Resources

CRA Key Deadlines

• Feb 28 — T4, T4A, and T5 slips issued to recipients and filed with CRA
• ~Mar 1 — RRSP contribution deadline (60 days after December 31)
• Apr 30 — T1 personal income tax return and balance owing
• Jun 15 — T1 for self-employed individuals and spouses (balance still due Apr 30)
• Corporate (T2) — Tax balance due 2–3 months after fiscal year-end; return due 6 months after fiscal year-end
• GST/HST — Monthly filers: 1 month after period end  |  Quarterly: 1 month after quarter-end  |  Annual: 3 months after year-end
• Payroll remittances — Monthly remitters: 15th of following month  |  Quarterly: 15th after quarter  |  Accelerated: per CRA Threshold 1 & 2 schedule
• Tax instalments (personal) — Mar 15, Jun 15, Sep 15, Dec 15
• Tax instalments (corporate) — Generally monthly; quarterly if eligible

Missing a filing deadline carries real cost: CRA charges a late-filing penalty of 5% of the balance owing plus 1% for each additional month late (up to 12 months) — doubling to 10% + 2%/month (up to 20 months) for repeat late filers within the prior three years. Interest compounds daily on any unpaid balance starting the day after the original due date. SYWAYS tracks every deadline across your CRA accounts so nothing slips through unnoticed.

Payroll Remittance Basics & Deadlines

Every employer who deducts CPP, EI, and income tax from employee pay must remit those amounts to CRA. Your deadline depends on your assigned remitter type, based on your average monthly withholding amount (AMWA) over the prior two years:

• New small employer (quarterly): monthly withholding under $1,000 — remit Apr 15 / Jul 15 / Oct 15 / Jan 15
• Regular remitters (AMWA under $25,000): due 15th of the following month
• Accelerated Threshold 1 (AMWA $25,000–$99,999): twice monthly — 25th of the same month and 10th of the next
• Accelerated Threshold 2 (AMWA $100,000+): within 3 working days of each pay period

Late remittances are penalized starting at 3% and climbing with each day late — there is no grace period, and interest compounds daily on top. Remittances can be paid through CRA's My Business Account, most Canadian banks' online or telephone banking, or in person at a financial institution. Each remitter type also receives a PD7A statement of account from CRA — reconciling it against your own payroll records regularly helps catch discrepancies before they become a year-end problem. SYWAYS manages remittances and deadline tracking as part of our payroll service.

Common Small Business Tax Deductions

Businesses and self-employed individuals in Canada can claim a range of expenses against income, provided they're reasonable and incurred to earn business income. What applies depends on your structure and circumstances — this is a general reference, not a substitute for a review of your specific situation.

Self-Employed / Sole Proprietors

• Home office expenses — a proportional share of utilities, insurance, mortgage interest or rent, and property tax based on the percentage of your home used for business
• Vehicle expenses — a proportional share of fuel, insurance, maintenance, and lease/depreciation costs based on business-use kilometres (a mileage log is required)
• Business insurance premiums — general liability, professional liability (E&O), and similar policies
• Professional fees, office supplies, and advertising
• Capital Cost Allowance (CCA) on equipment, computers, and furniture
• Meals and entertainment — generally 50% deductible when directly related to business

Corporations

• Reasonable salaries and wages paid to shareholder-employees, including owner-managers
• Rent, utilities, and business insurance
• CCA on corporate-owned capital assets
• Interest on business loans and lines of credit, provided the borrowed funds were used to earn business income
• Professional and legal fees

This is a general reference — what actually applies to your business depends on your structure, industry, and records. SYWAYS reviews your specific situation as part of preparing your return to help ensure all eligible deductions are claimed.

Incorporated vs. Sole Proprietor

• Liability: A corporation is a separate legal entity — your personal assets are generally protected. A sole proprietorship means you are personally liable.
• Tax rate: Corporations pay as low as 12.2% on the first $500,000 of active business income in Ontario. Sole proprietors pay personal marginal rates.
• Compliance: Corporations require annual returns, minute books, and T2 filings. Sole proprietors file a T1 with business income.
• Credibility: "Inc." signals an established business to clients and suppliers.

Why You Need a CRA My Account

CRA My Account is your secure online portal for managing your personal tax affairs. It gives you instant access to your tax return history, RRSP contribution room, benefit payment records, and all CRA correspondence — without waiting on hold.

• Go to canada.ca/my-cra-account and click Register
• Verify your identity using your SIN, date of birth, and prior year NOA
• Set up multi-factor authentication to keep your account secure

Once active, you can authorize a tax professional to access your CRA information and act on your behalf — making the preparation of your returns significantly smoother. If you would like help setting up your CRA My Account or adding a representative, contact us and we will walk you through it.

Do I Need to Register for HST?

HST registration becomes mandatory once your business revenues exceed $30,000 in any single calendar quarter or over four consecutive quarters. Once registered, you collect 13% HST on taxable services in Ontario and can claim Input Tax Credits (ITCs) on qualifying business purchases — including software, office expenses, and professional fees. Voluntary registration before the threshold can be beneficial if you have significant startup costs with HST. SYWAYS can handle your registration and ongoing quarterly filings.

SYWAYS Record Retention Policy

Understand exactly how SYWAYS stores, retains, and securely destroys your records. Our policy documents the minimum retention periods required by CRA — generally six years — our electronic storage practices, the secure destruction process for expired records, and how you can request access to your documents at any time.

New Client Engagement Letter

Once we've discussed your needs and agreed on scope and pricing, we'll send you a personalized engagement letter to review and electronically sign. There's nothing to fill out here — just book a call or reach out and we'll take it from there.

What to Bring to Your First Appointment

• Prior year's tax return (T1/T2) and Notice of Assessment
• Tax slips and receipts (T4, T5, RRSP, medical, donations, etc.)
• Business registration or incorporation documents (if applicable)
• Your accounting records (bank statements, invoices, or bookkeeping records)
• Any CRA letters or notices — or access to your CRA My Account / My Business Account
• Government-issued ID & SIN (new clients only)