Hello!
Welcome to June 27th 2025! In this Newsletter:

• Announcement! I was a guest on a Podcast!
• What’s due at the end of June?
• My Three Favorite Resources for July!
• What due dates are coming up in July?
• Updates: FFF Zooms & Live Action Bookkeeping!
  
  

Announcement: I was a guest on a Podcast!
My guest appearance on the FABULOUS "​Love, your Business Mom​" Podcast with the equally FABULOUS creator ​Anna Bullock​ This was so much fun! We had such a great conversation!

Summary: Break things into smaller parts, make a plan, those who love you have your back, and transparency is always the best choice! (With a side of Tech Tool suggestions, Accountant vs Bookkeeper, and my Mom Nag reminder to keep your business accounts clean! 😉)

What’s Due End of June?
These are due next business day from the date this newsletter goes out:

• The ​Corporate Tax Return (the T2)​, is due six months after the fiscal year end. If your fiscal year end is the calendar Dec 31st, then the corporations' tax return is due June 30th.
• If your business is involved in construction activities and makes payments to subcontractors for construction services, you will need to file ​T5018s, "Statement of Contract Payments"​ for each of your contractors each year. You can report the payments on a calendar year basis, or based on your fiscal year end. These are due six months after the reporting period you have chosen. If that period ends Dec 31st, then the 2024 T5018's would be due June 30th 2025.
• If you are incorporated, and you owed corporate Income Tax for your previous fiscal year, then you are required to pay installments for next year on the last day of every month. June 30th is the due date for the ​June Corporate Tax Instalment​.
• Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, May's GST/HST filing and remittance is due on June 30th If your Sales Tax quarterly filing is on a different schedule because of a corporate fiscal year end date that is not standard, the GST/HST for a quarter March to May would be due June 30th. Also, if your Corporate Fiscal Year End is December, your Corporate Tax Return is due 6 months after your Fiscal Year end (June 30th). If your Corporate Year End is April, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due June or July, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more ​here​.
  
  

My Three Favorite Resources for July!
Now onto my three favorite resources for July!

1. Mid-Year Financial Review: We are halfway through the year, and it is time for you to do a mid-year review of your business. Kata Accounting Solutions has an excellent ​blogpost​ by ​Jonathan Carter, CPA, CMA, CPB​ that covers the key areas to focus on for a strong second half of the year. As the blogpost notes, "Proactive Planning Pays off!". As Jonathan notes, "You need to take care of your money (or someone else will take it!)"
2. Free CRA Liaison Service!: Have you ever wanted to just sit down with someone at CRA and have them answer all your business questions? WELL YOU CAN! The CRA offers a ​free Liaison Officer service​ to help small business owners and self-employed individuals! It's one-on-one and 100% confidential. During a meeting, they will:
   • Help you better understand possible business deductions
   • Explain general bookkeeping concepts and best practices, and provide recommendations to strengthen your bookkeeping system
   • Explain how to avoid common tax errors
   • Give you an overview of helpful online tools and electronic services offered by the CRA
   • Answer your tax-related questions and address concerns
   • Show you how to use the Financial Performance Data to compare your business revenues and expenses with others in the same industry
   Did you catch this this was free?!
3. Custom Soundscapes to focus: As I write this newsletter, I have Binaural Music playing in the background, part of my "Focus Block" routine, and an audio trigger to help me focus. One of the most amazing customizable soundscapes I've had the fortune of finding is ​MyNoise.net​. MyNoise is the brainchild of Stéphane Pigeon, a passionate sound engineer and audio enthusiast with a background in signal processing and a Ph.D. in applied sciences. Not only is this website useful, it's also incredibly fun! You can turn different aspects of each soundscape up and down! Just out in June is the "​Glacier Chorus​" soundscape! In the fall of 2024, Stéphane recorded underwater sounds in a glacier lagoon in Iceland, revealing a vibrant world of sound beneath the seemingly calm surface. The recordings capture the glacier's own voice as it melts, with ice cracking, groaning, and releasing tiny air bubbles that pop and fizz underwater. Also one of my recent favorites is "​Uganda Tales​" which includes gentle tunes of the Ugandan harp and the soft murmur of voices in the Bagandan language, sharing stories and traditions of the region. This site is simply amazing.

What Resources have you found that have helped you start, run, or grow your business? Feature it (and a callout to your business!) in our next Resources Newsletter!

