Employment earnings or net self-employed income in excess of $3500, maybe pensionable and need to remit Canada Pension Plan (CPP) contributions. If you have CPP eligible earnings you are required to file a tax return on worldwide income. You are required to pay taxes on income greater than the basic exemption amount. Filing a tax return lets you take advantage of the social programs available to you and/or family.
Every business is required to keep reliable and accurate bookkeeping records and keep the source documents for 10 years. Having good financial information and reports will allow management to make optimal business decisions, cut-down costs, plan cash flow, develop business growth, and minimize taxes. Every business is also required to ensure the corporate minute book is kept up-to-date every year and file the annual return every year in accordance to the Business Corporations Act.
Now is the time to plan for the 2017-2018 taxation year for both personal and corporate taxes. Wonder how? Call us and we can assist you with a tax plan.
We are able to assist you in completing the information returns as well we are authorized by CRA to electronically file the information returns to CRA on your behalf. It’s that simple.