your Notice of Assessment for the upcoming year. These payments are typically due on:
- March 15th
- June 15th
- September 15th
- December 15th
You can access your Notice of Assessment through your CRA My Account. It’s essential to follow the required schedule, as missing these payments can lead to interest and penalties. Regular installment payments make it easier for businesses to budget for tax obligations.
Additional Resources: To assist you in navigating these tax obligations, you can find useful information about tax installment payments on the CRA website.
Preparing Your Paperwork: Once you’ve gathered all the necessary paperwork for filing, we’ll begin preparing your taxes. To streamline the process, here are some resources:
- A detailed list of business expenses can be found on the CRA website.
- Checklists for personal and business income tax preparation are available online.
Feel free to reach out to us at Switzer & Co. with any questions or concerns. We’re here to help make tax season stress-free!
