Businesses can appoint someone else, often a tax professional, to deal with the Canada Revenue Agency (CRA) on their behalf. In order to have online access to tax information about the business, the representative must currently file a Form RC59 with the CRA. The CRA has announced that, after May 15, 2017 Form RC59 will no longer be used to obtain such online access. Instead, the representative will need to carry out the following steps.
It is important for business owners to keep in mind some of the most common errors to avoid getting on the wrong side of the government agencies, and using a business representative can be to you advantage.
If you or your spouse carried on a business in 2016 , your personal return for 2016 has to be filed on or before June 15, 2017.
However, if you have a balance owing for 2016, you have to pay it on or before April 30, 2017.
If you earned self-employment income from a business you operate yourself or with a partner, you must report it.
Keep thorough records if you own a business or are engaged in a commercial activity. The records have to provide enough detail to determine the taxes you owe and support the benefits you are claiming, and must be supported by original documents.