One of the toughest challenges of running a small business is managing money. Between payroll, loans, supplier invoices and unforeseen expenses, keeping track of finances can be difficult, but it is of course vital to a business’s success. Not having enough cash on hand is one of the main reasons small businesses fail.
Tracking finances is especially important during tax season, when small business owners need to figure out how much they may owe the Canada Revenue Agency. For self-employed individuals and spouses, the deadline to file tax returns is June 15, 2017, while the deadline to pay an outstanding balance is April 30, 2017.
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