Procrastinators with Proprietorships: Tax Filing Deadline Looms!

Boomers and Millennials beware:  if you are a new sole proprietor a tax deadline looms this week. 

Tax advisors will be busy with procrastinators today and tomorrow, who have until midnight June 15 to file their T1 return with the CRA. Failing to do so can result in stiff fines and penalties and can attract unwanted attention from the taxman.

A recent article in The Globe and Mail, articulates well some of the expensive consequences of the failure to file on time: unincorporated businesses are more likely than larger corporations to come under scrutiny from the CRA.

And there are more of these enterprises than ever; Statistics Canada numbers point to the dramatic increase in numbers of people working for themselves from 1983 to 2011. In that period, the ranks of the self-employed jumped from 1,543,200 to 2,670,400.

Proprietorships are being fuelled by a number of factors, not least of which are aging boomers leaving the corporate life to start their own businesses as they transition into retirement, and millenials choosing to go it alone in a challenging employment market.

This rapidly growing sector represents an opportunity for financial advisors to help these proprietors run their business and do tax planning as efficiently as possible: making them aware of deductions, avoiding unnecessary fines and penalties for late filing or neglecting to file, and, of course, ensuring that they file their taxes on time, by the June 15 deadline.

See a DFA-Tax Services Specialist immediately if you are a procrastinator with a proprietorship.  If you are looking to tap into the qualifications to help next year, check out Knowledge Bureau’s course T1 Professional Tax Preparation - Proprietorships.

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