- Filing of your tax return is due by April 30. For self employed people, tax filing date is June 15. However, any amounts owing on personal tax must be paid before April 30 to avoid interest and penalties.
- If you owe more than $3000 in personal taxes, you are automatically under the thresh hold of making interim payments. Tax installment payments are due March 15, June 15, September 15 and December 15 of every year.
- If you use your life insurance policy as security for business loan, your insurance premiums can be deducted as an expense.
- Health and dental insurance premiums are deductible for income tax purposes.
- You can deduct 50% of meals, beverages and entertainment expenses.
- You can deduct course fee if the courses you take are fully deductible for income tax purposes.
- You can deduct home expenses if your home is principal place of business.
- There must be designated area in your house that you use for earning business income. You must use this designated area to meet your clients.
