It’s officially February, which means we’re heading into tax season. To keep your stress at bay when you’re filing taxes this year, we have compiled some information with need-to-know dates and resources. Don’t let taxes cause you anxiety, and give yourself a head start with these helpful resources.
Dates to Remember:
You can begin picking up your 2014 General Income Tax and Benefit packages at your local post office now.
You can also begin using NETFILE for your taxes on February 9th.
Taxes are due on April 30th for individuals and businesses.
However, if you’re self-employed, you may have until June 15th to file your taxes, depending on if you have a balance owing. If you do have a balance owing for 2014, this is still due by April 30th.
You can read more about the deadlines and whether you are eligible for this later tax due date on the Canada Revenue Agency website.
If you’re a new business and not sure how to proceed with your taxes, we would highly recommend taking a look at this Small Business Checklist. This resource provides information for small businesses which are just starting up, and can help clear up GST/HST questions. You can also take a look at our previous post on the same subject.
Another helpful resource is this information on Income Tax. This website can help you determine your business’s income, and how to account for the different aspects of your business including fiscal period, income and expenses.
If you haven’t already invested in a program to file your taxes online, consider doing so to save yourself time and a potential headache. There are some great programs out there, some of which the Canada Revenue Agency recommends. All you need to do is choose your platform (Mac/PC, desktop/online) on this website for recommendations.
Not sure how to proceed? The Canada Revenue Agency can also help walk you through filing your taxes online here.
So save yourself stress and start thinking about your taxes. Do you have other tax hints or resources? Let us know in the comments.
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