Small business (non - incorporated) income taxes and GST/HST tax returns are due on June 15th!
This year, 2013, where the 15th falls on the weekend, the date pushes back to the first business day, which is June 17th, 2013.
Late income tax return filing, will result in a penalty calculated based upon the tax owing.
The gift from the business person/entrepreneur to a family member that could be harbouring a dark side.!
Its your big day, you graduate you are getting married or any other special ocassion and a family gives you quite a gift. Ahh, but the giver neglected to mention they had some issues with the CRA.
Well, per section 160 of the Canadian Income tax act, that gift could result in YOU having taken on that responsibility!!! Where did that come from!
It has been around for sometime, and surprisingly a common assessment.
Yes, I can be accused of oversimplifying this very situation.
This is one of those situation where it is definitely worth having a professional (lawyer and/or accountant) step up and help with.
‘I am getting money back, I don’t need to file on time’
What a statement! Except when one of your employers makes a mistake! OOPS! Then not only do you have to make good on the tax you owe, but you might also have to pay a penalty since you were late.
Maybe I should file on time regardless!! April 30