1. How long does it take to file a corporate tax return in Toronto?
The time to file a corporate tax return in Toronto varies based on the complexity of the business. Generally, it takes several weeks to prepare and submit the return, but precise timelines depend on factors like company size and financial intricacies.
2. Can I file my personal and business taxes separately in Toronto?
Yes, in Toronto, you can file personal and business taxes separately. It is advisable to maintain clear distinctions between personal and business finances for accurate reporting and compliance with tax regulations.
3. What happens if a corporation does not file taxes in Toronto?
If a corporation fails to file taxes in Toronto, it may face penalties and interest charges. The Canada Revenue Agency (CRA) can take enforcement actions, including financial penalties and legal consequences, to compel compliance with tax filing requirements.
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