Busy with your business? Owning and managing a business, overlooking all decision and transactions, can be rewarding yet daunting. To add to the stress, overlooking important aspects can put your corporation at risk, like filing your corporate income tax (T2), and overlooking the overall financial success of your business..
Whether it be a non-private organization, a corporation exempt from taxes, or an inactive business, all businesses residing in Canada must file their corporate income tax.
Filing corporate tax can be even more frustrating than personal income tax returns. Plus, more is at stake when filed incorrectly or late. Penalties can be charged to your corporation if you fail to file penalties, are late with instalments, fail to report income, claim false statements or omit any information, and many more (Avoiding Penalties, 2014). Moreover, you must determine your tax year, the amount of taxes payable, and ensure it all gets filed correctly before the deadline.
The best way to relieve yourself from the stress, time and energy, and to ensure that everything is done correctly, is to hire a professional accountant to file your T2.
More than saving you the burden of filing your T2, professional accountants are an asset to your business for many other reasons. Hiring a professional accountant for your business will uphold the integrity of financial reporting, ensure that all numbers and figures are reported from the moment they are produced. Moreover, accountants can assist with strategic planning, give advice on how to reduce costs and increase profits, and avoid any financial risks. By overlooking the overall financial health of your business, it is the responsibility of the accountant to help steer your business to success.
So, if you do not already have an accountant, hire one today to file your corporate income taxes properly before it’s too late, and from here on in, improve the overall success of your business.