When dealing with the government
It can be daunting dealing with government paperwork when you run your own business. This is why so many small business owners hire an accountant when the first tax filing is due.
But they can also help you cope with more than just tax returns. They can help your company interact with the government in other ways.
A good accountant will be able to:
- Complete and file the required legal and compliance documents for your business
- Keep your company up to date with the latest Canadian tax laws
- Prepare annual statements of accounts
- Keep your company’s status updated in the government’s company register
- Maintain records of directors and other administrative personnel
- Organize and record share/stock allocation, such as when the business is formed, when a business partner leaves or a new partner joins
- Handle your payroll and ensuring that all employees’ tax codes and payments are recorded correctly.
Preparing your tax documents correctly could save you money – perhaps more money than your accountant charges you. And a good accountant will use their knowledge of Canadian tax laws and legislation to suggest ways you can free up cash-flow, save money and raise capital for expansion.