Hello Reader!

Welcome to April 29th 2025! In this Newsletter:

• Announcement! Live Action Bookkeeping!
• What’s due at the end of April?
• My Three Favorite Resources for May!
• What due dates are coming up in May?
• Updates: Fabulous First Friday's Zooms are still available!

Announcing my Live Action Bookkeeping Case Study!

I'm Super Excited about my new project that I've just started! I call it...
​LIVE ACTION BOOKKEEPING!
​
I'm posting real time bookkeeping for a Case Study on YouTube!
​
Each week I share downloadable mocked up documents following a fictious Canadian Business that people can use to learn, practice, and test with. Then I record the actual bookkeeping while answering common questions, solving common problems, and testing different bookkeeping and business apps.
​
April 2025 Documents and Videos are now up and available! Find out more here!

Now when people ask what I do for a living, I'm going to proudly say... "I'm a live action bookkeeper!" 😆

​

What’s Due End of April?

April 30th is a big due date for many Canadians! Here's some important ones for you to be aware of:​

• If your GST/HST is quarterly, and falls on the standard quarters, then the 1st quarter (Jan to Mar), is due to be filed and paid on or before April 30th
  ​
• If your GST/HST Filing is annual, and based on the Calendar Year January to December, AND you are a self-employed, then your due date to file your HST is June 15th. BUT! Your due date to PAY is April 30th.
  ​
• If your GST/HST is annual, and is based on the standard Calendar Year, and also was payable by more than $3k the previous year you filed, then you are required to pay a GST/HST instalment towards your 2024 GST/HST Return on or before April 30th. This installment should be either 25% of what your net GST/HST was from your previous filing, or 25% of what you predict it will be if you predict it to be less then the year before.
  ​
• 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 for Insurable Earnings over $20k, and the premiums on earnings from Jan 1st to March 31st are due on April 30th.​
  ​
• For those who are not self-employed (or are not a spouse of someone self-employed), their Personal Income Tax Return is due on or before April 30th. April 30th is also their due date to pay any income tax owing.
  ​
• For those who ARE self-employed (or are the spouse of someone self-employed), though their Personal Income Tax Return is not due until June 15th, your due date to pay any income tax owing is STILL April 30th! Even if your income tax is not finalized, find out an estimate of what the taxes may be, and be sure to pay that to CRA as an installment on 2024's tax account before April 30th.
  ​
• UHT; Underused Housing Tax Return: If you own or have an interest in a residential property in Canada with 3 or less units you may need to file an Underused Housing Tax return by April 30th 2025.Find out more details about the UHT Return from my Oct 2023 newsletter.
  ​
• If your business is incorporated, and owed corporate Income Tax for the previous fiscal year, then you are required to pay installments for next year on the last day of every month. April 30th is the due date for the April Corporate Tax Instalment.​
  ​
• Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, March's GST/HST filing and remittance is due on April 30th. Also, if your Corporate Fiscal Year End is October, your Corporate Tax Return is due 6 months after your Fiscal Year end (in April). If your Corporate Year End is February, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due in April or in May, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more here.
  ​

My Three Favorite Resources May!

Here are three fabulous resources to help your business thrive this May!

1. Businesses, are you ready for your CRA mail to go online?: Starting in spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method of delivering most business correspondence. This means you’ll start receiving most of your business notices and other correspondence through the CRA’s secure online portal, My Business Account, instead of by mail. The correspondence will not come by email, rather, an email will be sent directing you to log on to your "My Business Account" to read the correspondence. Check out ​CRA's tips​ on who this affects, how to make sure you have access, and even how to request being put back on to paper mail.
   ​
2. In Ontario? These Ministry of Labour Webinars are GOLD!: ICY didn't know... Ontario's Ministry of Labour does excellent webinars! If you are an employer looking for insights and clarity about the ESA, Public Holidays, or Vacation Pay, these free webinars are an excellent investment of time! They include a live Q&A section at the end where you can ask your questions! The upcoming May Webinars can be found at the bottom of this page. If you're in a different province, take a quick peek to see if your Ministry of Labour offers webinars too!
   ​
3. Selling the Assets of a Corporation and Exit Planning: "Failing to have a succession plan results in paying more tax than necessary and adding undue burdens of stress on your executor and inheritors. If you don’t plan well, your family may be left with little or nothing to show after your lifetime of hard work" writes Jonathan Carter, in Kata Accounting's recent blog post. If you haven't yet considered what the long goal is for your corporation and what your exit plan may be, this is an important post to read to help you think ahead for your family and loved ones.

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 May?

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

• If your business has employees and is a regular remitter, May 15th is the due date for your payroll source deductions relating to April's payroll.
  ​
• If your business has 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 the premiums on earnings from April to June are due on July 31st)
  ​
• If your business is incorporated, and owed corporate Income Tax for the previous fiscal year, then the business is required to pay installments for next year on the last day of every month. May 31st is the due date for the May Corporate Tax Instalment. (Monday June 2nd in 2025, as the 31st falls on a Saturday)​
  ​
• ​Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, April's GST/HST filing and remittance is due on May 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 February to April would be due May 31st. Also, if your Corporate Fiscal Year End is November, your Corporate Tax Return is due 6 months after your Fiscal Year end (May 31st). If your Corporate Year End is March, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of May or end of June, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more here.

​

Updates:

FABULOUS FIRST FRIDAYS @FIVE!: Looking to connect? Join my live FABULOUS FIRST FRIDAYS @FIVE open Zoom Meeting! My Monthly Open AMA Zoom Chat Session where we can connect and discuss questions regarding starting and running a business in Canada! (and all things related such as bookkeeping and software and apps!). It's a free group event where anyone can drop by to say hi and ask a question! Click here to register!

​

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.