Posted on December 12, 2021

Ideas for Saving Money on Tax Preparation

The following are some tips to help you save money on your tax preparation:

1) Take advantage of free personal finance software. There are many apps and websites that offer free tax preparation, including Credit Karma Tax which offers both state and federal return. If you need to purchase the software, the cost is usually worth it because it helps save time in preparing your taxes.

2) Use filing extensions. If you need more time to file your taxes, request an extension by checking the box on Form 4868. The extension will give you 6 months to prepare your taxes, which lets you take advantage of any last minute deductions or credits that may be available this year.

3) Forget about state income taxes for now if they are not

Table of Contents hide
1 What is the Filing Deadline for Corporate Tax Returns in Canada?
2 Who Can File a Corporation Tax Return in Canada?
3 Who Should File a Corporate Tax Return in Canada?
4 How Do I Pay the Corporate Taxes I Owed?

What is the Filing Deadline for Corporate Tax Returns in Canada?

The deadline for filing Canadian corporate tax returns is April 30. To be eligible to file, the company’s fiscal year must end on or before March 31, 2018.

In order to meet the filing deadline, a corporation should complete and submit all required forms and supporting documents by April 30, 2018. Failing to submit all the required forms and supporting documents will prevent a corporation from claiming certain deductions or credits that could have otherwise been available.

Corporations that do not meet the filing deadline will be subject to late-filing penalties on their federal income tax return, which can range from 5% of net income (minimum $400) up to 200%.

Who Can File a Corporation Tax Return in Canada?

For any Canadian company, there are several people who should be considered.

Basically anyone who has money coming in or out of the company can be considered to file a corporation tax return. Owners, directors, shareholders, and employees should all be considered for filing purposes.

Who Should File a Corporate Tax Return in Canada?

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In order to file a corporation tax return in Canada, there are a few requirements that must be met.

The company must have assets in Canada, which must exceed $500 CAD.

If the business is not incorporated, it cannot file corporate taxes in Canada.

The person filing the corporate tax return must be authorized to do so by the company’s shareholders or directors.

Additionally, any person who has control over one of more assets of an unincorporated business can also file taxes for this unincorporated entity.

How Do I Pay the Corporate Taxes I Owed?

The due date for the tax return is at the end of June, so there’s a little time to prepare. The Canada Revenue Agency has a detailed list of what documentation you’ll need to pay your corporate taxes.

If you haven’t filed your corporate taxes yet, here are the steps:

1. Register with CRA for a My Business Account or log in to an existing account.

2. The first step is to register with CRA for a My Business Account or log in to an existing account. – If you have never registered with CRA before, you will need your business number from another form of identification such as from your T2 Corporation Tax Return or Employer Identification Number if you are self-employed. – You