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  1. #1
    Expert Forum User The Ultimate London Mom!
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    Default Fiscal Year Question

    I'm confused by the fiscal year and year end. I've read that the Canadian year ends Dec 31st. I started my home daycare September of 2012. Does that mean I have to file my business taxes in December? Or can I file them in March with my personal taxes. Or do I calculate earnings from September to September? I'm totally confused. I dont have a registered business, nor am I running a lisenced daycare. But I am considered self employed from running a home daycare. Any help in lamens terms would be appreciated.

  2. #2
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    Default

    Hi there,

    A corporation can pick any fiscal year end it wants - everyone else is December 31st (so self employed, employee's, partner's etc)

    In your case, you include all the income on your personal income tax return earned Jan to Dec 31, 2012 - due next June 15th (for self employed). You put this income on a business statement that's part of your personal return.

    Keep in mind that if you owe taxes then you must pay them by April 30th to avoid paying interest on the amount you owe - so it's a good idea to at least rough up the numbers to see where you're at. Otherwise you have until June 15th each year - a few extra months to gather all your stuff together.

    Hope that helps!
    Last edited by strongmommy; 09-18-2012 at 06:01 PM.

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