Year-End Process

Finalizing Your Company’s Financial Statements & Income Tax Returns

Within a week of your company year end, we will send you an e-mail reminder, which will include a listing of what we require to prepare your company’s financial statements and income tax returns.

How should I transmit my information to Flaim Wolsey Hall?

You have two options:

  1. Bring the information into our office in the file folders we have provided you as part of your bookkeeping responsibilities.
  2. You can upload the documents electronically to our website’s portal.

How long does a company have after its year-end date to file an income tax return?

Six months.

When do I have to pay taxes so as to avoid paying interest penalties?

Any taxes owned are generally due within three months of a year end for a typical medical company (medco). For a typical investment holding company (holdco), the taxes owed are due within two months after its year end.

When should I submit my company’s information to Flaim Wolsey Hall?

You should send your information to us approximately 15 days after your year-end date, and not later than 2 months after your year-end date, to ensure we meet the filing deadlines and minimize the chance of you paying interest to Canada Revenue Agency (CRA).

Once the information is in Flaim Wolsey Hall’s hands, what’s next?

Once we have received your information, we will contact you with any questions we have. When the financial statements and tax return are finalized, we will arrange a meeting with you to discuss the company’s year-end results and anything else you would like to discuss. At this time, we will also return any accounting records you had previously given us.

We will upload copies of your company’s financial statements, income tax returns and other tax filings to our safe and secure web portal.

These documents will remain on the portal for seven years from the date they were originally uploaded.  We will also give you a paper copy of the company’s financial statements and income tax installment payment schedules.