Taxes

[mbarrick]

Well, that's one return done. Two more to go. My personal return was relatively painless because my contract income went to my corporation. I still have to do Elaine's return, which will be nothing but self-employment income, and probably not that bad because of it. The taxes for the corporation will be new territory for me so I'm kind of dreading them. And speaking of dread... someone from Canada Revenue called today. I don't know what that is about yet. I'll have to call back tomorrow. It's probably just a reminder that I need to do something for the corporation, but any call or letter from Canada Revenue that I'm not expecting makes me nervous. While I do my best to make sure my taxes are in order, I'm always afraid that I've missed something and I am going to be nailed for it. And thus my usual rant that there is something fundamentally wrong with the system when someone with an uncomplicated business can't figure out his own taxes with confidence.

Comments

[seymour-glass.livejournal.com]

weird they pretty well get to file when they want:

http://www.cra-arc.gc.ca/tax/business/topics/corporations/return/when/menu-e.html

Be sure to file your return no later than six months after the end of each tax year. The tax year of a corporation is its "fiscal period".

When the corporation's tax year ends on the last day of a month, file the return by the last day of the sixth month after the end of the tax year.

[seymour-glass.livejournal.com]

it also says your fiscal period is established when you file your first return...

[mbarrick.livejournal.com]

Yeah. I decided from the get-go that I want to keep my fiscal year in line with the calendar year.