In both cases, the payment in question must still be filed on the business’ T2. Or perhaps the work has been completed but the payment has yet to be received. ![]() Many businesses will bill for work that is in the midst of being completed but may not yet be finished by the time the filing deadline rolls around. Here are four other things to look out for when filing for your incorporated business: 1) KNOWING WHAT TO FILE So, if your fiscal calendar closes on Dec.31, you have until June 30 the following year to file. ![]() But, once you incorporate, there are also a different set of tax rules to follow when filing your year-end taxes.Īs tax season approaches, the biggest difference between an incorporated business and an unincorporated business is how you will file your business’ tax return. For starters, incorporated businesses must set their filing date, which is six months after the business’ year-end. This often translates into generating advanced business opportunities, such as easier access to capital and limited liability among shareholders. Incorporating your business, as opposed to remaining unincorporated, means you create a separate legal entity to run your business. ![]() To avoid any confusion when filing, correctly outline all your business expenses in one category and your personal expenses in another (Getty Images/ Maskot Bildbyrå)
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