Affordable Accounting and Bookkeeping
Self-Employed Tax Obligations
File Your 2016 Income Tax Until June 15, 2017
June 15, 2017 is the final day for all self-employed persons, their spouse or common law partner to file the 2016 income tax and benefits returns.
In addition to the already mentioned deadline, the legislated date for any unpaid income tax balance is April 30. But since the date falls on a Sunday, the Canadian revenue agency in her wisdom has shifted it to it may accommodate all submissions. Just make sure you make all payment and submission before the said date.
Any payment should be made to the CRA before the June 15 deadline, any later than that attracts late filing penalty.
- As a self-employed, your duty is to report your income and that of your business partner. To read more about this visit: cra.gc.ca/self-employed
- Keep records of all transactions - personal or commercial. All files should be complete and tally exactly with the tax owed or credits you claim. Original documents of payments should also be kept handy.
- Make sure to keep each document that supports your claim for the past six years. You might one day need it when CRA calls for reviews. You might be asked to prove your claims for credits or deduction with documents other than official receipts, like canceled cheques or bank statements.
- If your income is that small that your income tax is withheld during the year, you are allowed to make installment payments. Such situations are possible if you have self-employment income, rental, and investments income from multiple jobs or even pension payments. For more information visit cra.gc.ca/instalments.
For more details on preparing your 2016 income tax and benefit return, visit cra.gc.ca/getready.