Long Term debt is any loans, liabilities or financial obligations lasting over one year. These amounts will not become due within one year of the balance sheet date. They will be capitalized on the balance sheet.
The governement provides a six month grace period to submit your incorporation taxes and registered company taxes, so for example if your year end is December 31st, you have till June 30th to submit your taxes.
You are a business. You, hopefully, exist with the goal of making as much profit as possible. This will involve you looking at ways in which you can maximize profit whilst reducing tax. This means claiming expenses.
No business likes an audit. Not only is it a highly-stressful experience, even if you know you have not committed any sort of fraud, but the whole process will take time away from the running of your business. Of course, some audits can’t be avoided.
Since 2004, 514 Accounting has provided start-ups, small and medium sized businesses all over Montreal, Quebec and Ontario with affordable, reliable, and professional accounting and consulting services.