when to file Tax return new corporation
Hello, when I must file tax for a corporation if I incorporate it in May 2020?
this is a Federal corporation.
Thanks
this is a Federal corporation.
Thanks
Entrepreneurship & Small Business
when to file Tax return new corporation
- Last Updated:
- May 11th, 2020 2:29 am
Tags:
- SCORE
- Addy90 [OP]
- Newbie
- Apr 23, 2020
- 26 posts
11 replies
- xuanzh
- Banned
- Oct 28, 2015
- 2166 posts
- 1225 upvotes
- Vaughan, ON
it usually would be within the 3 month interval of your anniversary. say you incorporated in May 2020, your tax filing would be no earlier than May 2021, but no later than Aug 2021.
- Asker123
- Deal Addict
- Jan 7, 2014
- 2697 posts
- 542 upvotes
- Manitoba
Talk to your Accountant.
Its been long time for me and I might have forgotten but I think you can either chose regular Jan-Dec financial year or you can chose custom one. For example mIne is mid July to mid July
Its been long time for me and I might have forgotten but I think you can either chose regular Jan-Dec financial year or you can chose custom one. For example mIne is mid July to mid July
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It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
- Addy90 [OP]
- Newbie
- Apr 23, 2020
- 26 posts
Thanks, guys I'm trying to do it all by myself without need to an accountant. They charge too much also I will learn everything about tax online instead of paying 1200 for filing my own numbers!
- Asker123
- Deal Addict
- Jan 7, 2014
- 2697 posts
- 542 upvotes
- Manitoba
Up to you. I do not recommend it. I do my book keeping myself ( in Wave apps) but I get my Taxes done by a professional. No matter how simple a business can be, there is always something that professionals will know better than us. They charge less if you do your book keeping yourself.
My accountant helps me in several things - Structuring how much salary I need to draw, he files T4 returns, GST/HST returns and Corporate Tax returns..
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It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
- Addy90 [OP]
- Newbie
- Apr 23, 2020
- 26 posts
Thank you for the information about how much you pay for this (approximately)
- Addy90 [OP]
- Newbie
- Apr 23, 2020
- 26 posts
I'm going to learn Taxes with this company https://canadian-tax-academy.teachable. ... membership
- Asker123
- Deal Addict
- Jan 7, 2014
- 2697 posts
- 542 upvotes
- Manitoba
Actually it does not matter how much I pay. There is no standard one fits all package. All depends upon nature and complexity of your business and then there are high profile accountants who charge much more as they have bigger shops ( Car dealership comparison ) and then there are those who are equally good but run a smaller practice, they will charge you less. You need to research and find an accountant that suits your need.
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It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
- Asker123
- Deal Addict
- Jan 7, 2014
- 2697 posts
- 542 upvotes
- Manitoba
Sure, Again, We here do not know what kind of business you are going to be in . Perhaps your business is simpler and you have time in hand to learn accounting via courses and then do your Taxes etc for your business.. Best practice in my opinion is to concentrate on your core business and leave the side items ( like accounting ) to accountants ( of course you keep an eye on what they are doing) .Addy90 wrote: ↑ I'm going to learn Taxes with this company https://canadian-tax-academy.teachable. ... membership
But I might be wrong.. I would let other rfd members chime in.
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It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
It will never be Oil or Gas or Wind or Solar or Electric. It will be Oil and Gas and Wind and Solar and Electric.
- Addy90 [OP]
- Newbie
- Apr 23, 2020
- 26 posts
Thank you very much for your time and reply I will be selling & offer services like selling on Amazon eBay esty these things... it's not complicated in my opinion no cash is involved. now as you said if the accountant do charge like 200~300 per year then that's fine but not charging 1200 or more for only reporting my numbers to CRA !Asker123 wrote: ↑ Sure, Again, We here do not know what kind of business you are going to be in . Perhaps your business is simpler and you have time in hand to learn accounting via courses and then do your Taxes etc for your business.. Best practice in my opinion is to concentrate on your core business and leave the side items ( like accounting ) to accountants ( of course you keep an eye on what they are doing) .
But I might be wrong.. I would let other rfd members chime in.
- peteryorkuca
- Deal Fanatic
- Jul 26, 2007
- 7332 posts
- 5012 upvotes
- Toronto
You can file t4 online on government website, do your quarterly HST remittance by the paper form or online, do payroll source deduction.
Those three are pretty much it for all government correspondence.
And then you got your t2 corp tax which I doubt regular Joe can do using QuickBooks for example. But some accounting suite software can generate corp tax and file it directly online as well but costs mucho dollars subscribe annually and you got no 3rd party like an accountant to double check your work.
Those three are pretty much it for all government correspondence.
And then you got your t2 corp tax which I doubt regular Joe can do using QuickBooks for example. But some accounting suite software can generate corp tax and file it directly online as well but costs mucho dollars subscribe annually and you got no 3rd party like an accountant to double check your work.
- tofubb
- Deal Addict
- Dec 17, 2009
- 1548 posts
- 1365 upvotes
- Vancouver
Usually six months after your year-end. But you need to pay the balance of Corp tax in 2-3months.
My uncle filed his Corp tax 3years after the year-end. Since this Corp had min. transactions and was losing money.
For his main operating company, he filed tax 10 months later. This company made profit, so he just made sure he put enough money for tax installment.
My uncle filed his Corp tax 3years after the year-end. Since this Corp had min. transactions and was losing money.
For his main operating company, he filed tax 10 months later. This company made profit, so he just made sure he put enough money for tax installment.
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