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The tax deadline is fast approaching for Canadians but good news if you’re self-employed – you’ve still got time! That’s right, in this week’s Weekly Tax Planning Tip video Fab breaks down the due dates for self-employed Canadian’s tax returns. Check it out…

Transcript:

Hey everybody, how’s it going? So happy tax season, we’re kind of rounding the corner here at Campanella McDonald. I just wanted to talk quickly about your due date for your tax return, your Canadian tax return. Normally most Canadians are filing for April 30th, that’s normal. However, if you are self-employed, either a sole proprietor or a member of a partnership, you’re actually not supposed to, well you can file the tax turn by April 30th if you want, but the tax return’s actually not due until June 15th so you get a little bit of extra time. Now that is not for real estate investors. That’s only for people running a sole proprietorship or members of a partnership. And it’s not for people that are incorporated self-employed or owner-managers of a corporation, only for sole proprietors and partnerships, um, members of a partnership. So you do get a little bit of extra time. So don’t bug your accountant right now. The only thing, the only caveat is if you do have taxes owning, the amounts owing are due on April 30th like everybody else. So you can estimate your taxes owing, make a remittance, and then you won’t be charged any interest on the difference between April 30th and June 15th. But you can file June 15th – no problem, no penalties. Hope that helps.