Important Due Dates for Business and Personal Taxes
Since there can be different variables that come up in terms of these dates, it is a good idea to consult with a qualified tax professional to better understand your own situation and ensure you are filing your paperwork on time and in the correct format. There have been issues where people do not consult with trusted tax professionals and then regret it later when they realize they have made even a minor error that can cause them financial hang-ups later on.
Important Due Dates for Individual
Filing due dates for your tax return: generally, your return has to be filed on or before April 30, 2011.
Self-employed persons: if you or your spouse or common-law partner carried on a business in 2010, your return has to be filed on or before June 15, 2011. However, if you have a balance owing, you still have to pay it on or before April 30.
Instalment payments due dates: your instalment payments are due March 15, June 15, September 15, and December 15.
Balance owing due dates: your balance owing is due no later than April 30.
Important dates for Businesses
There are due dates and other important dates you should know about events that could happen during the course of your commercial activities such as: determining when your various returns or payments are due, retaining your books and records, establishing your fiscal year end, and calculating instalment payments if applicable.
When to file your corporation income tax return
File your return no later than six months after the end of each tax year; Generally, most corporation taxes owings are due two months after the end of the tax year.
Instalment due dates
Installment payments are due on the last day of every complete month of your tax year, or of every complete quarter if you are an eligible small CCPC.
The first payment is due one month or one quarter less a day from the starting day of your tax year.
The rest of the payments are due on the same day of each month or each quarter that follows.
Since the system can be complicated to navigate, a competent tax professional can look at your situation whether for personal or business reasons and guide you in the right direction in terms of meeting your deadlines and filing the correct paperwork.
Find out before it’s too late
If you aren’t sure about the tax dates that are relevant to your situation there are resources you can find online to guide you especially if there are holidays and other issues that may change the normal way of doing business for that year. It is wise to consult with a trusted professionals so that you know exactly what is required of you, to avoid any unwanted phone calls or issues from the tax man.
Those who assume but do not confirm their important tax dates may find themselves regretting their actions later on. New business owners especially may not realize that they may have different requirements and dates to remember. We are competent and trustworthy tax professionals who have read and understand the rules of the game and can help you play it more effectively to avoid the penalties that so many have incurred due to lack of knowledge. Call us now to book your free initial consultation! Call us at (877) 982-9767 or (416)623-9234 or complete the Contact Form!
Do the research and find what’s best for you
If you are interested in understanding your personal and business tax dates and what is required in your situation, it is advisable to do some research online and talk to as many people as possible to find qualified and experienced tax professionals that will work for you.
While many may be hesitant to take this type of action, there are a lot of complicated issues around due dates and taxes in general that can be avoided if you have knowledgeable people on your team. Your own situation can change from year to year, as well as the way the system operates. Those who keep up to speed on these changes can help guide those in the right direction for them. To book your FREE No obligation consultation, call us TODAY at (877) 982-9767 or (416)623-9234 or complete the Contact Form!