Tax Deadline Canada 2012

April 17, 2012 by staff 

Tax Deadline Canada 2012, Small business owners have to wear several hats in order for their businesses to run smoothly. One of the more demanding roles is the accounting aspect of the business, especially at tax time.

“It’s invaluable for small business owners to maximize tax incentives that can help boost their bottom line. With the tax filing deadline approaching, it’s not too late with the help of a tax expert to look for tax efficiencies and plan for the coming business year,” said Joe Collura, Small Business Area Manager, BMO Bank of Montreal.

The tax filing deadline for self-employed or unincorporated small businesses is only weeks away. BMO Bank of Montreal offers tips for entrepreneurs who have yet to file their personal income tax returns for 2011:

– File on time: Most sole proprietorship small businesses report business
income on a calendar-year basis. The deadline for self-employed business
owners to file their personal income tax returns is June 15; however, if
you owe money, the interest starts accruing as of this month, on April
– Seek out an expert: Entrepreneurs should work with a tax expert -
typically an accountant – in order to maximize savings and minimize
stress. An expert tax advisor will allow entrepreneurs to make the most
of the tax strategies available to them.
– Gather business receipts and claim allowable expenses: Maximize income
tax deductions by ensuring all allowable receipts for business-related
expenses (ie. utilities, gas fill-ups, postage, customer lunches, coffee
for the office) are kept. Business owners should consult the guidelines
available from the Canada Revenue Agency, or speak to their professional
tax advisor about eligible business expenses.
– Consider inventory write-offs: A drop in the value of inventory may
provide an opportunity for an income tax deduction for the current year.
It is important to speak to an accountant about the tax rules that apply
to your particular situation.
– Schedule a financial check-up: Just as you would book an annual physical
with the doctor to help maintain your health, at a minimum an annual
review of your business is important to your financial well-being. A
business banking advisor, accountant, and investment advisor can help
owners make sure that they have a clear understanding of their evolving
financial situation. These professionals can also help develop or adjust
existing plans based on new needs or changing circumstances.
– Plan for the rest of 2012 and maximize savings: If you haven’t been
doing so yet, one of the best ways for small business owners to generate
tax savings is to invest as much as you can in an RRSP. Your allowable
contribution for the year can be deducted dollar-for-dollar from the
amount of income that you report for the year

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

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