Corporate tax deadlines are a little different than personal tax deadlines. For tax purposes, corporations can have year-ends that are not December 31st.
Corporate tax return filings are due 6 months after the year-end
For eg, a December 31, 2020 year-end would have a June 30, 2021, due date. For individual taxpayers, income tax returns are due on April 30, 2021. The closing date to file your tax return is Tuesday, June 15, 2021, if you are self-employed.
Filing income tax at the right time ensures availing 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 a refund faster.
Filing Corporate Income Tax in Mississauga & Etobicoke
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.
As a business owner, you probably would be busy with other things. 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.
CORPORATE TAX RETURNS
If your paperwork is not properly maintained or you forego some payments you will end up paying a huge amount of fines and penalties. When tax preparers are doing their job, you need to understand the basic knowledge about corporate tax returns 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 that 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 with a tax accountant.
Track Corporate Expenses
Rather than assembling everything at the last moment, keep your financial documents well organized. Arrange each expense detail – travel, phone, sub-contractors, meals, etc. – systematically in separate folders.
Get Help of a Tax Accountant in Mississauga
A tax accountant in Mississauga can make your life easier. Hiring a professional is beneficial at many stages. Company formation, business planning, loan applications, government audits, etc. they manage everything. While doing bookkeeping, what are the things you require to submit to your accountant? Well, they are-
- Prepare an e-copy of your annual bookkeeping records
- Financial Statements
- Payroll Records
- Detailed information about asset buy/sold during the financial 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 the right financial advice and help you take tax benefits throughout the year.
Mistakes to Avoid
Many people think that bank and credit card statements are sufficient for 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 for CRA audit.
Maintain your Paperwork
Keep your paperwork up-to-date. If you are preparing your own bookkeeping, arrange all receipts and invoices in 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. Nevertheless availing tax preparation services in Mississauga is a better option to get tasks done.
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 helping 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.