Working with your Corporation Part 10: Due Dates & Client Communication

Here are the due dates of filings and returns that you must take a note of.

Personal

Personal Income Tax Return (T1) – Due April 30^th

Personal Income Tax Return for the Self-employed – Due June 15^th

Income Tax Owing – Due April 30^th

Tax Plan Finalized and executed – Before December 31st

Corporate / Business

Corporate Tax Return (T2) – Due 3 months after Corporation’s Year End, if owing tax, in no tax is owed then 6 months after the Corporations’ Year End.

Corporate Taxes Paid – Due 3 months after Corporation’s Year End Date

Annual Financial Statements – Done with Year End

Annual  Return – File annually with the Provincial Government to keep Corporation active

T Slip Filings (ie. T4’s & T5’s) – Due end of February following the calendar year

GST Filings – See GST forms sent by CRA for due dates

Payroll Remittances – 15^th of following month

One other area I’d like to mention that is important to your day to day operations is tracking your client/customer sales, communication, complaints etc.  Your clients and/or customers are your source of revenue.  Relationships make or break a business.  If you are not adequately tracking your communication with your clients, such as quotes, job details, services issues, accounts receivable and more, you are losing revenue!  Determine which technology would best suit your current operation and use it regularly.  Software for smaller businesses such as Microsoft Office, Quickbooks Client Manager, Act and other free CRMs can be a simple solution for the first years of your business.  Whatever system you use to track your clients and/or customers, just ensure that you use it regularly so as to build relationships and not to lose revenue!

There is a lot more to consider in running your business as every business is different.  Again, we refer to the fact that you should have a business plan that looks at all the areas of your business.  Do not hesitate to email us with questions or book an appointment with us at Kustom Design to look at your needs and answer your questions!