For the most part, Canadian income tax returns are due on April 30, 2019. The closing date to file your tax return is June 15, 2019, if you are self-employed. Tax filing on the right time ensures benefits and credit payments that include guaranteed Income Supplement, Canada Child Benefit, GST/HST Credit, and Working Income Tax Benefit. Early Tax filing can help you gain refund faster.
If you are a business owner, there are various laws and regulations that you are required to be aware of. The audits and tax schedules are the most important to take care of. Being a busy business owner, the best consideration here is to opt for professionals to manage the paperwork for you. They have the expertise to calculate the tax amount you need to pay. If your paperwork is not properly maintained or you forego some payments you will end up paying huge amount of fine and penalties. When tax preparers are doing their job, you need to understand the basic knowledge about corporate tax in Mississauga and stay updated about your corporate taxes.
Moreover, if you are an individual contractor, tax preparation will be quite often tricky for several reasons. Neither you are a business owner, nor are you an employee of any company. You are not salaried; you rather take payments which aren’t with a good amount of deductions and even don’t have a structured format. In this respect, you need a tax consultant to help you pay the right amount of tax with possible deductions.
Make sure that your year-end goes smoothly. Get ready! Prepare your Corporate Tax. The detailed guide treated below will help you learn the right steps you need to take before meeting up a tax accountant.
Track Corporate Expenses
Rather than assembling everything at the last moment, keep your financial documents well organized. Arrange each expense details – travel, phone, sub-contractors, meals, etc. – systematically in separate folders.
Take Help of a Tax Accountant
Tax accountant Mississauga can make your life easier. Hiring a professional is beneficial at different stages. Company formation, business plans, loan applications, government audits, etc. they can manage everything. While doing bookkeeping, what are the things you require to submit to your accountant? Well, they are-
- An Electronic copy of your annual bookkeeping records
- Financial Statements
- Payroll Records
- Detailed information about any asset sold or purchased during the year
- Transportation expense, and
- Everything your accountant needs to review
If your bookkeeping is being managed throughout the year, provide your accountant with a final lot of invoices, receipts, and bank statements of your company. And, if you see them only at year-end, bring well-organized documents to them at the earliest date. An accountant is the best person to get you right financial advice and help you take tax benefits throughout the year.
Many people think that bank and credit card statements are sufficient to the CRA. But, CRA only acknowledges receipts that have important information like GST/HST number of business along with the date and details of the purchase. In any case, if your statement is missing, your full year records will have no value, and the bank or credit card account will not be reconciled to obtain usable expenses. Moreover, your financial report will display wrong information and this can further lead to wrong business decisions as well as CRA audit.
Maintain your Paperwork
Keep your paperwork up-to-date. If you are preparing your own bookkeeping, arrange all receipts and invoices into an organized manner and hand them to your accountant regularly. This is important to prevent you from losing the tax opportunities.
You may choose to prepare your tax work on your own. If your paperwork is limited to the return at the financial year-end, it would be easy to do without professional help. Otherwise hiring tax preparation services in Mississauga is better to manage the task. Financial help will not strain your resources; rather it will protect it against a huge amount of penalties. A reliable tax preparation service provider is all that you need.
At Billah and Associates, our goal is to fulfill all our client’s accounting, tax, and financial needs accurately and professionally. We are committed to help our clients with both – business and personal growth. Our ranges of services include registering or opening new businesses, accounting, auditing, bookkeeping, CRA help services, financial statement reviewing, payroll services, and tax preparation.