Tax season is finally here, and because of this it’s time to file before it’s too late. Filing your taxes is especially important when you own a business, and more than anything it’s important you do so in a professional, timely manner. Since the world of taxes & filing taxes can be quite complex, we here at Wales Accounting want to help you with prepping for the 2023 tax season. To learn more about our advice that we recommend to business owners and individuals alike (and how our tax services can help), continue reading. 

Be Aware of Your Deadlines 

As we briefly mentioned, being on time with your taxes is vital in making sure this process goes by smoothly and without any trouble. Depending on the structure of your business as well as the fiscal year, deadlines may vary but you need to know about them regardless so as to avoid any penalties.  

In general, the deadline for corporate tax filings will be six months after the end of the fiscal year, on the last day of that month. Even so, the CRA will accrue interest after three months if there’s a tax payable at the end of the year.  

GST/HST returns can be due every month, every quarter or every year.  

Employees must also file personal tax returns by May 1st, 2023, so you must provide your workers with the proper documentation (T4’s, T5’s, etc.) by no later than February 28th, 2023. In general, however, we recommend you provide the company you’re filing taxes with with the proper documentation by no later than Mid-late February, so the team can adequately file your taxes in the right manner. 

Be Organized 

Organization is a key element in any tax process, regardless of whether or not you decide to work with a professional company to do your taxes. Be sure to, over the year, gather all of the necessary documents relevant to this kind of accounting. They will display things such as the organization’s flow, income, and more. Another great way to be sure you’re properly organized is by owning a physical filing cabinet. With a cabinet such as this, you can place all of the documents in the necessary category and make things easier to find when you need to submit them/use them later on. 

Keep an Eye on Tax Laws 

While unfortunate, tax laws are always changing and in order to ensure you’re doing everything properly and without penalty requires keeping an eye on these law changes. For example, changes in minimum wage + inflation have had quite the effect on this year’s tax season. Because of this, a 6.3% adjustment has had an impact on all deferral income tax brackets. Even the BPA has been increased due to this change in the economy. Looking out for these changes is important in making sure everything is done properly. 

Work With A Professional Accounting Company Today 

When you are in need of a high quality personal tax filing in Richmond Hill, look no further than our team here at Wales Accounting so we can do the job right. For years, we have helped clients of all backgrounds, business owners or otherwise, file their taxes professionally, accurately and successfully. To learn more about how our highly experienced tax experts can help with your next filing, be sure to give us a call at (905) 508-9262 today.