What type of year end financial statements do I need for a profit orientated corporation?
That is a bit of a complicated question but in short, if your are a small corporation with all shareholders involved in day to day operations and no major bank loans or mortgages then a “Notice to Reader” or “Compilation” is ok. If you have shareholders not involved in day to day operations and you have a major bank loan or mortgage they may request a “review” or an “audit”
When are my personal income taxes due to be filed and paid?
If you do not run a business then your return must be filed and taxes paid by April 30th of the following year. (If you owe more than $3,000 in the previous year, you will need to make quarterly instalments (CRA sends out a schedule of amounts and when they need to be paid)
If you have a sole proprietorship (not incorporated) then your tax return does not have to be filed until June 15th of the following year, but be aware, your taxes owing must still be paid by April 30 and instalments, if needed, quarterly.
What type of year end financial statements do I need for a non-profit orientated corporation?
This depends on multiple factors. Whether your non-profit organization is a charity or not.
You will be sent a letter from the Information Services Corporation setting out what type of financial statement needs to be completed based on how much the organization had in gross income in the prior year.
Your organization’s by-laws may also state what tyoe of financial statment needs to be done.
Finally, if you receive any funding for grants, the fund will state what tyoe of financial statement needs to be done.
When does my corporation year end and tax return have to be filed?
In general, your corporation year end and tax return need to be filed 6 months after your corporation’s year end date. However, the taxes owing must be paid by three months after the year end. Also corporations who owe more than $3,000 in the previous year have to make monthly instalments based on one/twelth of the taxes owing in the previous year.
