Hello Reader!

Welcome to February 27th 2025! In this Newsletter:

• What’s due at the end of February?
• My Three Favorite Resources for February!
• What due dates are coming up in March?

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What’s Due End of February?

The due dates below are the generic due dates for February, BUT! Because of the recent updates to how Tslips are filed, and the issues businesses are having working out the kinks, CRA is granting relief in respect of late filing penalties for information returns filed on or before March 7th 2025 for those information returns normally due on February 28th 2025! Find out more from CRA here!

• T4s are due to be filed for your employees on or before February 28th. If you used a payroll provider, make sure they will be filing your Employee’s T4s for you. If you use payroll software, there may be some extra steps for you to do. In Quickbooks, it’s a simple .xml file to upload! (Here's my Video on how to do that!) Then you can print the Employee’s copy right from Quickbooks! If you did your payroll for your employees manually, and are curious how to file them online using CRA’s webforms, here’s a handy dandy video I made a few years ago on how to do that. When you use CRA’s webforms to manually file, you can print a copy from there to hand out to your employees.
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• T4As are also due on or before Feb 28th. T4As are the income slips that you issue to independent workers who are not an employee, such as contractors who received a commission.
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• T5s are also due on or before Feb 28th. T5s report various types of investment income. They also can declare dividend income (and shareholder draws) for shareholders of a corporation, and are done by your accountant. Your accountant will need to see your financials to see what needs to be issued, so now is the time to finalize your 2024 bookkeeping and share with your accountant so they can prepare and file your T5s on time.
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• f you are a charity, then Feb 28th is also when your donation receipts are due to be issued. A reminder for the 2024/2025 donation years; CRA has announced the charitable donation deadline for the 2024 year has been extended to Feb 28th 2025.​
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• March 3rd 2025 is the Deadline for Contributing to an RRSP for the 2024 Tax Year. (Not February due date, but very soon after February ends!)
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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. February 28th is the due date for the February Corporate Tax Installment.
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• If your Corporation is federally incorporated, you must file with Corporations Canada every year. Though they call it an "annual return" this is not the Corporate Tax Return (T2) that you must file with CRA every year. The filing deadline is 60 days following a corporation's anniversary date. Find out more here.
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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, January's GST/HST filing and remittance is due on February 28th. 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 November to January would be due Feb 28th. Also, if your Corporate Fiscal Year End is August, your Corporate Tax Return is due 6 months after your Fiscal Year end (February). If your Corporate Year End is December, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due February or March, 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 for February!

This month's theme is unsurprisingly... personal income tax!

1. How I do my T2125: Ah Spring… the season we start to get ready to file our personal income taxes! There are a lot of options out there to get your income taxes filed, either DIY or by a professional income tax provider. If your situation is complex, a professional income tax provider can be a great resource! But if you file your own taxes, and haven’t heard yet about Wealthsimple Tax, now’s a great time to check it out! As a Bookkeeper, I don't offer tax services, but I do prepare my own tax return, and a few years ago I thought I'd share how I do my T2125 (Statement of Business Activities/Self Employment income) on YouTube, with a follow up of how I put that into Wealthsimple Tax.
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2. Captial Gains Explained! - Not just for business owners! This article by Moneysense explains how capital gains are taxed and how to avoid payment more taxes where selling your assets!
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3. Taxes on Investments: Kata Accounting Solutions put out a fabulous blog post discussing how taxes on investments work, some of the tools at your disposal, and how your investment income will be treated. Again, this is more related to personal income tax, but as an entrepreneur, you likely are either interested in or are an active investor, so I thought this resource would be of interest to you!
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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!

What due dates are coming up in March?

Now’s the time to prep your March Calendar! #BeThatBusiness that is organized! Here are some March due dates that might affect your business:​

• March 3rd 2025 is the Deadline for Contributing to an RRSP for the 2024 Tax Year.
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• March 7th 2025 is the extended grace period that CRA is granting relief in respect of late filing penalties for information returns (T slips) filed on or before March 7th 2025 for those information returns normally due on February 28th 2025. Find out more from CRA here.
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• If you have employees, March 15th is the due date for your payroll source deductions relating to February's payroll if you are a regular remitter. (March 15th is a Saturday in 2025, so they would be due Monday March 17th this year).
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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 Ontario, WSIB is due quarterly, and not due until April 30th)
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• March 15th the first quarterly personal tax installment is due. If you are a self employed individual, no one is deducting income taxes from you. Because of this, if you had over $3,000 in personal income taxes payable on filing in the previous year, CRA would like you to pay instalments on your personal income taxes for the next year. (March 15th is a Saturday in 2025, so they would be due Monday March 17th this year).
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• ​NR4's are issued by Canadian Payers who make payments to non-residents of Canada for income such as interest, dividends, rents, royalties, pensions, and acting services. The NR4 information return is due on or before March 31st following the calendar year to which the information return applies, or in the case of an estate or trust, no later than 90 days after the end of the estate’s or trust’s tax year.
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• If required, partnerships (except those made up of corporations, or a combination of individuals, corporations, and trusts with different filing dates) must file a T5013 Partnership Information Return before March 31st.
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• ​T3 Trusts Returns also are due on March 31st. Last year, CRA updated their Reporting Requirements for trusts, and there were trusts that needed to file for the first time. More information can be found on CRA here.
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• 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. March 31st is the due date for the March Corporate Tax Instalment.
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• March 31st is the GST/HST Return and payment deadline for corporate and partnership annual filers (calendar year).
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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, February's GST/HST filing and remittance is due on March 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 December to February would be due March 31st. Also, if your Corporate Fiscal Year End is September, your Corporate Tax Return is due 6 months after your Fiscal Year end (March). If your Corporate Year End is January, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due March or April, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation.

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.