Resources
Helpful guides, tax deadlines, and answers to common questions for Ontario small business owners
Important Tax Deadlines 2025
Personal Income Tax
- April 30, 2025: Tax return filing deadline for individuals
- April 30, 2025: Payment deadline to avoid interest
- June 15, 2025: Self-employed filing deadline
Corporate Tax
- 6 months after year-end: Corporate tax return due
- 3 months after year-end: Balance owing payment due
- Monthly/quarterly: Installment payments if required
HST/GST
- Monthly: Last day of the following month
- Quarterly: One month after quarter end
- Annually: June 15 (if Dec 31 year-end)
Payroll
- 15th of each month: Source deductions remittance
- Last day of February: T4 slips to employees
- Last day of February: T4 Summary to CRA
Note: These are general guidelines. Your specific deadlines may vary based on your fiscal year-end and remittance schedule. Contact us for your personalized deadline calendar.
Frequently Asked Questions
When should I register for HST/GST?
You must register when your revenue exceeds $30,000 in a single calendar quarter or over four consecutive quarters. However, you can register voluntarily even if below this threshold to claim input tax credits on business expenses.
What's the difference between bookkeeping and accounting?
Bookkeeping is the day-to-day recording of transactions (sales, expenses, payments). Accounting involves analyzing these records, preparing financial statements, tax planning, and providing strategic advice. Most small businesses need bookkeeping services; accountants typically prepare your year-end returns and provide tax advice.
How often should I update my books?
Monthly bookkeeping is ideal for most businesses. It keeps you current for decision-making, prevents year-end scrambles, and makes tax time much easier. Weekly updates make sense if you have high transaction volumes or tight cash flow.
What records should I keep and for how long?
Keep all receipts, invoices, bank statements, and financial records for at least 6 years from the end of the tax year they relate to. This is the CRA's requirement for most documents. Permanently retain incorporation documents, contracts, and property records.
Can I deduct home office expenses?
Yes, if you use a dedicated space in your home primarily for business. You can deduct a proportionate share of rent/mortgage interest, utilities, insurance, and maintenance based on the square footage used. Keep detailed records and photos of your workspace.
What happens if I miss a tax deadline?
The CRA charges a late-filing penalty of 5% of the balance owing, plus 1% for each month you're late (up to 12 months). Interest also accrues daily on any unpaid balance. Even if you can't pay immediately, file on time to avoid the penalty.
Quick Financial Tips for Small Businesses
Separate Business and Personal
Open a dedicated business bank account and credit card. This simplifies bookkeeping, makes tax time easier, and provides legal protection. Never mix personal and business expenses.
Track Everything Digitally
Use apps to photograph receipts immediately. Lost receipts mean lost deductions. Cloud storage ensures you'll never lose important documents, even if your office floods or burns.
Set Aside Tax Money
Put 25-30% of your revenue into a separate savings account for taxes. This ensures you'll have funds when quarterly installments or year-end payments are due. Adjust the percentage based on your actual tax rate.
Review Reports Monthly
Actually look at your Profit & Loss and Balance Sheet each month. Spot trends early, catch errors quickly, and make informed decisions. Numbers tell you what's working and what isn't.
Invoice Promptly
Send invoices immediately upon completing work. The longer you wait, the longer you wait to get paid. Include clear payment terms (e.g., "Payment due within 15 days") and make it easy to pay.
Know Your Numbers
Understand your gross margin, break-even point, and cash runway. You don't need an MBA—just know what it costs to run your business, what you're making per sale, and how long your cash will last.