Every business should have an accountant come tax time, only because of the complexity involved, even for a small business. Here in Mississauga Envolta Inc has begun to offer our tax service, among other services, such as general accounting and bookkeeping. Nevertheless, getting all your important tax information organized correctly in conjunction with compiling other financial statements does take experience and a certain level of expertise that only a certified professional tax accountant possesses. This is what Envolta offers to all of our clients.
Accordingly, here in Canada all business must file a T2, (corporate income tax), every year, regardless of whether or not the business owes for the given year. This translates into
- Non profit companies
- Inactive corporations
- And those companies with a tax exempt status
There is one point of confusion, that stresses the need for a tax accountant. That is, all taxes owed by a corporation are due 30 days after the cut off date, or end of their fiscal year. Accordingly, every business has their own fiscal year. This is their tax period and the law allows a business to file up to 6 months past the last day of this period, granted it is the last day of a given month, ending the fiscal period.
For example, your business tax period ends on November 27th, 2015, you have up to the 27th of May, 2016 to file. However, if your business owes taxes you must pay them no later than the 27th of February, 2016. Because of this we here at Envolta wish to extend our hand to the business community of Mississauga and the surrounding region. Call us today for a free no obligation consultation.