What due dates are coming up in July?
Now’s the time to prep your July Calendar! #BeThatBusiness that is organized! Here are some July due dates that might affect your business:

• If your business has employees, and is a ​Regular Remitter​, July 15th is the due date for ​your payroll source deductions​ relating to June's payroll.
• If you have employees, then you likely are registered for provincial Workplace Insurance (WSIB/WCB). WCB in some provinces is due monthly, and on the 15th. In Ontario, WSIB is due quarterly, and the premiums on earnings from April 1st to June 30th are due on July 31st.
• If you file your GST/HST Quarterly, the standard quarter of April to June is due to be filed and paid on or before ​July 31st.​
• If your GST/HST is annual, and is based on the standard Calendar Year, and also was payable by more than $3k the previous year you filed, then you are required to pay a second ​GST/HST instalment​ towards your 2024 GST/HST Return on or before July 31st. This installment should be either 25% of what your net GST/HST was from your previous filing, or 25% of what you predict it will be if you predict it to be less then the year before.
• If you are incorporated, and you owed corporate Income Tax for your previous fiscal year, then you are required to pay installments for next year on the last day of every month. July 31st is the due date for the ​July Corporate Tax Instalment​.
• Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, June's GST/HST filing and remittance is due on July 31st. Also, if your Corporate Fiscal Year End is January, your Corporate Tax Return is due 6 months after your Fiscal Year end (end of July). If your Corporate Year End is May, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of July or end of August, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more ​here​.
  
  

This list is not exhaustive, but, they are some of the more universal due dates that could apply to you and your business. If your fiscal year end is not December 31st, be sure to note what due dates are specific to your schedule that are not universal to the generic year ends.

Updates:

"LIVE" ACTION BOOKKEEPING May 2025 now out!: My goal of a weekly video for April, May, and June 2025 has had a few curveballs, but as my son would say when he was 7: "Better Nate than Lever!" (Who knows that joke?!). May 2025 Week 4 is finally out, and is JAM PACKED with bookkeeping goodness! We look at Square and Moneris deposits (POS and payment gateway deposits) and how to reconcile them! We also look at why I don't like the "Match" (formerly "Find Match" option) in the bank feed, and how to find and solve a cheque that clears the bank with a typo. We also look at how Vacation Pay is calculated in Ontario, and how to confirm vendor statements match what is entered into the bookkeeping, and so much more! The June videos are on their way! But not as "live" as I had hoped! (They'll be out in July!) Before they are finalized, I get to go to Vancouver BC! I have some amazing friends to connect spend time with in one of the most beautiful spots in Canada, and I can't wait! 

FABULOUS FIRST FRIDAYS @FIVE!: Looking to connect? Join my live FABULOUS FIRST FRIDAYS @FIVE open Zoom Meeting! My Monthly Open AMA Zoom Chat Session where we can connect and discuss questions regarding all things bookkeeping and business in Canada. It's a free group event where anyone can drop by to say hi and ask a question! Click ​here to register! Next one is Friday July 4th, (The day I get back from BC!!)


Be Intentional Today!
Get out there, and Be That Business That Thrives!
​Naomi Wilkins
​I Love Making Bookkeeping Make Sense

Disclaimer: This Newsletter is intended to inform readers in general terms. It is not intended to provide any tax or business advice. Please consult your accountant if you have any questions about your unique situation. While I have tried to ensure the accuracy of the information in this newsletter, I accept no liability for errors or omissions

Hello!
Welcome to May 30th 2025! In this Newsletter:

• What’s due at the end of May?
• My Three Favorite Resources for June!
• What due dates are coming up in June?
  
  

What’s Due End of May?

• If your business is incorporated, and owed corporate Income Tax for the previous fiscal year, then the business is required to pay installments for next year on the last day of every month. May 31st is the due date for the ​May Corporate Tax Instalment​. (Monday June 2nd in 2025, as the 31st falls on a ​Saturday​)
  
  
  
• ​Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, April's GST/HST filing and remittance is due on May 31st. If your Sales Tax quarterly filing is on a different schedule because of a corporate fiscal year end date that is not standard, the GST/HST for a quarter February to April would be due May 31st. Also, if your Corporate Fiscal Year End is November, your Corporate Tax Return is due 6 months after your Fiscal Year end (in May). If your Corporate Year End is March, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of May or end of June, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more ​here​.
  
  
  

My Three Favorite Resources for June!

