A new year is like a fresh breath for your business. A new year, a new chance to achieve your business goals. With tax season around the corner, your business needs to be prepared to file its taxes, avoid mistakes and get the whole process right.
Here are 7 tax tips to help you with 2016’s tax season.
Inserting the wrong data is the most common mistake when it comes to tax filing. Keep your eyes peeled, be careful, and double check the data.
The Canada Revenue Agency (CRA) has a very thorough list that you can go through so you don’t miss anything.
You should also watch the calendar for other dates like payroll, income tax installments and GST/HST.
Whether you use a smartphone calendar or a paper calendar, mark the dates on your calendar. Additionally, CRA Business Tax Reminders app, which can be downloaded on iOS and Blackberry devices, allows you to set key date reminders.
This holds true even if the caller or sender is from a financial institution.
Taking assistance from a professional service such as ATS Accounting will prevent your business from committing mistakes when filing taxes.