If you’re a business owner, you need to know how important it is to your company and to the government, that you correctly do your tax return preparation. You need to report all of your incomes and other financial details for the business year.
In some cases you may be required to pay more on your taxes, but on the other hand, there may be instances whuch may qualify for a tax rebate. There are some of the basic things that you need to know about doing your taxes as well as filing your yearly tax return. Read them below.
- Contact the CRA (Canada Revenue Agency) or contact us, to get accurate information about your financial and taxation issues.
- You should know that the CRA is the entity that collects the income tax on behave of the provinces, territories and the Federal Government.
- The end of April is the usual deadline for filing your tax return and you have to ensure that you aren’t late for this deadline, because you may be penalized by the CRA.
- The income tax that your business would have to pay is relative to the taxable amount of income which you have earned in the prior taxing year and based on the other tax credits that your business has earned.
- It is important that you record all the sources of your income or get the individual you work for to offer you a listing of your income and deductions for items such as Canada Pension Plan, employment insurance, etc.
If you are looking for bookkeeping or accounting services in Ottawa, then you have come to the right place. We can help with book keeping, tax preparation as well as professional & local Ottawa payroll services. Additionally, we offer business advisory services as well as CFO/Controller services. Priti Lad Professional Corporation assists individuals who need a little or a lot of help in organizing and recording their financial affairs. Whether your time is limited, you find bookkeeping an absolute bore or you want to spend more time growing your business instead of working in the business, we can help.