Is it common to pay my accountant a yearly management fee?
Business owners commonly file a Management Fee when they have used an accountant to file their taxes. Until recently, they were not required to submit a T4 slip for this income. However, the CRA can go back up to 2 years and fine business owners a “Failure to File” penalty for neglecting to submit a T4. Although the resulting tax is not affected, a fine is incurred for non compliance.
For more information about Small Business Tax Accounting, click > Tax Accounting Calgary