ENTREPRENEURS: LAST MINUTE TAX TIPS AND MORE
Get ready to file your 2016 income tax return…
…on time and stress free!
Don’t procrastinate! Prepare your 2016 taxes on time. Your filing deadline is June 15, 2017. However, if you have a balance owing for 2016, to avoid any penalties you have to pay it on or before April 30, 2017.
If you are self-employed and not incorporated, you must report your business income on your T1 General income tax return. Any money you make through your business is required to be claimed on your tax return. Your business expenses should also be included in the return, such as business startup costs, office expenses, marketing and advertising etc. It is a good idea to contact Canada Revenue Agency for a complete list of required forms or if you find yourself in need of some additional information on claiming business income and expenses.
- Know your dates and forms
- Filing deadline is June 15, 2017
- Balance owing is April 30, 2017
- T1, T2125
- Take advantage of the CRA Guide T4002 to help you calculate business or personal income
- Keep separate records for all income sources
- Support all records with original sales invoices, cash register tapes, receipts, fee statements and contracts
- Business Income
- See for a list of business expenses with CRA
- Deduct eligible expenses from your income to reduce the amount of tax the business has to pay
- Conduct business out of your home? You may deduct part of your home maintenance costs, such as heating, home insurance, electricity, property taxes, mortgage interest and more
- Deduct a percentage each year of major capital expenditures such as building or equipment
- Net Income and Taxes
- Business revenue minus business expenses, you are left with the profit your business generates. The profit is added to personal income on the personal income tax form.
- Feel you made a mistake? If you need to correct your taxes for past year’s visit cra-arc.gc.ca/voluntarydisclosures/
- Visit www.cra-arc.gc.ca/bsnsss to learn more
- Visit the Waterloo Region Small Business Centre and ask about our Access to Professionals Program- entrepreneurs receive business solutions and advisory services relating to their business during a 40 minute one-on-one consultation.