June 15: Sole proprietor filing deadline for tax returns and GST.
June 15: Personal tax instalment due .
June 30: Corporate tax filing deadline for December 31 year ends.
Keep an eye out for CRA brown envelopes: If you claimed significant medical expenses, tuition, donations, etc, you may receive a Post Assessment Review Letter from the CRA requesting those receipts. You only have 30 days to respond, so get in touch with us as soon as you can!
In this issue:
Big Tips for Small Businesses: How to build and execute a marketing plan for your small business.
Personal Services Business (PSB): An important topic for incorporated consultants and contractors in oil & gas.
Kids and Summer Camps: Fun for kids, relief for parents, and possibly a tax deduction.
Alternative financing options for businesses with bad credit
Our Marketing Director shares 9 strategies and tactics to get you started with marketing for your small business: customer centricity, credibility, value proposition, and creating an emotional connection with your customer are the first 4 pointers.
Incorporated contractors and consultants need to take measures to ensure they are actually operating as an independent contractor. The CRA can designate you a Personal Services Business (PSB) if they think you are operating like an employee, under the guise of a corporation. There are major tax consequences. But fear not--we’ve got your back! We wrote this to help you understand what a PSB is and how to avoid it.
Summer camps: good for kids, parents and taxes
Whether your kid is into animals, gymnastics, music, writing, history, art, laser tag or LEGO, there's probably a summer camp for it. Family Fun Calgary has put together a comprehensive list of kid summer camps. As long your child is attending summer camp so that you can work, you can claim it on your personal tax return as a child care expense. Here's more information from the CRA. Your camp should be able to tell you if they qualify as a tax deduction.
Big banks are reluctant to lend money to people with bad credit (credit score < 620), that goes for businesses too. So, if you’re in need of funding to expand your business, you’ll have to look for options outside of traditional lending. Our friends at www.thebalance.com share some unconventional ways to finance your business growth.
