In order to determine taxable income and corporate taxes payable, which are due 90 days after your fiscal year end, we require all corporate clients to provide their complete records and financial data, including QuickBooks, Simply or any other electronic data, on or before the 60th day following their respective fiscal year-ends.
This policy will ensure our office has 30 days to determine taxable income and corporate taxes payable for all clients to meet this deadline. We will not be able to guarantee the accuracy of the taxable income and corporate taxes payable if complete information is not received within 60 days.
We wish to remind our clients that Canada Revenue Agency and Alberta Finance will assess interest and penalties to corporations with outstanding tax balances 180 days and 90 days, respectively, subsequent to their year-end deadline.
Furthermore, in order to complete and file corporate tax returns within the required time period, being 180 days subsequent to their respective year-end, clients are now required to provide their complete records and financial data, including QuickBooks, Simply or any other electronic data, on or before the 120th day following their respective fiscal year-end. This will ensure sufficient time for our office to complete preparation of the year-end file and corporate tax returns.