As all Canadians settle back into work after the holiday season, we’re all looking forward to fulfilling the new intentions and resolutions we have set forth for the 2014 year. However, it is important to note that although 2013 calendar year has closed, along with it the financial results of your business, many tax planning opportunities for 2013 remain open. 2013 tax filing requirements still remain to be completed for business owners and their tax advisors.
Here are some important tax filing dates 2014 for Vancouver Businesses:
January 15, 2014 is the due date for the December 2013 month payroll remittance. Business owners still have this one opportunity to affect the 2013 payroll for themselves and family members who worked in the business during 2013.
January 31, 2014 is the due date for the final GST/HST installment for businesses with a December 31 year end. This is the final opportunity to affect the total installment for the year after going over the books.
February 28, 2014 is the due date to file the 2013 remuneration details with CRA. If the business had employees (including shareholders’ family members) T4 Supplementaries and a T4 Summary must be filed by this date. If the business paid dividends or interest to a party, T5 Supplementaries and T5 Summary must be filed by this date. The salary and dividend amounts paid to the shareholder(s) and family member(s) are big components of corporate tax planning. Tax advisors and business owners have until this date to finalize and formalize their claim amounts.
March 1, 2014 or February 29 (in a leap year) is the RRSP purchase deadline for the 2013 calendar year. The purchase of RRSP can greatly reduce the personal income tax burden in a high income year.
March 31, 2014 is the filing due date for incorporated businesses with a December 31 year end and that file the GST/HST return annually. Many small incorporated businesses and professional corporations are impacted by this March 31 deadline. Also, partnerships with individuals as members and inter vivos trusts have returns due on this date as well.
April 30, 2014 is the filing due date of personal tax returns (exception is taxpayers who are self-employed and their spouses/common-law partners). The personal income taxes are also due on this date.
June 15, 2014 is the filing due date of personal tax returns for taxpayers who operate a business as a proprietor or as a member of a partner. This is also the filing due date for proprietors who file their GST/HST returns annually. However, note that the income taxes and GST/HST are due on April 30, prior to the filing due date of the returns.
June 30, 2014 is the filing due date of corporate tax returns for corporations with a December 31, 2013 taxation year end. December 31, the calendar year end, has more than its proportionate share of corporate year ends.
Christmas 2013 is over, but business owners still have some opportunities to wrap up 2013 nicely.
If you are looking for personal or corporate tax planning services or have questions, please don’t hesitate to contact us to learn more about how we can help you!
Disclaimer: All Rights Reserved for Mew & Company. This blog post is designed to provide information for personal use only. Please consult your professional tax advisor for further information. Mew & Company is not responsible for any legal disputes resulting form the content of this blog post.