Important Tax Deadlines 2017 For Self-Employed

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Important Tax Deadlines 2017 For Self-Employed

It’s extremely important to stay on top of taxes when you’re self-employed. We’ve put together a simple list of important tax deadlines 2017 for the self-employed.

Tax Deadlines For 2017

The tax season doesn’t stop on April 30 when you’re self-employed. There are multiple dates to pay attention to. Here are the dates you should mark on your calendar.

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DateTax Deadline
Jan. 31, 2017Deadline for filing, remitting GST/HST for previous reporting period
March 1, 2017Deadline for contributing to RSSP for previous tax year
March 15, 2017Deadline for quarterly installment of taxes to CRA
April 30, 2017Deadline for filing personal and self-employment income tax
June 15, 2017Deadline for quarterly installment if you pay CRA in installments
July 31, 2017Deadline for filing, remitting GST/HST for previous reporting period
Sept. 15, 2017Deadline for quarterly tax installments paid to the CRA
Nov. 30, 2017Final date for filing and remitting GST/HST taxes for previous quarter
Dec. 15, 2017Final due date of 2017 for quarterly installment payments to CRA

What’s the GST/HST

GST stands for Goods and Services Tax. This federal tax applies to most goods and services. HST stands for Harmonized Sales Tax. This applies to those in provinces that combined their sales tax with the GST. You’ll pay the GST/HST on most services and goods

You may have to register for GST/HST if you’re self-employed. In general, you’ll have to if you’re a sole proprietor whose total taxable revenue exceeds $30,000 annually. Some businesses like tax operators must register for the GST/HST no matter what.

You don’t have to register for the GST/HST if you qualify as a small supplier. The CRA defines a small supplier on its website.

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How Can Self-Employed People Reduce Their Taxes

You can reduce your tax bill by deducting your business expenses. Your income tax is based on your revenue minus your deductible business expenses. So, the more you can deduct, the less you’ll pay in taxes.

One of the best ways to reduce your taxable income is by claiming mileage on your taxes. Think about it: you’re often driving for your work, so you might as well take advantage of what the CRA offers.

Whether it’s your mileage or other business expenses, make sure you keep proper records. Otherwise, you may be staring at a CRA audit.

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Marin Perez

Marin has been writing about how technology improves lives for about a decade. He's excited to see how entrepreneurs are using tools like MileIQ to be more successful. When not working, he's thinking about his next trip.

MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.

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