If you are a Canadian resident and own a corporation in Canada, you are obligated to prepare a corporate income tax return (T2). When you report your first corporate return, you must declare a year end. One of the benefits of incorporating is that you can choose any date in the calendar year to be your business’ year end. In Canada, a business can file their income tax return up to 6 months after its year end. However, taxes need to be paid within 3 months of your year end, so many businesses choose to file at the same time. Read on to find out how your business can prepare for year end.
Timely and Efficient Year-End Preparation for Your Corporation
We know that preparing a corporate tax return may not be the most exciting job. Fortunately, by taking the following steps, you can ensure that the process is as seamless and stress-free as possible:
- The first step is to get your financial books in order. The more organized you are throughout the year, the easier this will be.
- Next, you must determine the position your business is in now. That means, examining your financial documents, evaluating your goals from the previous year and evaluating your current tax strategies.
- After laying down the groundwork, it’s time to plan for the upcoming year. Make sure you are setting goals that will help you accomplish your long-term business objectives.
- Finally, you must assemble all the required tax documents in order to prepare your income tax. If you are uncertain about tax requirements in Canada, a professional bookkeeper or accountant can help you manage this process.
Find High-Quality Bookkeeping Services for Your Small Business at Tandembooks Inc.
If you run a business, you already know that there are many aspects of your business operations that need constant attention. Bookkeeping is one of these areas. Fortunately, our team of qualified and experienced small business bookkeeping consultants at Tandembooks Inc. can help. We can handle a number of bookkeeping services including day-to-day data entry, bank deposits, budgeting and so much more. Our goal is to help you focus on growing your business by overseeing your bookkeeping responsibilities.
If you are looking for reliable bookkeeping services for your small business, contact our experienced team of consultants who are here to help you stay on top of your finances and keep you in compliance with any government regulations. Give us a call at 613-800-8822 or fill out our online contact form for more information.