Benjamin Franklin said there were only two things certain in life: death and taxes. Isn’t that the truth! When it comes to filing your personal taxes, most people see it as a massive burden and a daunting task.
About Personal Taxes
In personal taxes, all sources of income an individual may have are included; such includes employment income, investment income, rental income and self employed – sole proprietor – income. In addition to this, one also includes any applicable tax credits and other deductions to reduce the taxable income and taxes payable.
Sole proprietors endure more tracking and more information collecting when preparing for a return; such includes all income for the year and all tracked expenses. At White Raven Accounting & Bookkeeping, we have a variety of client workbooks available to you that help keep track of income and expenses over the course of the year. Additionally, we can do this tracking for you (see bookkeeping service for more information).
GST for Sole Proprietors:
Sole proprietors are also required to follow the GST requirements outlined by the Canada Revenue Agency (CRA). If you’ve earned over $30,000 in any four calendar quarters, you’ll be required to begin collecting GST from customers and remit this to the CRA. If you require assistance understanding how to keep track of GST over the course of a year, let us walk you through it.
When Are Personal Taxes Due?
Tax season always seems to creep up on us and its important to remember and mark in your calendar when the due date for personal taxes is. Personal taxes are due on April 30th every year. However, if April 30th falls on a weekend or a holiday, the deadline usually extends to the next business day. So, rest assured, you won’t have to submit your taxes on a weekend! If you are self employed (sole proprietor) then you have until June 15 to file taxes, however, if you are expecting to have a tax balance owing then it is still due April 30.
What can we do for you?
At White Raven Accounting we can happily take this task off your plate! We can provide personal tax services for any kind of client whether you’re individual, a family, a sole proprietor, have rental income (or Air B&B), investments, and many others. We have a number of documents we can provide to our clients to help with obtaining all the required tax information for your tax return such as:
- tax checklist listing different sources of income and possible deductions
- client workbooks for various situations
We keep up to date with all changes made by the CRA to ensure we understand how these changes may impact your tax return. Furthermore, we also remain available to our clients throughout the year to help with any tax related questions or concerns. Our main goal is to maximize your tax refund or minimize your tax payable balance by utilizing every possible tax credit and deduction available. Contact us today.