Original Article Source Credits:     Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta

Original Article Posted on: August 27, 2020

Link to Original Article:  https://www.advisor.ca/tax/tax-news/cra-adds-t4-reporting-requirements-to-validate-benefit-payments/

Though the primary purpose of a financial statement is to record transactions, incomes, and expenses, it can certainly offer you more benefits than this. Financial statements contain vital information that indicates your business’s health and enables the formulation of tactical plans for the execution of specific goals. The details in your financial statement can even serve as benchmarks or feedback that’s helpful for your company to grow, make adjustments to existing plans, and overcome future challenges.

If you are new to the world of business, there are several crucial elements in this territory that you need to get acquainted with, and one of them is corporate taxes. Corporate tax or corporation tax is a percentage of your company’s net income that must be paid to the Canadian government. Paying corporate taxes is mandatory for most business establishments, and non-payment of this tax or filing it after the due date can lead to challenges from the Canadian Revenue Agency (CRA).

Tax preparation and filing of tax returns can be a time-consuming and grueling affair. Whether you’re filing your income tax returns or preparing your corporate tax plan, you need to be very careful as even the smallest of mistakes could end up costing you thousands of dollars. Enlisting the services of a professional who can provide individualized personal tax and corporate tax services will help make this process more manageable and alleviate some stress. 

I’m Ian Singer, the proud owner of Accounting Montreal.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

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