DECEMBER YEAR END? THINKING OF REPORTING REQUIREMENTS?

Wishing you all a very happy new year. With fresh new start of the year, for many of the business owners and board of directors, it is a new beginning, time to kick start work towards achieving the 2025 goals, however there are few pending items to complete for 2024. Here we are referring to the organizations with December year end. While the new year brings in excitements, financial reporting and tax compliances for the year ended December 31, 2024 would just begin.

While corporate tax returns are not due until six months of year end date, here are some of the significant reasons getting started as soon as possible.

1. While the tax return itself is due in June 2025, if taxes are owed, the payments are due earlier. In order to avoid interest and penalties, it is suggested to complete the reporting requirements sooner than later.
2. The earlier the 2024 financial statements are analyzed;it gives you opportunity to enhance strategic plans and budget for 2025.
3. The earlier the 2024 tax and financial reporting requirements are completed, the faster you can centralize your attention on 2025 business.

Here are some of the reporting requirements to consider:

1. HST/GST tax payment and filing
2. Payroll tax payment and filing
3. T4 distribution and filing
4. T5 preparation and filing
5. Corporate tax payment and filing
6. Audited or Review Financial Statements submission to external parties as required. Sometimes they are due in 60 days or 90 days from the year end date.

New for child care service providers opted in CWELCC program, many of them will have to submit the audited financial statements in April (in 4 months) after the new fiscal year end being December.

We have a step by step approach to meeting all your reporting requirements in timely manner. We are away by just an appointment.

Chaitali V Patel

Founder
Chaitali Patel Professional Corporation