If you earned little and didn't file a return, you're likely missing out on money.
Approximately 140,000 new businesses are started every year in Canada, yet half of them don't make it to their fifth year. Small businesses are key drivers of economic growth in our country and we must equip entrepreneurs with the tools and resources they need for long-term success in order to help transform Canada into the innovation hotbed we know it can be.
The tax deadline falls on May 2 this year, which means Canadians have an extra weekend to file their taxes. The CRA will soon be hit by a wave of last-minute tax returns, as countless Canadians wait until the last minute.
As life becomes increasingly mobile, there is an uptick in the number of Canadians who start and manage small businesses without brick and mortar locations. No matter how mobile or field-based entrepreneurs earn their income, it's important to understand how these modern business endeavours impact your taxes. Here's an overview of what you need to know before you file.
You set your hours, you choose your colleagues and you control your brand. Though entrepreneurship definitely has its upside, it can also be a rude awakening for those who don't have a realistic understanding of the challenges that come with being your own boss.
It's December, which means small business owners have a lot on their plates. While I'm sure everyone is feeling the pressure of holiday crunch time, entrepreneurs are also trying to manage the flurry of activity that comes at year end. My advice? Despite the chaos, take some time to get organized and start thinking about what lies ahead. Conquering these small tasks now can make a big difference in the new year:
Failing to plan means planning to fail. When you make the time to educate yourself and prepare appropriately, you'll find it that much easier to stay ahead in this fast-paced, ever-changing environment.
It's tax time and the deadline is just days away. Your month of tax procrastination may be stressing you out, but don't worry. The following tips will get you through the final days. By filing late or failing to file, you will incur a range of financial penalties. Why just throw your money away?
Running a small business is difficult, but growing one is even more challenging. You can't do it alone; you need the help of talented employees who are invested in the long-term success of your business. To attract and keep talented people, you need to provide a great working environment.
You have a social insurance number, a job, and even a T4, but you have never filed your taxes. Everyone has been in the exact same position -- you have to start somewhere. Sure, it can be intimidating, but it doesn't need to be. Why? Because it has never been easier to file. Need a little guidance? Here are three tips to make your first time filing a breeze.