--- title: IT’S TAX TIME! - Censea Accounting & Business Solutions description: We hope you got some well-deserved rest and are prepared for our favourite time of year— tax time! One date you NEED to remember if you have staff is the LAST DAY OF FEBRUARY!  You are required to provide your employee with their T4 slip and file your T4 information return with the CRA on […] image: https://www.censeasolutions.ca/hubfs/accountdoingtaxes.png --- [Skip to content](https://offers.censeasolutions.ca/blog/its-tax-time-0#main-content) [![Censea Accounting & Business Solutions](https://offers.censeasolutions.ca/hs-fs/hubfs/censea-logo-landscape-final-colour@2x.png?width=195&height=66&name=censea-logo-landscape-final-colour@2x.png "Censea Accounting & Business Solutions")](https://www.censeasolutions.ca) - [Blog](https://offers.censeasolutions.ca/blog) - [Blog](https://offers.censeasolutions.ca/blog) # IT’S TAX TIME! 1 minute read Author: [Jennifer Walsh, CPB](https://offers.censeasolutions.ca/blog/author/jennifer-walsh-cpb) Mar 22, 2021 [![accountant doing taxes](https://www.censeasolutions.ca/hubfs/accountdoingtaxes.png)](https://offers.censeasolutions.ca/blog/its-tax-time-0) Are you feeling overwhelmed with the tax season upon us? Do you find yourself unsure of when, how, and what to file? Don't worry! We're here to help you with our step-by-step guide on how to file your taxes. ### Step 1: Determine Your Filing Deadline: As a business owner, you need to know your filing deadline based on your situation. If you just started your business last year, you need to determine when your taxes are due. For instance, the deadline to file taxes for the 2020 year is April 30, 2021. However, if you or your spouse is self-employed, the deadline to file your taxes is June 15, 2021, but all taxes owed must be paid by April 30, 2021. ### Step 2: Know Your Business Structure: It's essential to know your business structure, whether you're a sole proprietor, incorporate company or contractor. Each structure has its unique way of filing and paying taxes. If you're unsure about your business structure or need help with filing, it's best to consult with a professional accountant or bookkeeper. ### Step 3: Seek Professional Help: As a new business owner, you may find it challenging to file your taxes without professional help. The Canada Revenue Agency (CRA) does not accept a lack of knowledge or information as a valid reason for late filing or incorrect paperwork. A certified bookkeeper and accountant can help you navigate the process, save you time and money, and provide expert advice. ### Step 4: Save on Taxes: While it's essential to save on taxes, not investing in a professional accountant or bookkeeper can lead to costly mistakes. Hiring professionals can help you save more than double their cost and many hours of frustration. You can then spend that time focusing on securing new business and resting. ### Step 5: Stay on the Right Side of the CRA: It's critical to stay on the right side of the CRA. You don't want to face penalties, interest charges, or an audit for late or incorrect filing. Seeking expert advice and accountability for these deadlines can help you avoid these issues. In conclusion, filing your taxes can be challenging, especially for new business owners. However, by following these simple steps, you can ensure that you file your taxes correctly, avoid penalties and interest charges, and save on taxes. If you need help with your taxes, don't hesitate to seek professional advice. Book an introductory chat with Censea today! [Announcements](https://offers.censeasolutions.ca/blog/tag/announcements) ![Jennifer Walsh, CPB](https://offers.censeasolutions.ca/hubfs/images/blog/GMW_0096-linkedin.jpg) ### Article by [Jennifer Walsh, CPB](https://offers.censeasolutions.ca/blog/author/jennifer-walsh-cpb) Jennifer Walsh has been a bookkeeper for over 20 years and she's loved every minute of it. She loves helping business owners reach