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     Serving Ontario Business For Over 25 Years

TAX FILING DEADLINES

Corporate Tax Returns

Six (6) months after fiscal year end

Personal Tax Returns - proprietors and spouse

Returns filed by June 15th, taxes owed due on or before April 30th

Personal Tax Returns - non proprietors

Returns filed by April 30th, taxes owed due on or before April 30th

GST Returns (monthly, quarterly, annual reporting periods)

Last day of the month after reporting period ends. If the last day is not a business day then the next business day is the due date.

Employer Health Tax(EHT)

15th day of the following month.

Tax Installments - proprietors

Make quarterly installment payments on March 15th, June 15th, September 15th and December 15th

Tax Installments - corporations

Make monthly installment payments on the last day of each month. The balance must be paid by the end of the 2nd month after the fiscal year end for large corporations and by the end of the 3rd month for corporations claiming the small business deduction.

Payroll deductions - proprietors and corporations

Remit the employee and employer's portion of deductions by the 15th of the following month or on the 10th and 25th for accelerated reporters.

T4's and T4A's

Filed with Revenue Canada and distributed to employees on the last day of February.

Partnership Information Return

March 31st

 

SCIENTIFIC RESEARCH & EXPERIMENTAL DEVELOPMENT
Companies engaging in the following activities can claim R&D tax credits:

  • Basic research - research for advancement of general scientific knowledge
  • Applied research - research for advancement of specific scientific knowledge
  • Experimental Development - development geared towards creating new or improving existing materials, devices, products or processes
  • Other - engineering, design, operations research, mathematical analysis, computer programming, data collection geared towards basic or applied research and experimental development.

It is advisable that the R&D expenses be recorded in specific accounts within the company's chart of accounts. This can be accomplished by using departments or by using duplicated key accounts.

Did you know many companies engage in accepted activities without ever making a claim because they are unaware that they are eligible?

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