Filing your corporate tax return can feel overwhelming, especially with the required information and documents. At GTA Accounting, we want to make this process as smooth as possible for you. That’s why we’ve created a checklist to help you get all your paperwork together and avoid any last-minute scrambling. Here’s a step-by-step guide to what you’ll need.

General Information

To get started on your corporate tax return, gather the following details:

  1. Articles of Incorporation: You’ll need a copy of this document.
  2. Business Number: This is a 9-digit number unique to your business.
  3. Year-End Date: Provide the date your corporation’s fiscal year ends.
  4. Products and Services: List what your company provides and how much each contributes to your revenue.
  5. Directors and Shareholders: Names, addresses, phone numbers, and SIN numbers for individuals or business numbers for corporations.

Having these details ready will help us file your taxes efficiently and accurately.

Financial Records

Accurate financial records are key to filing your corporate tax return. Make sure you have:

  • Bookkeeping Files: Whether you use QuickBooks or another accounting software, we’ll need your full records.
  • Balance Sheet, Income Statement, and Trial Balance: These documents show your company’s financial performance.
  • Bank and Credit Card Statements: We’ll need these in PDF and Excel (CSV) format.
  • Previous Year’s Tax Return: A copy of your last corporate tax return helps with this year’s filing.
  • Notice of Assessment: If you’ve received a Notice of Assessment from the CRA, please include it.

These records help ensure we have a complete picture of your corporation’s financial situation.

Important Tax Considerations

There are a few special areas that require extra attention:

  • Associated or Related Corporations: If your business is related to another corporation, provide the name, business number, and details about the relationship.
  • Foreign Interests: If your corporation owns foreign property worth more than $100,000 or has any foreign affiliates, you must report this.
  • Corporate Tax Instalments: Please provide the payment details if you made any tax installment payments during the year.

These considerations are important to ensure full compliance with tax laws and avoid penalties.

Additional Documentation

Make sure also to include:

  • HST Code for e-filing: If applicable, this will help with the sales tax portion of your return.
  • Reconciliation Statement: If your records need adjustments, include a reconciliation statement to show any changes.

Stay Organized and Avoid Stress

The best way to make your corporate tax return filing stress-free is to stay organized throughout the year. Keep your records updated and make sure all necessary documents are filed properly. If you need help or have questions, our team at GTA Accounting is always here to assist you.

Final Thoughts

By following this checklist and gathering the required information, you can be sure that your corporate tax return will be filed on time and accurately. At GTA Accounting, we’re committed to making the process as easy as possible for you. If you have any questions or need assistance, don’t hesitate to contact our team.