Pi Business Solutions Ltd.

Missed the self-employed tax deadline? Don’t panic, but don’t keep waiting.

As we pass this year’s tax filing deadline for self-employed Canadians and their spouses, it’s important to remember that late does not mean too late.

If you owe taxes and missed the deadline, the CRA can charge a late-filing penalty of 5% of your balance owing, plus an additional 1% for each full month your return is late, up to 12 months.

One of the biggest mistakes people make is waiting to file because they don’t have the money to pay their tax bill. But delaying your return can make things more expensive and may also affect benefit payments tied to your reported income, including the Canada Groceries and Essentials Benefit, Canada Child Benefit, Guaranteed Income Supplement and other income-based programs.

The sooner you file, the better.

If you owe money and can’t pay the full amount right away, the CRA has payment arrangement options spread payments over time. Interest can still apply, but having a plan in place is usually much better than avoiding the issue.

If you missed the deadline because of circumstances beyond your control, you may also be able to request relief from penalties or interest through the CRA’s taxpayer relief provisions.

Behind on your return or not sure what your next step should be?

Let the professionals at Pi Business Solutions help you get caught up, file properly, and put a plan in place.

📩 Contact us today to get started.

Self-employed in Canada? The June 15 tax filing deadline is coming up quickly, which makes this a good time to double-check that you are not missing eligible business deductions.

One area that often creates confusion is meals and entertainment.

🍽️ Can you write off client lunches, coffee meetings, or event tickets?

In many cases, self-employed Canadians can claim eligible food, beverage, and entertainment expenses when they are directly tied to earning business income. However, the CRA generally limits the deductible amount to 50% of the reasonable cost, including applicable taxes and tips.

A few examples that may qualify:

✅ Meals with clients, suppliers, or business contacts
✅ Entertainment expenses connected to business development
✅ Food and beverage costs while travelling for business

A few examples that may not qualify:

❌ Personal meals with no clear business purpose
❌ Meals while on vacation
❌ Season tickets or entertainment costs without proper proof of business use

Keeping detailed receipts and notes about the business purpose can make a big difference if questions come up later.

Need help understanding which expenses may apply to your business? Reach out to the team at Pi Business Solutions today.

🥧 http://pibusiness.ca/
📞 403-723-1723
📧 [email protected]