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First Year of Being...
 
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First Year of Being Incorporated

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(@Anonymous)
Joined: 1 second ago
[#85]

Hello, I cannot seem to comment on the article on how to complete a corporation income tax return for business in Canada. I Appreciate all the info you have provided in the article and all the q&a’s in the comments. I had a question that many others asked as well regarding the first year of being incorporated, it’s been a year since I incorporated so my understanding is that I have 6 months to file my first return, with no income in the corporation and just the expenses I paid to incorporate would these expenses be used on my corporate return or used as a personal expense as it was paid from my personal account/income? I’m self employed. Also, I have been debating if it is relatively easy to file by myself if there’s no income and my first year incorporated or is it worth having an accountant complete my return? What is average cost to have a corporate return done by an accountant for my first year when there was no income? Thanks in ad! vance


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Posts: 663
(@dexter)
Joined: 3 months ago

These expenses should be recorded by your corporation. I suggest that you purchase a tax return preparation software from TurboTax or Ufile if your returns is simple to complete. Otherwise, hire a tax professional.


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