Entrepreneurship & Small Business

when to file Tax return new corporation

  • Last Updated:
  • May 11th, 2020 2:29 am
[OP]
Newbie
Apr 23, 2020
26 posts

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
11 replies
Deal Addict
Oct 28, 2015
1916 posts
1078 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.
Deal Addict
Jan 7, 2014
2626 posts
515 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
[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!
Deal Addict
Jan 7, 2014
2626 posts
515 upvotes
Manitoba
Addy90 wrote: 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!
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..
[OP]
Newbie
Apr 23, 2020
26 posts
Thank you for the information about how much you pay for this (approximately)
Deal Addict
Jan 7, 2014
2626 posts
515 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.
Deal Addict
Jan 7, 2014
2626 posts
515 upvotes
Manitoba
Addy90 wrote: I'm going to learn Taxes with this company https://canadian-tax-academy.teachable. ... membership
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.
[OP]
Newbie
Apr 23, 2020
26 posts
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.
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 !
Deal Fanatic
Jul 26, 2007
6684 posts
4249 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.
Deal Addict
Dec 17, 2009
1393 posts
1183 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.

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