Under the Income Tax Act, a corporation is required to file its tax return within six months of the end of a taxation year. The penalty for late filing is generally calculated as a percentage of the unpaid tax for the fiscal year. If no tax was payable for the year due to a loss, […]
Resigning as a Company Director? Get it in Writing.
If you’re planning on resigning as a director of a company, a signed and dated letter attesting to your resignation is key. This is because of two obligations from the Income Tax Act and one from the Excise Tax Act that can become personal liabilities for up to TWO YEARS after you’ve resigned. These obligations […]
