To avoid interest and penalties, you’ll need to make sure you file your taxes on time!
When you need to file depends on the type of business you have.
Partnerships and Sole Proprietorships
You will need to file by June 15th of the following year.
You’ll also want to pay attention to other deadlines – such as GST/HST, PST and worker’s compensation – more information here: Government Deadlines by January 31 of the following year.
Corporations
As a corporation, you can choose your Fiscal Year End.
A fiscal year end is any consequent 12-month period, usually ending during a slower month to allow time for the accountants or CEO to perform the closing entries.
You have 6 months after the fiscal year end to file the corporation’s taxes.
Additional record keeping requirements for corporations
Your bookkeeper will require a copy of your articles of incorporation. In addition to the financial records for your bookkeeper to sort, enter and post, so you can remit the payroll liabilities, sales taxes and file the corporate return on time – you will also need to keep:
- Articles of incorporation, amendments by-laws
- Shareholder agreements, registry of names and address and shares held., securities register
- Minutes of meetings and resolutions
- Notices: Registered Office, Board of Directors, Addresses, Directors Changes
All types of business you will need to complete the Payroll Reporting for the prior Year End by February 28 of the next year.
Need help with your taxes or bookkeeping?
Call Ina for a free consultation or find out more about our services here:
- Tax Returns – for individuals and small businesses
- Small Business Bookkeeping – for sole proprietors, partnerships and corporations up to $500,000 revenue per year
- Payroll Services – for businesses up to $500,000 revenue per year
