Posted by Numetrica City - Accountants, Tax and Bookkeepers on 09/25/2021

Why you should incorporate your business


When is year end due and corporate tax preparation, T2 due?

 

Corporate tax payments are due 3 months after year-end. Typically march 31

The actual corporate tax filing is due 6 months after year-end.  Typically June 30th

 

What do you need to prepare corporate tax return – check list

 

  • Back up copy of your bookkeeping file or an invitation to your cloud-based software.
  • Last Year’s Trial Balance and Adjusting Entries from your Accountant or Previous Bookkeeper
  • All Company Bank, Credit Card and Investment Statements for the entire year and the month following your Year-End.
  • Paperwork pertaining to all lines of credits and loan statements for the entire year and for the month following your Year-End.
  • All correspondence from CRA regarding GST, Payroll Remittances and Corporate Tax Installments including all assessment letters
  • Receipts or bills for any capital asset purchases or repairs made during the year (Anything with a purchase price over $500.00)
  • Records for any assets sold during the year including the Sales Agreement and original purchase documents (if still available)
  • Any receipts for business purchases made using funds from personal bank accounts or credit cards
  • A list of home office expenses including Rent, Condominium Fees, Utilities, Security System,

 

Is it better to incorporate or not?

 

Numetrica philosophy to answer if one should incorporate or not is simple. Are you serious and passionate about your business? Then incorporate. The answer is simple, if you want to grow, expand, succeed, defer taxes, have lots of profits, you need to incorporate. 

 

Contact Member

2435 Holly Ln, Ottawa, ON K1V 7P2, Canada

View On Larger Map