The end of the year is fast approaching and that means that tax season will be starting up shortly after the new year begins. With a new tax year on the horizon, when is the best time to file your corporate income tax?
Ordinarily corporate income tax is due no later than 6 months following the end of a corporations fiscal period. As well corporations must file a return no later than three years after the end of a given tax year in order to receive a refund.
As of November there have been no updates from the CRA regarding extensions on deadlines or delays for 2021 so it is safer to assume that it will be business as usual until the CRA issues a definitive statement to the contrary. Thus, the easiest answer is as soon as possible, this allows you to stay ahead of the game and keep yourself organized so you can keep all of your corporate finances in order. In addition to COVID-specific concerns and changes to the tax code, there are always new tax credits being added and removed by both the provincial and federal government and an early filing will allow you to stay on top of any changes.
If you have any questions or concerns regarding corporate income tax in BC and when to file them feel free to contact our expert staff. At Naicker & Associates our expert tax preparation services take most of the guesswork away from our clients and we will keep you up to date on any changes that come down the government pipeline.
If you have any questions about this article or corporate income tax, in general, or you want to make an appointment with an accounting professional at Naicker & Associates, please contact us at (604) 469-9369. We are based in Port Moody, BC.