Quote:
Originally Posted by Gerbs
I've been approached by a friend who runs a company that wants to report day trading gains on their cryptocurrency. However, I never filed a corporate tax return before. Thus I want to learn. It should not be hard since I think it's just investment income through a corporation.
Specifics:
Started in 2017.
Filing for 2017 in Canada. (They are late)
No financial statements
Recorded accounting on Excel
1 owner corporation. Holding fund holds this business as a subsidiary. (will file taxes for the holding company if it's simple)
How to minimize liability? Is it easy to file?
|
step 1- minimize liability by not doing things outside of your expertise - decline this engagement.
step 2- read this: https://www.canada.ca/content/dam/cr.../t4012-17e.pdf
step 3- Go and download turbo tax corporate / small business & play around
step 4- Go and volunteer some time at a accountants office during tax season and do at least 100 T2's under guidance
step 5- keep that knowledge and provide knowledge transfer on a free and friendly basis not to profit.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt
|