Corporations have annual filing requirements with the CRA and Corporate Registries. Our office prepares Compilation Engagement Year Ends. A Compilation Engagement is prepared using information supplied by the client and a thorough analysis on our end to ensure accuracy and maximum deductions.
Along with the Year End is a requirement by CRA to file a T2 Corporate Tax Return. You must file your T2 within 6 months of your Year End date. If you don’t file within 6 months you will be charged a penalty. If you owe taxes, CRA wants those taxes paid within 3 months of your Year End date or they will charge you interest. CRA penalties and interest are NOT deductible.
There are tax planning strategies with Corporations for both the Shareholders and the company itself. Best practice is to be current with your bookkeeping in order to optimize tax saving opportunities.
What do you do when you receive one of those brown letters from the CRA? First thing is to not throw it out or disregard it!
Aries Accounting can assist with CRA Audits. We arrange for the auditor to come directly to our office, we work with our clients before hand to ensure we understand why the client is being audited, and we work together for the best outcome.
Are you interested in purchasing a business? We can assist with a Financial Review and Analysis.