Things to know this tax season, from the experts at H&R Block

As a small business owner, juggling your business and paperwork can be overwhelming – especially when it comes to taxes. 

Whether you’re filing for your personal income tax, or business taxes, here are some things to know this tax season so you can stay prepared.

Key Dates

February

The Canada Revenue Agency (CRA) and Revenue Québec will open NETFILE and ReFILE  for tax year 2023 on February 19^th, 2024.

• Meaning you’ll be able to file your tax return online as of February 19^th.

For personal tax returns, many Canadians contribute to a Registered Retirement Savings Plan.

• The RRSP contribution deadline is February 29, 2024. If you filed a return last year, and contributed to an RRSP, check your 2023 Notice of Assessment to determine if you have room in your RRSP to make any additional contributions.

March

March is a great time to file your personal income tax.

• While small business owners don’t need to file until June 17^th, we suggest they file early too, as any taxes owed are due April 30^th.

March 15 is when the first tax instalment is due for 2024. The CRA sends individuals a letter with payment dates, so be sure to review yours.  or speak with 

April

April 30, 2024, is when personal income taxes are due.

• Even if you’re running an incorporated business, you’ll still need to file your personal income tax. 

June

June 17^th, 2024, is the tax filing deadline for those self-employed.

While the self-employed filing date is June 17^th, incorporated businesses need to file their tax return no later than 6 months after the end of their fiscal year.

• That means if your business ends their fiscal year on January 31^st, they must file their taxes by July 31^st).

• Incorporated businesses need to pay their taxes owed either two or three months after their year-end, depending on their situation.

It’s important to remember that any taxes you owe are due on April 30^th, .

What documentation do you need to file your taxes?

Whether you’re self-employed or running an incorporated business, there are many documents for both personal and business tax filing you’ll need to have ready. 

Slips

• T4 slips (Employment income) – if you have employees, you will need to provide them and the CRA with their T4 slips.
• If your business is incorporated, you will need the previously filed T2 corporation return
• If your business is in Quebec or Alberta, you will need to file a separate provincial corporate return.
• Employment insurance benefits (T4E)
• Interest, dividends, mutual funds (T3, T5, T5008)
• All other information slips

Other documentation

• For incorporated businesses, you’ll need things like balance sheets, income statements, statements of retained earnings, etc.
• This includes federal and provincial business numbers, date of incorporation, incorporation certificate number
• Notice of (Re)Assessment
• Canada Revenue Agency correspondence
• Sale or deemed sale of stocks, bonds or real estate
• Northern residents deductions receipts
• Rental income and expense receipts
• Business, farm or fishing income/expenses
• Automobile/Travel logbook and expenses
• Disability Tax Credit Certificate
• Declaration of Conditions of Employment (T2200 or T2200S)
• Written certification for eligible educator school supplies

Receipts

• RRSP contribution receipts
• Professional or union dues
• Tool expenses 
• Office-in-home expenses
• Other employment expenses
• Teacher’s school supplies
• Medical expenses
• Charitable donations
• Political contributions
• Interest paid on student loans
• Exams for professional certification
• Digital news subscription
• Labour Mobility Deduction for Tradespeople

Preparing for audits as a business owner 

Some businesses may be audited from the government. This could come down to an error, or inconsistencies with previous filings.  Here are some documents to have on-hand in the case of an audit:

• Previously filed tax returns 
• Credit history 
• Property ownership details 
• Bank and credit card statements 
• Mortgage/rent documents 

You can use H&R Block’s tax calculator to get an idea of what your return will look like. Then, choose your preferred way to file your taxes, including using H&R Block’s online tax software,  or get hep in any of our almost 1,000 office locations across the country with an H&R Block Tax Expert. 

Find an office near you to book an appointment today.