their financial goals so they can live the life they love, without having to worry about the numbers. [Facebook](https://www.facebook.com/jennifer.croft.7) [LinkedIn](https://www.linkedin.com/in/jenniferwalsh3/) ### Share this post [Share](http://www.facebook.com/share.php?u=https://offers.censeasolutions.ca/blog/its-tax-time-0&utm_medium=social&utm_source=facebook) [Share](http://www.linkedin.com/shareArticle?mini=true&url=https://offers.censeasolutions.ca/blog/its-tax-time-0&utm_medium=social&utm_source=linkedin) [Share](https://twitter.com/intent/tweet?original_referer=https://offers.censeasolutions.ca/blog/its-tax-time-0&utm_medium=social&utm_source=twitter&url=https://offers.censeasolutions.ca/blog/its-tax-time-0&utm_medium=social&utm_source=twitter&source=tweetbutton&text=) [Share](mailto:?subject=Check%20out%20https://offers.censeasolutions.ca/blog/its-tax-time-0&utm_medium=social&utm_source=email%20&body=Check%20out%20https://offers.censeasolutions.ca/blog/its-tax-time-0&utm_medium=social&utm_source=email) ### Recent Posts - [Top 5 Financial Challenges in E-Commerce & How Censea Can Drive Solutions](https://offers.censeasolutions.ca/blog/top-5-financial-challenges-in-e-commerce-how-censea-can-drive-solutions) - [Censea vs. DIY Accounting: Charting Your Financial Course for E-commerce](https://offers.censeasolutions.ca/blog/financial-management-toolkit-for-e-commerce-businesses-0) - [In-depth Data Study Financial Trends in the E-commerce Sector](https://offers.censeasolutions.ca/blog/financial-management-toolkit-for-e-commerce-businesses-0-0) - [Comprehensive e-Commerce Business Tax Deduction Guide: Maximize Your Savings](https://offers.censeasolutions.ca/blog/financial-management-toolkit-for-e-commerce-businesses-0-0-0) - [Financial Management Toolkit for e-Commerce Businesses](https://offers.censeasolutions.ca/blog/financial-management-toolkit-for-e-commerce-businesses) - [QuickBooks Online and Shopify: A Comprehensive Guide for E-Commerce Businesses](https://offers.censeasolutions.ca/blog/quickbooks-online-and-shopify-a-getting-started-guide-for-e-commerce-businesses) - [How DEXT Helps Business Owners Save Time and Money](https://offers.censeasolutions.ca/blog/how-to-save-time-and-money-with-dext) - [Why Every E-Commerce Business Needs a Bookkeeper](https://offers.censeasolutions.ca/blog/why-every-e-commerce-business-needs-a-bookkeeper) - [What’s the Difference between Accrual Accounting and Cash Basis Accounting?](https://offers.censeasolutions.ca/blog/whats-the-difference-between-accrual-accounting-and-cash-basis-accounting) - [How to Hire the Best Bookkeeper for Your Business](https://offers.censeasolutions.ca/blog/how-to-hire-the-best-bookkeeper-for-your-business) ## Read On [![business owner frustrated by employee time theft](https://www.censeasolutions.ca/hubfs/businessownertimetheft.png)](https://offers.censeasolutions.ca/blog/stop-employee-time-theft) ### [How to Stop Employee Time Theft: A Guide for Employers](https://offers.censeasolutions.ca/blog/stop-employee-time-theft) As an employer, you understand that time is money, and you want to ensure that your employees are... [![](https://www.censeasolutions.ca/hubfs/gettingpaidontime.png)](https://offers.censeasolutions.ca/blog/6-strategies-for-getting-paid-on-time) ### [How to Ensure You Get Paid on Time: 6 Simple Steps](https://offers.censeasolutions.ca/blog/6-strategies-for-getting-paid-on-time) Managing cash flow is one of the biggest challenges for business owners, especially when dealing... [![year end prep](https://www.censeasolutions.ca/hubfs/yearendprep.png)](https://offers.censeasolutions.ca/blog/4-tips-to-prepare-for-year-end-financial-closure) ### [4 Tips to Prepare for Year-end Financial Closure](https://offers.censeasolutions.ca/blog/4-tips-to-prepare-for-year-end-financial-closure) The end of the year is approaching, which means it's time to start thinking about year-end... 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