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Here we go: Tax crunch time

Last May 2008, I registered a small business. I sold tens of thousandsof inventory from September to December.  Can I choose a 2009 year-endor must I file by April 30 this year?  Does the sale of stocks changemy filing date?

Q. Last May 2008, I registered a small business. I sold tens of thousands of inventory from September to December. Can I choose a 2009 year-end or must I file by April 30 this year? Does the sale of stocks change my filing date?
— Jamie

A. Stock gains/losses will not change your tax-filing deadline. Individuals with investments outside registered plans should request a stock transactions summary from their investment broker. Stock sales are the responsibility of the taxpayer to report and may not be indicated on other tax receipts.

As the April 30 deadline draws closer, the majority of the more than 16 million Canadians are frantically sorting tax receipts and holding their heads. It is important for individuals and businesses to have a good record keeping system. It can be as simple as a file folder for receipts.

For most Canadians that are employees, the tax-filing deadline is April 30. Taxes owing must be paid on or before this date or be subject to penalties. A non-incorporated business (per back up documents) filing deadline is June 15 and cannot choose a non-calendar year-end, unlike an incorporated entity.

 
 
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