Corporation Taxation
We’ve entered that time of year when tax discipline is the order of the day. Even if it’s not very pleasant, diligently managing your tax obligations can save you a lot of trouble and hassle and speed up the repayment of your tax credits.
February 28, 2023 is a deadline that must not be missed or you risk incurring financial penalties that could be significant. You will have to file and transmit your annual source deduction. For Revenu Quebec, 1-Employee Summary report and for the Canada Revenue Agency, the T4 Summary report. Companies using a payroll service will need to ensure that the provincial portion is filed, as this is not the case for all. Some services, such as Ceridian, do not file the 1-Employee Summary, while Desjardins does. It is therefore important to ask your payroll service for information.
The same rigour is required for the transmission of GST and QST returns as well as corporate income tax returns.
In short, the best way to limit the possibility of a tax audit and avoid paying penalties that can sometimes be substantial is to meet your tax obligations on time. And as a bonus, it will also facilitate the processing and refunding of your tax credits.
R&D Capital is your partner of choice for financing your tax credits, such as multimedia, scientific research and experimental development (SR&ED), the Development of E-Business (CDAE), and for investment and innovation (C3I), in addition to financing several types of federal and provincial subsidies.