Tax season is only stressful when it's a surprise. For businesses with clean, current books, filing a corporate or personal return is a administrative task, not an emergency. Here's how to get — and stay — in that position.
Know your deadlines
The dates that matter most for incorporated small businesses in Canada:
- Corporate tax return (T2) — due six months after your fiscal year-end.
- Corporate tax balance owing — generally due two months after year-end (three for some Canadian-controlled private corporations). Pay on time even if the return isn't finished.
- Personal tax return — April 30 for most individuals; June 15 if you or your spouse are self-employed, though any balance owing is still due April 30.
- GST/HST returns — due according to your filing frequency (annual, quarterly, or monthly). Missing these triggers penalties even when no tax is owing.
Gather documents as you go, not in April
The owners who sail through tax season aren't more organized in April — they're more organized all year. Receipts captured when they happen, invoices filed when they're sent, and payroll records kept current mean there's nothing to hunt for at year-end. Tools like Dext-style receipt capture and a disciplined monthly close do this automatically.
Don't leave deductions on the table
Commonly missed deductions for small businesses and self-employed professionals include home office expenses, vehicle use for business, professional fees and insurance, software subscriptions, and bank charges. The catch: a deduction is only as good as its documentation. Clean categorization throughout the year is what makes these claims safe and easy.
Reconcile before your accountant (or we) prepare the return
A tax return prepared from unreconciled books is a guess. Before any return is prepared, your accounts should be reconciled through year-end, outstanding cheques and deposits cleared, and loan and shareholder accounts reviewed. This is exactly what a monthly bookkeeping service delivers — the return becomes a summary of numbers you already trust.
What it costs
At Exactitude Bookkeeping, tax filings are priced separately from bookkeeping packages so you pay only for what you need: corporate tax returns from $1,500/year, personal tax returns from $200/year, and GST/HST filing from $150 per filing. Payroll support runs through QuickBooks Payroll at $150/month plus $10/month per employee.
If you'd like this year's filing to be the calm one, book a free consultation and we'll map out exactly what your books need before the deadline.