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Hello Reader!

Welcome to November 29th 2024! In this Newsletter:

• What’s due at the end of November?
• My Three Favorite Resources for November!
• What due dates are coming up in December? *(And new regulations!!)
• Events and Updates!

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

What’s Due End of November?

Here are some end of November due dates that may apply to your business; (Note, that November 30th falls on a Saturday this year, so these November 30th Deadlines are actually due Monday December 2nd)

• 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. November 30th is the due date for the November 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, October's GST/HST filing and remittance is due on November 30th. Also, if your Corporate Fiscal Year End is May, your Corporate Tax Return is due 6 months after your Fiscal Year end (November 30th). If your Corporate Year End is September, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of November or end of December, 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 November!

1. Federal Government GST/HST Holiday Tax Break Details: On November 21st CRA announced a two month relief from GST/HST on prepared food and meals, including restaurants, and 'holiday essentials'. Just yesterday, on Nov 28th, they put out a more detailed publication with more specifics, noting details, examples, and restrictions for each category. This GST/HST Holiday Relief will be effective December 14th to February 15th, and as it was only just announced on Nov 21st, that is giving businesses only 23 days to set up their POS system, or only 16 days if you count the fact that the more detailed publication with specifics only came out on November 28th. NOTE - if the products your business sells is in this category, in the bookkeeping, be sure to record the sales as ZERO RATED for GST/HST, not 'out of scope'. Also, currently, this is only affecting GST and HST. The PSTs are not currently affected.
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2. How to use financial ratios to improve your business: Financial ratios offer entrepreneurs a way to evaluate their company’s performance and compare it other similar businesses in their industry. BDC put out an updated blog post on the different type of financial ratios and how to use them.
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3. 2024 Year End Tax Planning: There are certain things that should happen before Dec 31st to take advantage of proactive tax planning strategies for your business. Grant Thornton put together this great blog post that will assist you with your 2024 Year End Tax Planning for you and your business.
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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!

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What due dates are coming up in December?

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

• As noted above, the Federal Government has announced that there will be a "GST/HST Holiday Relief" period beginning Dec 14th, and going to Feb 15th. Businesses will need to adjust their POS systems and registers to not charge GST/HST on certain goods. CRA has this publication that has specifics, including details, examples, and restrictions for each category. has a bit more information on what goods are on that list. Take a peek to see if it applies to any products your business sells.
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• If you have employees, December 15th is the due date for your payroll source deductions relating to November's payroll. (In 2024, December 15th falls on a Sunday, so the 16th is the actual due date this month).
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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.
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• If you owed greater than $3k in personal income tax for two years in a row, then you are required to pay quarterly installments for next year. They don't match the business quarterly schedule though. December 15th is the next personal income tax installment due date. (As Dec 15th falls on a Sunday this year, the actual due date is on the 16th this month).
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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. 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 date (December). If your Corporate Year End is October, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of December or end of 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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Updates:

FABULOUS FIRST FRIDAYS @FIVE!: Looking to connect? Join my live FABULOUS FIRST FRIDAYS @FIVE open Zoom Meeting this week! 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.