Tax Filing Tips for Small Business Owners

A small business owner in Burlington preparing for her 2023 tax filing

As we near tax season, it’s essential to start thinking about getting all your tax affairs in order. We’ve included some tips to consider when planning your taxes to help small business owners prepare for the upcoming tax season.

Know your Tax Filing Deadlines

If you are running a business, there are two significant dates to know: 1) when your tax filings are due to the CRA and 2) when any taxes you owe are due.


If you’re a self-employed business owner, your tax return is due June 15. However, any taxes you must be paid by April 30 (unless it falls on a weekend). For the 2023 tax year, self-employed individuals must pay any taxes owed by May 1, 2023.

Corporate Tax Returns

The deadline for corporate tax returns is six months after your business fiscal year-end. Corporations must pay all taxes within two months after the tax return filing deadline.

If your business has a December 31 year-end, your tax return is due by June 30. Corporations generally make their tax payments in instalments throughout the year.

Understand what you need to file.

If you’re a new business owner or your business situation has changed, it is crucial to understand what forms you need to file with the CRA to comply with your taxes. If you had no meaningful changes in your business, you would be filing the same forms as the prior year.


Self-employed individuals will typically need to file Self-Employed Form T4A and T2125. Depending on your sales volume, you may also need to file a GST/HST return.


Corporations must file their Corporate Tax Return Form T2 with the CRA. You may be required to file other forms and schedules depending on your business activities.

GST/HST Filings

If you are a business that collects GST/HST, you also need to ensure these filings are complete. Depending on the size of your revenues, your filing might be due annually, quarterly or monthly.

Organize your receipts for any deductions and benefits.

Once you know what you need to file and when it’s time to organize your business transactions will make it easier to file your taxes and support your claims to the CRA if requested.

Most business owners keep their tax records concurrently with their financial records. If your financial records and bookkeeping are up to date, chances are your tax receipts are mainly organized.

At this point, take a closer look at some specific deductions and benefits that can help optimize your taxes. Here is a list of some common items to review:

  • If you use your car for personal and business use, ensure all your information is up to date.
  • Receipts for charitable donations you made throughout the year
  • If you tend to work from home part or all of the time, you might be eligible for deductions

Now is also an excellent time to look at any new regulations or deductions for which you are eligible. Your tax accountant can help you review these annually to take advantage of all opportunities.

Other Transactions to Review

Business taxes can be complex. Every business is different.

There can be lots of transactions that can complicate your business transaction. Here are a few considerations that may affect your tax situation.

Review your and your family’s compensation structure.

Reviewing the compensation structure if your business is a corporation and you are paying yourself or family members is essential.

Your compensation structure will impact not only your business taxes but also your personal taxes. A tax professional can help you look at your tax situation objectively. They will consider any impact on your tax situation and business.

Review employee-related compensation

If your business has employees that work remotely, it can impact payroll and tax. You may need to issue additional tax slips for your employees or ensure that your payroll tax calculations and remittances are still accurate.

Review your business structure and eligibility.

Canada has a few different business structures, each with its tax rules. Make sure you understand the implications of your business structure on your taxes. You might also be eligible for small business deductions, saving you significant money.

If it is vital to maintain your tax status as a small business, review the criteria with an experienced professional.

Determine transactions to and from the company.

If you’ve taken out any shareholder loans, settle them as they come due. Shareholder loans that still need to be paid can imply your taxes.

Depending on the size of the business, review any intercompany transactions.

Get help with Tax Planning and Tax Compliance.

Taxes can be complicated and time-consuming. As your business grows, it can become more and more critical to work with a tax professional who understands the needs of your business. They will understand the complexities of your situation and may be able to find opportunities for additional deductions or benefits you might have missed.

By planning and getting help when needed, you can ensure your business tax planning and filing are done right. This will save you time, money and stress in the long run.

Consult Edelkoort Smethurst CPAs LLP in Burlington for Reliable Tax Filing Advice

Dealing with taxes is essential for small business owners. At Edelkoort Smethurst CPAs LLP, our highly skilled team of tax experts will prepare your business’ taxes to meet all tax obligations while seeking out every opportunity for deductions. Let our trusted accountants give you the peace of mind of knowing that your taxes will be filed accurately and on time. Don’t hesitate to contact us online or by telephone at 905-517-2297.