When is the deadline to file my corporation’s income tax return?
Your tax filing deadline is 6 months after your corporation’s year-end date. However, please note that if there are corporate taxes owing, the deadline to pay is 2 months after the year-end date. You may qualify for a one-month payment deadline extension if the corporation is eligible. Your accounting team will provide you with specifics.
Is my corporation required to pay tax installments?
Corporate tax installments are required in the current fiscal year if the corporation owed more than $3,000 in taxes in the previous taxation year. GST installments are required in the current fiscal year if the corporation owed more than $3,000 in GST in the previous taxation year. Please refer to the schedule that we provide with your finalized year-end records.
Failure to remit installments sufficiently and on schedule may result in instalment interest being assessed by the CRA with your next tax filing.
How long should I keep my records?
“In most circumstances retention of physical records for 10 years should be sufficient. This assumes that all returns have been filed on time and there are no extenuating circumstances. Records for long term assets may need to be retained longer.”
Submitting your records to Loren Nancke
How can I submit my year-end records to my accounting team?
You can submit your records digitally by email to your accounting team or to firstname.lastname@example.org, secure link upload, mail, courier or fax.
We do not require physical copies of your documents if you are able to provide digital copies. If you have physical records, give us a call ahead of time to book a drop off date and time. Due to the pandemic, we have social distancing in place to ensure enough space between clients dropping off documents.
What information does the accounting team require to complete my year-end taxes?
A year-end checklist was provided to you with the annual engagement package. Please connect with our office if you have misplaced the checklist.
How much do I owe to CRA?
The balance owing is stated on the enclosure letter and on the corporation income tax return sent by our office.
How to pay CRA?
Here are all the ways to pay CRA
ONLINE BANKING – sign in to your bank’s online service and under “Add a payee” look for an option such as: “CRA (revenue) – current-year tax return”, “CRA (revenue) – tax amount owing” or “CRA (revenue) – tax instalment”. Select one and enter your SIN as your CRA account number.
ONLINE – Sign in to your business bank’s online service (You may need to navigate to a tax payment service within your online banking account, this is slightly different for each financial institution) and under “Add a payee” look for an option such as: “Federal – Corporation Tax Payments – TXINS” or “Federal – GST/HST Payment – GST-P”. Select one and enter your Business Number as your CRA account number.
CREDIT CARD OR PAYPAL – pay online through a third party service provider. www.paysimply.ca accepts Visa, MasterCard, Amex, Union Pay and PayPal. www.plastiq.com/cra accepts Visa, MasterCard and Amex. (Service fee will apply.)
DIRECT DEPOSIT – The information on how to sign up for direct deposit is here.
BY CHEQUE – You can write a cheque payable to RECEIVER GENERAL FOR CANADA for the amount owing (remember to write you business number and account on the cheque memo)and send it to:
9755 King George Boulevard
Surrey BC V3T 5E1
The Corporation owes money to CRA. Can Loren Nancke submit the payment on corporation’s behalf?
Yes, here are your options:
Drop off a cheque at any of our locations. Write your business number and account information on the memo line. The cheque must be received by our office within 3 business days of the payment deadline.
Enrol in our CompletePay service that allows amounts to be debited from your bank account and paid directly to the CRA. You have to qualify to use this service.
How will the corporation receive its tax refund?
Here are your options:
If you have CRA My Business account, you can add the corporation’s direct deposit information to the tax account.
You can sign a Direct Deposit request for business form and we will process your request. We require the signed form and a void cheque before filing your taxes.
If CRA does not have direct deposit information, a refund cheque will be sent to the mailing address on file.
CRA My Business Account
How can I set up a My Business Account?
Why should I set up my business account?
Issues with downloading the completed tax return.
How can I download the completed tax return?
When the tax return is completed, you will received an email with a link. Check your junk folder as sometimes the email filters there. On the email, click on the link and save the information on you computer.
How to return the signature pages
How can I return the signed documents?
You can send us your signature pages by:
Upload (uploading the documents through same link)
Send a picture of your signed page to email@example.com
Drop off at our office in an envelope with your full name
Can I drop off my signed documents?
Our North Vancouver office has a mail slot; you can drop off the signed documents, put your signature pages inside an envelope and write down your full name.
If you are planning to drop off your signature pages at our New Westminster location, give us a call at 604-904-3807 to book a drop off date and time to limit physical contact with other clients.
I do not have access to a printer. Can I come to an office to sign the documents?
Yes, you can. Please give us a call ahead of time to book a date and time to limit physical contact with other clients.
I am not good with technology and do not have a computer. Can I come to the office to sign?
Give us a call at 604-904-3807 to book a drop off date and time to limit physical contact with other clients.
Where do I sign?
There is a red X on the page. Please sign where indicated.
How to pay my invoice?
- Pay online through our website
- By phone
- By cheque