Start Checking Off Your To-Do List Now!
At year-end, it is especially important to review and understand your firm’s financials as this information will be used to prepare your tax returns.
Having clear and correct information will save you time and money because your CPA will be able to prepare timely and “accurate” tax returns, with less need to meet with you to resolve questions. It also means that if you get audited by the Canada Revenue Agency (CRA), you are easily able to provide supporting documentation.
While these procedures should be used throughout the year, we recommend paying extra attention to year-end. While some items will require input from your accountant, you can take the first steps and get a jump on preparing your financial books.
In collaboration with CosmoLex, Mayur Gadhia from IFLA, hosted a webinar on December 4, 2019 to discuss accounting and taxation issues Canadian Law firms should consider. In addition, Mayur authored Financial Close Checklist in partnership with CosmoLex. Take a look at both these items now…
Download checklist here: https://www.cosmolex.ca/resource-centre/business-accounting/year-end-financial-checklist/