As a small business owner you know firsthand the complexities around Canada’s tax system. Most business owners are very conscientious about complying with tax laws but it can be confusing and extremely time consuming.
To help both employers and employees with the fast-approaching tax season, the Canadian Federation of Independent Business (CFIB) has compiled a list of important dates and information you should keep in mind to help you prepare for this season:
• T4’s for the 2009 tax year must be distributed to employees no later than the last day of February 2010;
• Employers must provide employees with two copies of their T4, delivered either by mail or in person. One electronic copy can be distributed provided written authorization from the employee has been given;
• T4 information returns can be filed electronically using either a Web Form, a Desktop Application or an Internet File Transfer;
• Personal tax returns must be filed on or before April 30, 2010;
• If you are self-employed, your tax return for 2009 must be filed on or before June 15, 2010, however, if you have a balance owing for 2009, you still have to pay it on or before April 30, 2010;
• Compound daily interest is charged starting May 1, 2010 for any balance owing for 2009.
CFIB believes the advice of a good accountant is crucial to the well-being and survival of any business. Any matter that requires the technicalities of tax advice should, therefore, be referred to a professional. If you need to be referred to an accountant in your area, you can contact the Institute of Chartered Accountants (www.cica.ca), the Certified General Accountants’ Association (www.cga-canada.org) or the Society of Management Accountants (www.cma-canada.org/ ). To reach the Canada Revenue Agency (CRA) directly, you can call their business line at 1-800-959-5525.
CFIB is Canada’s largest association of small- and medium-sized businesses. Encouraging the development of good public policy at the federal, provincial and municipal levels, CFIB represents more than 105,000 business owners, who collectively employ 1.25 million Canadians and account for $75 billion in GDP.
