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As a business owner, you have to be aware of the many important dates that apply to your business activities such as when to file income returns, when to file information returns and make payments, including installment accounts.  On this blog, we’ll take a look at the important dates that you have to know with regards to making payments.  Please note that if the due date for making a payment falls on a Saturday, a Sunday, or a public holiday, the CRA will consider the payment to be made on time if it is received on the next open business day....
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As mentioned in part 1, the CRA offers individuals and businesses options that they can consider if they have tax debt that they cannot pay in full.  Here are the other options that may be applicable to your situation. Taxpayer Relief Provisions In some situations, you may be able to ask for relief from penalties and interest charges and reduce the overall amount you or your business owes under the Taxpayer Relief Provisions.  Business and Tax Debt If you are a business owner, the amounts that you deduct and withhold from the wages of your employees and the GST/HST amounts that...
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If you pay your taxes by instalments, you will need to remember the due dates for each instalment payment. You have to pay your instalments for 2017 on: -      March 15 -      June 15 -      September 15 -      December 15 If you main source of income is self-employment income from farming or fishing, you have to make only one instalment payment per year.  The CRA will send you a reminder in November and you have to make your payment by December 31 of the current year. Please note that if the due date falls on a Saturday, Sunday or a public...
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If you earn income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by installments.  This can happen if you earn rental, investment or self-employment income, certain pension payments or income from more than one job.  There are 3 factors to consider when determining if you have to pay tax by installments: -       Your province or territory of residence:  This will determine the threshold of net tax owing you will use when determining if you have to pay tax by installments.  If you live in Quebec on...
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