June 15th: File Tax and Instalment Remittances
While Canadians in some parts of the country plant flowers and prepare for opening the cottage, the June 15 tax filing deadline is just around the corner. This deadline is specific to unincorporated small business owners. In fact, those business owners who will have a balance due really should file immediately as the interest clock started ticking on May 1.
The filing due date for a spouse is always the same as for the deceased, but any balance owing by that person must be paid on or before April 30 to avoid interest charges.
June 15 is also the second quarterly instalment payment deadline, which makes it one of the most expensive days of the year for business owners. Therefore it is important to review instalment payment filing methods if the taxpayer has an opportunity to reduce the instalment due to income fluctuations or changes in deductions or credits.
Legal representatives of a deceased individual who died in 2009, will also want to file the final return by its due date, which will depend on the date of death and whether the deceased or the surviving spouse carried on a business in 2009.
When a deceased individual or spouse operated a business, death occurring between January and December 15 requires filing on the June 15 due date. Otherwise the due date is six months after date of death.
Note, CRA has published a simple new guide for small business owners, which can be used to discuss key issues. View the
Guide for Canadian Small Businesses by linking
here.
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