Your Corporate Taxes Are Soon Approaching and You Are Missing Documentation
Posted On: 01/05/16 - 0

Are You Getting Close To Your Year End And Need Assistance When It Comes To Your Corporate Taxes?

In my last blog I talked about the “documentation” lesson regarding corporate taxes, and what we could potentially encounter when trying to sort out a tax situation. So what if you are in the middle of one of these situations – what do you do? The first step is to document all the “known” facts that should not be in dispute. This can involve such things as who signed certain documents as well as where the “money” flowed.

Here is what I see on a regular basis.

You can sign a document in your own name and then the money flows into a corporation. The debt in this case is a personal debt. If you look at the documents it will be clear that the names of the borrowers are the individuals. Now comes the tough part! The individuals never actually got the money but it was disbursed for all sorts of reasons. Maybe there is a “direction” signed to give the disbursing agent the authority to do this and maybe there isn’t. Sometimes there is a disbursement to settle an entirely different transaction and there is no paperwork. Ouch. My best advice in these situations is to construct a “fact” sheet with the events that are based on “real” documents. From there the interpretation of events can start and hopefully limit the actual solutions to ones that can be supported.

We can advise you when it comes to your corporate taxes.  Our office has been processing corporate taxes for 15+ years over a variety of industries.  We are experienced, licensed, efficient and get the work done in a timely manner.  For peace of mind, call our office at 780-482-7297 and ask for Cheryl.

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Edmonton, Alberta.
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780.482.7297