Register For An HST AccountIf you’re not sure you need to register for a harmonized sales tax (HST) account, ask a qualified CPA to clarify this for you. Not every business has to register for this account. However, you can still register if you feel like you would want to claim input tax credits on the HST you paid on certain business expenses. Also, ensure you keep all the required records and support documents safely. These documents may still be required at least 6 years after the last year in which they were used.
File OnlineThe CRA now allows everyone to file their tax returns online. You can even find helpful resources on the CRA website such as a list of accounting software that they approve and recommend. You can even use the auto-fill feature which is available when filing returns online to fill in certain parts of your return.
Get Help When You Need ItBeing self-employed can be exhausting and you might not have time to file returns on your own. You can always get help by hiring someone to do the filing on your behalf. In this case, you can appoint the person as a representative and allow them to interact with CRA on your behalf. They will need you to provide your consent before dealing with a representative for anything regarding you.
Stay On Top Of Your Tax AffairsIt’s very important to make payments to the CRA before the deadline. There are online tools and resources provided by the CRA to help you pay all the balance owed in installments and avoid falling behind such as by using pre-authorized debit. You can even create reminders which you will receive on your phone to make installment payments. This will really help you to fulfill your tax obligation and avoid penalties.
Take Advantage Of Resources Offered By CRA
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.