Summarizing the information that you need to keep up with tax filing timelines for the year - and helping you understand the interest relief provisions announced for eligible taxpayers for any balance owing on their 2020 tax return
Once the end of February arrives with its T4 deadline, the due dates seem to fly fast and furious. And I know for many small business owners, it can be hard to keep up! You’re busy running your business but haven’t quite gotten to the level where you can have dedicated finance help so it’s all too easy for a deadline or two to get away from you!
And paying interest and penalties to our esteemed government is generally not good use of your business resources!
Additionally, getting offside with CRA can absolutely expose your business to significant negative consequences - in worst case scenarios, even leading to freezing of bank accounts, demands to pay sent to your customers, expensive penalties … All of these can threaten the very existence of your busi...
Let’s be real here. Planning for retirement as an entrepreneur who owns a small business in Canada can be hard! Actually, being candid, with the demise of most defined benefit pension plans amid corporate cost cutting, saving enough for retirement can be a challenge for most Canadians these days!
Â
But there is no doubt that it’s a special challenge for those who own their own business!
Â
For many, the early years when there is a long runway to retirement is also the time when the business is hoovering up money as investment is needed to get it off the ground and then to grow it to scale. Many entrepreneurs who I have worked with lament that in those start up years, they barely have enough funds for their current needs - forget about putting some away for the future.
Â
And even those who have managed to contribute to their retirement plans, can find themselves in the position of having to draw the money out due to the cash flow needs of the business. (Everyone who is reading can ...
50% Complete
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.