Each year, I get asked by small business owners how they can make tax season less stressful—I say, be prepared. Whether you’re a solopreneur or running a small business, a little organization now can save you headaches (and money) later. Here are five key steps to make filing your 2024 taxes as smooth as possible.

1. Make Sure Your Information is Up to Date

If you’ve moved, changed your business structure, or updated your banking details, now is the time to ensure everything is current with the CRA. Keeping your records accurate helps avoid delays and ensures you receive any business-related tax credits or refunds on time. If you’re unsure what needs updating, we can help you review your details. If you don’t have Represent a Client set up with us, you should!

2. Gather Your Tax Slips and Business Records

By the end of February, most tax slips (like T4s for employees, or T4As if you’re self-employed) should be available. If you don’t receive them, you can often find them in your CRA My Account. But for business owners, tax season means more than slips—it’s about having clean, well-organized records. Make sure your income and expenses are fully tracked, and if you need help sorting through receipts or financial statements, we’re here to assist. Its always best to check your CRA account so you don’t have surprises, some slips get lost in the mail!

3. Use Digital Tools to Stay Ahead

The CRA offers online services to simplify tax filing, including My Account for individuals and My Business Account for business owners. If you’re filing your return yourself, using NETFILE-certified software can speed up the process. If you prefer to leave it to a pro (and save time), we can take care of it for you. I always advise a small business to use a professional like us. You never know if we can find tax savings you don’t know about!

4. Know Your Deadlines Don’t be that late filer!

• February 24, 2025 – The CRA starts accepting online tax returns.
• April 30, 2025 – The deadline for most individuals and businesses to file and pay taxes owing. Late payments can result in interest and penalties, so plan ahead knowing that it takes time for us to process those returns and gather information.
• June 15, 2025 – If you’re self-employed, you have until this date to file (but any taxes owing are still due by April 30). Since this falls on a Sunday, the CRA will consider your return on time if they receive it by June 16, 2025.

5. Watch Out for Scams

Unfortunately, scammers often target small business owners during tax season. Be cautious of unexpected calls, emails, or texts claiming to be from the CRA—especially if they demand immediate payment or threaten legal action. If you’re unsure, check directly with the CRA or contact us for guidance. Most emails from CRA will be a notice of action so that you know to log into your personal CRA account. If it has any links, it’s not real! Also, note the email address from which it is being sent. Always use your CRA account and never a link.

Need Help? Let’s Make This Tax Season Stress-Free

At Freedom Accounting, we specialize in helping small businesses and solopreneurs confidently navigate tax season. We also file your personal tax returns; we’re not just about small business! For help with filing, organizing records, or ensuring everything is in order, we’re here to take the stress off your plate.

📞 Contact us today to get started and enjoy a smoother, worry-free tax season!