Are you one of the majority of business owners who have chosen a December year end for their corporate tax year?
As you are probably aware this is a hectic time of year for accounting firms!
A December year end for most Canadian corporations means taxes are due at the end of March and filing your return is due at the end of June. This falls right into our laps at the same time as preparing T4’s and T5’s as well as the personal tax season. Due to the timings of these deadlines we like to encourage as many December year ends to be in our office as early as possible. The sooner the better, otherwise you may find your file being delayed as we try to meet the April personal tax deadlines.
There are plenty of things you can do to get your file in and worked on earlier than normal and now is the best time to get started. As the holidays approach it is easy to put off business, and even harder to get back in the mood come the first week of January! Therefore, we find that November is a great time of year to get most of your paperwork in order so that in mid-January you simply need to file the last pieces and bring it in.
What can you do to get ready?
– Complete all bookkeeping up to date (if we do your bookkeeping you can bring in everything for us to start working on now)
– Compile all documents required into one place; if you would like a list of items you need to bring in we are happy to provide that for you
– Get a thumb drive ready and start copying over any completed documents or files
To make it even easier for you, feel free to drop off the files in advance, we can assess and give you a list of what remaining items we require.