Tax Filings for A Typical Canadian Small Business
As a small business owner in Canada, you need to file an income tax return every year to be able to run your business smoothly. However, filing taxes is not easy and requires the owner to file and prepare a lot of documents to get the maximum benefit in the form of tax deductions. Depending on how your business is structured (sole proprietorship or partnership), you must file the income tax form. To help you out, we have prepared a small brief about filing income and personal tax return for a Canadian small business. Deadline for Filing Taxes The business owner/owners need to pay their taxes six months after the corporation's fiscal year-end. Supposedly, the corporation's fiscal year-end is Jan 31; then, the taxes need to be filed latest by July 31. If there are any payments due to non-payment, etc., you need to pay those taxes two months after the end of the corporation's fiscal year. If a business is a Canadian controlled private corporation, then there is an excepti...