Last updated: Mar. 14, 2018
It’s tax season. For many small business owners in Canada, this is a season of dread: making sure your bookkeeping is in order and up-to-date, collecting receipts, and taking time to fill out the Canada Revenue Agency’s (CRA) often confusing tax forms.
Unfortunately, waiting until the last minute can lead to increased stress; rushing to make the tax deadline can also put you at risk of making mistakes.
Should you file your taxes late, the CRA will charge you a penalty on the amount owing and interest on the amount owed. This year, instead of just filing your return on time, consider filing early.
Below are just a few reasons why it’s a good idea to file your taxes early.
Extra Time to Pay Taxes
Every Canadian small business owner wants to reduce the amount of money they owe in taxes.
In Canada, the tax deadline for small business owners in June 15. But, if you have a balance owning, you need to pay your taxes by April 30.
If you were to file your taxes early, such as in January, February, or March, you would have as much as 3 months extra months to earn the money you owe or, with the help of your tax professional, figure out where to get that money.
If you think you’re going to owe a significant amount, filing early will give you more time to come up with the needed money.
Less Stress
June 15 can tax you in more ways than one. Yes, that’s the deadline for filing your annual taxes, but keeping track of the seemingly irregular changes to the tax structure is also taxing.
Taking time out of your busy schedule to prepare and file taxes can also be taxing and stressful. To promote a stress-free tax season, contact tax professionals who have experience working exclusively with small business owners, farm operators, and contractors.
Get the Appropriate Help
Small business owners have unique tax needs. Getting a head start on your taxes with the right professionals guarantees you’ll get the help you need.
Waiting too long to hire the right tax experts could mean you won’t be able to get an appointment. This means you’ll run the risk of filing late or be stuck doing your own taxes. And because you’re not an expert on small business taxes, chances are you’ll miss out on claiming a large number of deductions and tax credits.
To maximize your small business deductions and reduce your overall tax burden, get the appropriate help preparing and filing your taxes.
FBC, Helping Business Owners with Financial Reporting & Planning
If you’re a small business owner, farm operator, or contractor, it’s always a good idea to file your tax return early. Not only will it help alleviate stress, it can put your business in a stronger position. The key, is to make sure you have all the right documentation and hire the tax professionals at FBC.
At FBC, we also understand that no two businesses have the same financial reporting and tax planning needs. That’s why we are the only accounting firm in Canada to provide a unique service. For a fixed fee, Members get year-round access to our tax planning, tax preparation, consultation, bookkeeping, and financial planning services. FBC also provides all new Members with a review of their previous 3 years’ tax returns.
For more information on FBC and the services we offer, call us today at 1-800-265-1002 or submit an online form and an FBC tax specialist will contact you at your earliest convenience.