A Small Education on Taxes

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The information in this article is provided for informational and educational purposes only and should not be used in making decisions or preparing your income tax return. Always seek advice from a tax advisor or accountant before making a decision or filing a tax return. Whether your business is making or losing money, you must file your business income tax return each year with the Canada Revenue Agency (CRA) Small businesses can submit their returns on paper forms sent to the CRA or submit them online on the CRA website. 

For the Companies

Companies must submit their return within six months of the end of the fiscal year, while unincorporated businesses have until June 15 to submit theirs. To put together all the information you need for your tax return, you may need the help of a qualified professional or software, which turns this obstacle course into a breeze. Hiring the tax filing services is important there.

There are some important factors that you need to be aware of in determining what and when to submit. First, you need to understand the legal form of your business. The legal form of your business will determine what type of tax return you should submit and when you should submit it. The legal form of your business may vary. You could have a sole proprietorship, a partnership or a limited partnership. Depending on the type of business, the deadlines and requirements differ.

For all your financial and real estate investments, you will need to keep the statements taking into account the sums you have available and the movements that have taken place during the year.

How to declare your income?

You can declare your income online or by using the printed form received at your home between mid-April and early May. This declaration will be pre-filled with information about you: marital status, family situation, certain income, etc. Before signing your declaration, or validating it on the internet, do not forget to check the information indicated and to correct or complete it if you notice any errors.

  • Within the framework of the ISF, the declaration procedures vary according to the amount of your assets.
  • Taxable net wealth less than 3 million euros You will not need to complete a specific ISF declaration, you will only have to declare the amount of your assets at the same time as your income tax return.
  • If necessary, notice n ° 2041-ISF NOT explains how to declare and pay your ISF.

Taxable net wealth greater than or equal to 3 million euros You will need to file a specific ISF declaration, with all its annexes and supporting documents. If necessary, notice n ° 2725 NOT explains how to declare and pay your ISF.

Conclusion

You now have the basics to correctly complete your 2013 tax return. The most important thing is obviously to carefully keep all your supporting documents for at least three years in order to be able to respond to any request from the tax administration. If there is still some hesitation, you can go to the nearest tax office to get more information.

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