It's a Big Month for CRA / Mortgage Solutions for Self Employed
Not only do self employed Canadians need to file their 2019 tax returns by September 30th 2020, but they also need to remit any taxes payable for the 2019 calendar year by Sept 30th.
The regular self employed filing deadline is June 15th each year; however, deadlines for filing and remitting taxes have been extended this year due to Covid.
Time is up now though, and even wearing an N95 mask won't help you get out of paying your due taxes past the deadline at the end of this month.
How Does Your Income Tax Filing Relate to Your Mortgage?
Many self employed people still think they need to report fewer expenses than they're otherwise eligible to report, increasing their net income to help them qualify for a mortgage. They believe this because they've been plagued by the banks for years, as the first thing the bank looks at when they apply for a mortgage is income after expenses on your tax returns.
Enter RockYourMortgage.Ca, where we start the mortgage qualification process with top line / gross revenue.
Finally, a mortgage solution that enables self employed to report all your eligible business expenses on your Tax Returns!
For more information about mortgages for self employed, or for information about any of our mortgage products, call 416 876 2031 today.
David Grossman MBA
Mortgage Broker, RMA Lic. 10464
And, Private Equity Specialist/Dealing Representative
Huxton Black
Tel. 416 876 2031