June 15 Filing Deadline for Proprietorships: Brush Up on Tax Change Now

Small businesses in Canada are responsible for employing 8.2 million Canadians, which is 70.5 percent of the total labour force.1 Recent tax changes impacting small-business owners require broader, deeper tax knowledge for accurate, audit-proof returns. It’s time to brush up on audit-proof tax filing skills now in advance of the June 15 final filing deadline.

As a small-business owner today, you may be able to handle the finances yourself—but you can’t afford to do it without tax knowledge. The onus of proof is on you, and so you need to know the Canada Revenue Agency’s restrictions on your claims and about defending yourself against newly aggressive audit practices.

In fact, if you are a small-business owner, it’s even more pertinent that you file timely, complete and accurate tax returns, because you are responsible for self-assessment of income, deductions and credits. Your tax breaks, in other words, are more prone to audit, because CRA has to take your word for the numbers you submit. You need to keep the records, but also justify the reasonableness of your claims.

Entrepreneurs tend to wear many hats in their businesses and, out of financial necessity, you may choose to file your taxes without the assistance of a professional. Tax and accounting software can provide some guidance, but there may still be a knowledge gap; you need to have control and be compliant, especially with the increasingly aggressive audits being conducted by the Canada Revenue Agency (CRA). You also need to supervise your accounting help. Enhancing your tax knowledge through education will pay off in spades.

Become better qualified to handle your business’s tax and accounting needs, while addressing the unique circumstances created by today’s economic climate. Online self-study courses offered by Knowledge Bureau provide you with skills and tools that are unique from other basic bookkeeping courses or software programs – they teach competencies, and practical applications using professional software. And they are convenient – start anytime and study anywhere.

At the end of our courses, diploma programs or designations, you’ll have the competency to handle your business’s financial matters like a pro, and to ask better questions, too. These courses and programs are also suitable for cross-training an office manager or administrator who takes the reins in all aspects of small-business management. Start by taking a free trial in our DFA – Tax Services Specialist designation program. This month’s featured special “Sneak Peek” is the Introduction to Personal Tax Preparation course.

Additional educational resources: Other great courses for entrepreneurs and sole proprietors include: Accounting for Business Growth and Transition and Advanced Payroll for Small Business. Save on tuition when you register for our continuous-intake self-study courses and programs before June 15.

Register to attend the Fall CE Summit Workshops, focusing on Year-End Planning for Investors and Small Businesses, and pick up your copy of Essential Tax Facts, by Evelyn Jacks.

1 According to the Government of Canada’s Key Small Businesses Report from 2016, there are 1.14 million small businesses in Canada (classified as having one to ninety-nine employees).

** Some parts of this article were originally published on January 23, 2018

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