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Hello Reader!

Happy New Year! Welcome to December 30th 2024! In this Newsletter:

• Announcements and Updates
• What’s due at the end of December?
• My Three Favorite Hacks and Resources for December!
• What due dates are coming up in January?

Wanna Watch today's Newsletter instead of Reading? It's also a VIDEO NEWSLETTER! Watch it instead of reading it here!

Announcements and Updates

My Newsletter format is changing... just a small bit. Instead of two newsletters a month, (one on the 14th with 3 Business Hacks, and one on the 30th with 3 Business Resources Plus business Due Dates for the upcoming month), I will be combining them into one very useful newsletter on the 30th of the month, that has 3 Business Resources and/or Hacks, and a list of the business due dates for the upcoming month for you to prep your Business Calendar! This new format makes a lot of sense for a few reasons. When I began in the newsletter in 2021, I felt it was important to remind entrepreneurs of what was due on the 15th (payroll taxes) and the 30th (Some GST filings, and corporate tax installments). But more and more entrepreneurs are using automated payroll services that pay their payroll tax source deductions automatically on the 15th! And also, I myself receive many newsletters, and know the experience of newsletter overload. I feel that sending out one a month would reduce the inbox flow for my subscribers, while still highlighting helpful hacks and resources for Canadian Entrepreneurs! Love it? Hate it? Let me know! (If you think you'll miss the 14th of the month reminder for payroll taxes, consider using CRA's Business Tax Reminders Mobile App!)

What’s Due End of December?

Here are some end of December due dates that may apply to your business;

• If your business is incorporated, and owed greater than $3k in corporate Income Tax for the previous fiscal year, then it is required to pay installments for next year on the last day of every month. December 31st is the due date for the December Corporate Tax Installment. ​
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• Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, November's GST/HST filing and remittance is due on December 31st. If your Sales Tax quarterly filing is on a different schedule because of a corporate fiscal year end date that is not standard, the GST/HST for a quarter Sept to Nov would be due Dec 31st. Also, if your Corporate Fiscal Year End is June, your Corporate Tax Return is due 6 months after your Fiscal Year end (December 31st). If your Corporate Year End is October, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due December or January, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation.

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My Three Favorite Resources and Hacks for December!

This month I share two underrated CRA Resources and a Random Business Hack relating to email!

1. CRA Federal Tax Credits that can help your business save money: This month, CRA published a handy resource that lists out the Federal Tax Credits for Businesses that your business may be eligible for. Make sure you #DontGiveCRAmoreMoneyThanYouHaveTo!
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2. Down the CRA Rabbit Hole of CRA Tax Resources: My first December Resources newsletter in 2021 highlighted CRA's then new free online course to learn about Canadian Personal Income Taxes. I wondered if they had an online course about business taxes. I didn't find one, but I did find a lot of excellent resources on their website! Self Employed income is also reported on the personal income tax return, and this includes Sole Proprietorships and partnerships. A stroll through that page links to lots of fabulous stuff including Common Business Expenses to consider and understand, and also information on EI Benefits for self-employed people. Each page lists links to guides and other applicable links. Do you prefer Videos to Reading? Did you know CRA has about 50 videos that can answer your questions about a multitude of business topics! Take a peek now to see what you may need later!
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3. Delay your email send by one or two minutes: Have you ever clicked "Send" just to realize "OH!!! WRONG CLIENT JENN!" or "OH!! REPLY ALL!!". Avoid that sinking feeling in the pit of your stomach simply by having your email delay send by one or two minutes, giving you that precious time to "ABORT ABORT!" Both Microsoft Outlook and Google Gmail have this as an option to set up to apply to all emails moving forward. Simply google "Delaying emails in ______" to see how to do it for your email platform. Taking 5 minutes now to set that up could help save mountains of headache and regret! Here's some links I found on how to do it for Outlook and Gmail.

What Resources have you found that have helped you start, run, or grow your business? Feature it (and a callout to your business!) in our next Resources Newsletter!

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What due dates are coming up in January?

Now’s the time to prep your January Calendar! #BeThatBusiness that is organized! Here are some January due dates that might affect your business:
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• If you have employees, January 15th is the due date for your payroll source deductions relating to December's payroll, if you are a regular remitter.
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• If you have employees, then you likely are registered for provincial Workplace Insurance (WSIB/WCB). WCB in some provinces is due monthly, and on the 15th. In others it is due quarterly but due on the 20th. In Ontario, WSIB is due quarterly, and the Workplace Insurance for the employee earnings from October to December is due on January 31st. (Self-employed in the construction industry? You may need to pay it on your labour even if you have no employees!)
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• If you file your GST/HST on a quarterly basis, and your year ends on Dec 31st, then your October to December GST/HST quarter is due to be filed and paid at the end of January. Even if you don’t have all the funds, file on time to not waste money on late filing penalties. (Don’t give CRA more money than you have to!!!)
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• If you file your GST/HST annually, but last year your GST/HST was greater than $3,000, then you are required to pay quarterly installments, and the last of these GST/HST installments is due to be paid January 31st.
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• If you file your GST/HST monthly, then your December GST/HST is due on January 31st.
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• If you are in a province that has PST, make a note of what your PST due date is, it may also be quarterly like the GST.
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• If you offer hotel or BnB accommodations, you may be in a jurisdiction that has MAT (Municipal Accommodations Tax), your MAT Tax may be due at the end of January. MAT taxes are sometimes due monthly, sometimes due quarterly.
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• If you business is incorporated, and owed greater than $3k in corporate Income Tax for the previous fiscal year, then it is required to pay installments for next year on the last day of every month. January 31st is the due date for the January Corporate Tax Installment.​
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• Though there are no other standard items due at the end of this month, be aware that if your Corporate Fiscal Year End is July, your Corporate Tax Return is due 6 months after your Fiscal Year end (January 31st). If your Corporate Year End is November, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of January or end of February, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation.
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Be Intentional Today! Get out there, and Be That Business That Thrives! ​ Naomi Wilkins ​I Love Making Bookkeeping Make Sense ​www.naomiwilkins.ca​ ​ Let's Get Social! ​ ​ ​ ​ Disclaimer: This Newsletter is intended to inform readers in general terms. It is not intended to provide any tax or business advice. Please consult your accountant if you have any questions about your unique situation. While I have tried to ensure the accuracy of the information in this newsletter, I accept no liability for errors or omissions.