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