Link to Canadian Tax Packages for All Years

Each package includes the guide, the return, related schedules, and the provincial or territorial schedules, information, and forms (except Quebec).

Click here to access this resource on the government of Canada website.

Are You Unknowingly Part Of The Underground Economy?

"Can't I just pay my employees with cash?" We still hear some version of this question now and then.

Moonlighting or "working under the table" is the basis for the underground economy in Canada. According to the Canada Revenue Agency (CRA), this can include:

bartering, failing to file tax returns, omitting an entire business activity from your tax return, skimming a portion of business income from what you report on your taxes, and not reporting a portion of employment income, like tips and gratuities.

CRA is actively searching for and fighting these activities. Click here to read more about this important topic.

If you aren't sure if your small business might be unknowingly contributing to the underground economy, stop now and give it some serious consideration.

Do you have questions about how to set up your small business so you can keep yourself safe? Get in touch.

5 Resolutions for Your Bookkeeping New Year

We all make promises to ourselves that in the New Year we will do things better. Here are 5 worthwhile activities that will make your accounting processes easier for yourself and your bookkeeper. These are all quick to implement or easy to stick to.

#1. Log all the important dates in your calendar.
This only takes a few minutes and might include dates for payroll input, Canada Revenue dates for HST filings, corporate income tax filings, and even personal income tax filings. Acting on these dates in a timely manner will keep your bookkeeper happy and ensure your books stay up to date!

#2. Book an appointment to see your accountant.
Do it now and meet soon. This will allow you to review how you did financially in 2016 and if there are any tax breaks you can take advantage of before filing your tax returns.

#3. If you are a person who lives with spreadsheets and tracks your expenses that way, STOP.
Get bookkeeping software to manage your revenue and expenses. Need help figuring out which application would work best for you? Please call me!

#4. Put a simple filing system in place and ditch the shoebox.
Does a box sit in the corner with receipts in it waiting to be sorted? Take just a little time to put an organized system in place - it will reduce your stress!

• In a file box or file drawer, place file folders labelled for each month of the new year. This way, your receipts will be sorted by month at the end of the year.
• If those receipts relate to bank statements or credit card statements, match them up as you go and staple them to the back of the statements. It's a great way to know if you are missing something!

#5. Finally, pay attention to your financial statements. They tell a huge story about how your business is doing. If you need help understanding these reports, give me a ring!

Are You in Danger of Missing Your Business Income Tax Deadline?

Do you know when you are required to file income tax returns for your business with the Canada Revenue Agency (CRA)? The following is a guideline to use to make sure you file in time to avoid penalties.

If you are a solopreneur or self-employed, the deadline is June 15th whether you owe tax or not. If you owe, you should pay by April 30th to avoid interest. Keep in mind that if the date falls on a weekend or holiday, it is due the following business day. This also becomes the effective date for any spouse or common-law partners as they are unable to file without your income. There are many software applications online for free to file these returns. Keep in mind that the software won’t know all of the tax benefits you can take advantage of. For this you need the advice of an expert.

If you are a corporation, you must file your tax return within 6 months of your corporate year end, however you should pay within 3 months to avoid interest. So if your year end is December 31, you must file by June 30. If your company owes tax and you don't have the funds to pay it off, file anyway! If your filing date ends on a weekend or holiday, it is due the following business day.

For information on penalties, refer to the CRA website. In short, you want to avoid these.

Keep in mind, no matter what type of business you have, you must keep your records for 7 years in good order in case the CRA decides to audit you. Having systems in place for records is imperative.