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If you owe income tax, missing the tax filing deadline can result in penalties and interest from the CRA on the amount you owe.
The May 2nd deadline has come and gone. If you've paid (or even if you haven't), you still have an opportunity to optimize your tax return before the June 15th filing deadline for the self-employed.
Help protect your bottom line – take the steps towards getting yourself organized with our Tax Prep Toolkit. Don't let unnecessary charges eat away at your profits.
Get your free toolkit now.
Here's what you'll find in your toolkit:
- Important tax deadlines in 2022 (and why you shouldn’t miss them)
- Income tax rates for 2021
- Do you need to pay your taxes in instalments? What happens if you miss them?
- Information on COVID-19 relief programs will impact your tax returns (CRB, CEWS, CERS, CERB, CEBA and TWS)
- The impact RRSP contributions have on your taxable income
- A list of available business tax deductions, credits and business expenses (page 33!)
- Do you use space in your home to earn income? Learn how to calculate your deduction for taxes
- How to keep an audit-proof mileage log for your vehicle expenses (page 40)
- How to calculate and deduct your vehicle expenses (page 42)
- A printable checklist to ensure you're not missing any key tax documents
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Every day your FBC Membership brings your business value — including tax preparation, tax planning, financial consulting, audit representation, bookkeeping, payroll and much more.
With more than 65 years of experience, we understand the needs of small business owners. We know taxes. We can help.