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Consequences of Not Filing Business Tax Returns in Canada

Last updated: Jun. 18, 2024 
Every small business owner in Canada must file an annual tax return. However, not everyone fulfills this obligation, which can lead to serious consequences. The Canadian tax system, governed by the Income Tax Act, imposes strict penalties on those who fail to comply with tax filing requirements. This includes not filing … Read more

Do I have to make tax instalment payments?

woman at desk with calculator

Last updated: May. 7, 2024 
Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2022, and in either 2021 or 2020, then … Read more

Your Guide to 2024 Tax Dates, Rates and Numbers in Canada

essential tax dates Canada working at desk with planner

Last updated: Apr. 29, 2024 
Filing a return that is accurate and on time is the best way to avoid tax penalties and over-payment. With that in mind, below is a list of key dates and tax numbers to help you with your tax return. Canada’s tax filing and payment deadlines *If you are paying tax … Read more

2024 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Apr. 29, 2024 
As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your … Read more