1. CRA's Quick Reference on Business Deadlines - Businesses have different filing and payment deadlines – in May, CRA put out a​ quick reference​ to help you stay organized!
   
   
   
2. Tax Debt Options with CRA - CRA also put out in May a "Tax Tips" post on how you can ​work with CRA to resolve your debt​. This is applicable for both personal and business taxes. If you don't pay or call to discuss your situation, the CRA can take steps to recover the amount you owe, so talking with them is always the best option.
   
   
   
3. Accounting Processes and Workflows: Financial Cents has come out with a free course by the legendary Work Flow Queen ​Kellie Parks​ "​Setting Up Accounting Processes and Workflows​". Written for the bookkeeping firm audience, it has practical suggestions and workflows that can be applied to many situations from office managers to new bookkeeping service providers.
   
   
   

What Resources have you found that have helped you start, run, or grow your business? Feature it (and a callout to your business!) in our next Resources Newsletter!

What due dates are coming up in June?
Now’s the time to prep your June Calendar! #BeThatBusiness that is organized! Here are some June due dates that might affect your business: (Note, June 15th falls on a Sunday. So any ​CRA June 15th due date is actually June 16th in 2025​)

• If your business has employees, and is a ​Regular Remitter​, June 15th is the due date for your ​payroll source deductions​ relating to May's payroll. (In 2025, June 15th is a Sunday, so technically due June 16th this year). ​
  
  
  
• If your business has employees, then you likely are registered for provincial Workplace Insurance (WSIB/WCB). WCB in some provinces is due monthly, and on the 15th. (In Ontario, WSIB is due quarterly, and the premiums on earnings from April to June are due on July 31st)
  
  
  
• Even though the ​payment deadline​ for your personal income taxes was April 30th, if you are self-employed, your​ personal income tax return​ is due to be filed June 15th. (In 2025, June 15th is a Sunday, so technically due June 16th this year).
  
  
  
• If your ​GST/HST Filing is annual​, and based on the Calendar Year January to December, AND you are a self-employed, then your due date to file your HST is June 15th. BUT! Your due date to PAY was April 30th
  
  
  
• If you were ​payable by $3,000 or more​ on your personal income taxes for 2023 and also for 2024, CRA requires that you pay installments on your 2025 income taxes. If you fall into this category, June 15th your second ​personal income tax installment​ is due. ​
  
  
  
• The ​Corporate Tax Return (the T2)​, is due six months after the fiscal year end. If your fiscal year end is the calendar Dec 31st, then the corporations' tax return is due June 30th. But these take time to prepare. If you haven't reached out to your accountant yet, then make this a priority right away.
  
  
  
• If your business is involved in construction activities and makes payments to subcontractors for construction services, you will need to file ​T5018s, "Statement of Contract Payments"​ for each of your contractors each year. You can report the payments on a calendar year basis, or based on your fiscal year end. These are due six months after the reporting period you have chosen, either your fiscal year end, or the calendar year end. If that period ends Dec 31st, then the 2024 T5018's would be due June 30th 2025.
  
  
  
• If your business is incorporated, and owed corporate Income Tax for the previous fiscal year, then you are required to pay installments for next year on the last day of every month. June 30th is the due date for the ​June Corporate Tax Installment​.
  
  
  
• ​Though there are no other standard items due at the end of this month, be aware that if your Sales Tax filing is monthly, May's GST/HST filing and remittance is due on June 30th. If your Sales Tax quarterly filing is on a different schedule because of a corporate fiscal year end date that is not standard, the GST/HST for a quarter March to May would be due June 30th. Also, if your Corporate Fiscal Year End is December, your Corporate Tax Return is due 6 months after your Fiscal Year end (June 30th). If your Corporate Year End is April, the Income Tax Payable is payable 2 or 3 months after the Fiscal Year End; either due end of June or end of July, depending on your corporation. Check in with your accountant to find out more about your corporate tax due dates specific to your corporation. Find out more ​here​.
  
  
  
  

Be Intentional Today!
Get out there, and Be That Business That Thrives!
​Naomi Wilkins
​Making Business Make Sense
​www.naomiwilkins.ca
​Disclaimer: This Newsletter is intended to inform readers in general terms. It is not intended to provide any tax or business advice. Please consult your accountant if you have any questions about your unique situation. While we have tried to ensure the accuracy of the information in this article, we accept no liability for errors or omissions.