With the abundance of paperwork a business owner is faced with, it can be difficult to keep track of the various due dates. The penalties for being late, especially with Revenue Canada can be quite punitive. Creating a ‘Due Date’ checklist can be helpful to keep payments and reporting on track.
The Due Date Checklist can be created using any number of programs. Any program will need the same information. Start by asking yourself what you want to track. Canada Revenue Agency is one of the more important ‘payees’ so list your obiligations with them: HST, Payroll, Corporate Tax. WCB will naturally follow if you have payroll. If your business sells to other provinces they will also need to go on the list.
Once you have this information, ask yourself what information you’ll need to file the report(s). If this involves other people such as your bookkeeper or accountant, you’ll need to factor in their turn around time frames as well.
If you are going to be late with the filing, consider making a payment of the estimated payment due.
Knowing what is due, when, will help with your cash flow. It is never a nice surprise to find out that the funds that have accumulated in your bank account are actually due to the government!