Some businesses turn to outsourcing to manage the tax reporting process
Tips from the Canadian Federation of Independent Business may help small business owners better manage the tax reporting process.
An article in the Bugle Observer presents a list of helpful reminders and key paperwork and dates needed to stay on target for tax filings.
The CFIB list reminds employers to distribute two copies of T4's to employees by the last day of February as personal tax filings must be completed by April 30, 2009. Self-employed filings should be done by June 15, 2009, says the article.
On its website, the CFIB says, "Whether figuring out how a tax applies to your business, completing the paperwork required to remit the many different taxes throughout the year, or simply finding the right information and forms, it can seem overwhelming."
While tips from CFIB, Canada's largest association of small and medium-size businesses, may be helpful, some business owners are outsourcing the management of payroll and accounting to third parties to ensure all rules, regulations and dates associated with tax filing are properly met.
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