Toronto, ON, Oct 13, 2022 – Castlemore Accounting Services recently released a document that provides all the necessary details about how long your business can keep its accounting records in Canada. When speaking with this company's representative, he states almost 24% of Canadian entrepreneurs admit they spend nearly 120 work hours preparing their taxes alone. With proper planning and organization, the number of hours spent preparing these taxes can be drastically cut down. Further, the excess time can then be used to bring more revenue to your business.
As per the company’s main source, you can keep the receipts of monthly transactions and deposit slips or bank withdrawals for one month and throw them away only when they're reconciled. You can keep the monthly mutual fund statements, monthly mortgage statements, utility bills, pay stubs, monthly credit card statements, and monthly bank statements for one year.
Keep documents such as the owner’s monthly bank statements, owner’s utility bills, owner’s monthly credit card statements, tax returns, annual mortgage statements, all 4T forms, and receipts and statements from tax returns for at least six years.
He further mentions that a few documents, such as the company's investment records, corporate tax return Caledon, auto records, real estate paperwork related to business, and employee pension plan records, must never be thrown away.
About The Company
Castlemore Accounting Services is one of the most reliable accounting services in Toronto and its surrounding areas. They provide services like a personal tax return, corporate tax return Caledon, small business tax return, payroll services, business consulting, business tax registration, accounting and bookkeeping, and budget and cash flow services at an affordable price. They provide a wide range of accounting services to medium and small-sized businesses, as well as for individuals and families, throughout Toronto.
Contact:
Thami Rajalingam
Castlemore Accounting Services
251 Consumers Road Parkway Place,
Suite 1200, Toronto, ON, M2J 4R3, CAN
+1(416) 814-7427
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https://www.castlemoreaccounting.ca/caledon/corporate-tax-return/