Last week of January 2011...Already?

The first month of January 2011 has now come and gone.  That was quick.

This last week felt more like May than January with the double digit weather.  However in the office we were wishing for more seasonal temperatures and snow; for skiing and the fact that Will is hosting a Winter Wonderland party this weekend. Let it snow, Let it snow

With January now behind us, it becomes an important time for owner managed businesses with a December 31 year end.  This proves to be a challenging year end and requires you to be organized due to the deadlines in February.  Usually a company has 3 months to pay taxes following their fiscal year end, with a December year end it is in the best interest of the company to have things finalized in early February.  Why?, well February 28 brings a few deadlines, T4's and T5's for 2010 are due as well as the personal deadline of RRSP contributions.  So in order to properly plan for taxes, meet the filing deadlines and keep all of your options open it;  a company with a December year end would benefit both corporately and personally if they have their financial records finalized for the year in early February.

By getting your corporate books finalized, tax return submitted and T slips filed in February, the owner manager can appropriately plan for personal and corporate taxes.  It allows for tax planning strategies to be implemented to reduce and defer taxes in the best interest of the small business and it's owners.

Have a fabulous last few days of January