If you want to start the Canadian tax season with confidence, you’ve come to the right place. No more stressing about possible errors in your files and missed due dates. By preparing properly well in advance and having a solid catalog of Canada tax forms at your regular disposal, you are bound to make this tax season stress-free. No idea where to start? In this piece, we’ll provide 5 useful tips for getting your business ready for tax season in Canada.
1. Pinpoint the type of your must-file tax return
If you’re a business owner in Canada, filing a yearly business return is your obligation. The legal structure of your business determines the type of tax return you file. For instance, if you’re an independent contractor or if your operation is a sole proprietorship, you’ll need the T1 and T2125 forms for reporting your taxes. If you operate as a corporation, the T2 form is what you should keep a laser-like focus on. Don’t forget that these Canada tax forms come with specific must-meet deadlines and specifications.
2. Choose the best way to submit your Canada income tax forms
As responsible Canadian taxpayers, you are free to pick the most suitable way to file your Canada taxes:
- DIY paper-based method: if you’re used to printing out your files and then filling them out manually, you’re free to keep on doing it. Just remember that there are a lot more time-saving ways of dealing with your tax issues these days;
- DIY digital method: going online is the best decision if you’re looking to save heaps of your treasured time while submitting your tax forms Canada. If you’re currently looking for a specific tax- or any other niche-specific template, PDFLiner is your best bet. Their PDF editing service features an extensive template catalog that pretty much answers your ‘Where to get tax forms Canada’ question;
- turning to professional assistance: this method comes with certain additional investments, but having it all done for you by brilliant tax experts is sure to pay off.
3. Keep your files well-organized and updated
You or your bookkeeper will prepare and file your tax return fast if you keep your files organized and within a several-minute reach. In this sense, using PDFLiner is a great choice, too. It will help you cope with the following tasks in the fastest and easiest way possible:
- edit all your files within minutes;
- prevent typos and factual errors;
- e-sign and share your files most smoothly ever;
- keep tabs on your financial affairs;
- stay audit-ready 24/7;
- automate your taxes in Canada like a pro;
- store your files in one secure place;
- save loads of your time.
4. Reap Benefits From Tax Credits
Tax credits lower the amount of tax you owe, granting you a significant tax liability bring-down. Always monitor the tax incentives and credit programs available in your province and make the most of them whenever possible. If your company is eligible for any of these yummies, go for them without a shadow of a doubt.
5. Claim All Deductions You’re Eligible For
Want to reduce your total taxable income? Follow this simple-at-a-glance piece of advice without a moment’s hesitation. Head to the CRA website for more details. Or just speak with a reliable accountant to pinpoint what’s deductible for your business. Yes, it means additional expenses, but in the long run, involving professional assistance will save you lots of money. Because usually, knowing what deductions your operation is entitled to be rather tricky.
Bottom Line
Income tax season may sound like a nightmare for most small business owners. However, tax season doesn’t have to be stressful for Canadian entrepreneurs. By making all the necessary preparations well in advance, monitoring the crucial deadlines, staying updated about the key requirements, equipping yourself with all the right tools, finding a solid source of fillable templates, as well as occasionally turning to tax expert assistance, you will get your business ready for tax season like a pro while retaining your peace of mind. And that’s exactly what you’re striving for, right? PDFliner is where you’ll keep your tax files perfectly organized and 100% adjustable.
