REVENU QUÉBEC. File Them Together. Annual Information Return for the Québec Enterprise Register and Income Tax Return

Transcription

1 REVENU QUÉBEC File Them Together Annual Information Return for the Québec Enterprise Register and Income Tax Return

2 New for businesses since 2006 Businesses registered with the Québec enterprise register must update their information annually under the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons. This act was amended to allow businesses to file both the information return for the Québec enterprise register (Déclaration de renseignements pour le Registre des entreprises du Québec, form LE-630 or Schedule O of the personal income tax return) and the Québec income tax return at the same time, for 2006 and subsequent years. Two types of registered businesses are eligible to file both returns together: individuals in business and corporations (legal persons). An annual registration fee now replaces the fees payable with the annual information return for the Québec enterprise register. This new measure allowing for joint filing of the two returns is intended to reduce the administrative burden on businesses.

3 How to file the combined returns? Information statement First of all, Revenu Québec sends you the document État de renseignements Registre des entreprises du Québec (Information Statement: Québec Enterprise Register). This document contains the information concerning your business on file with the Québec enterprise register as of the document s date of issue. You must keep the information statement. You will refer to it for the annual update of the information concerning your business when you file your income tax return. Combined returns You may update the information concerning your business by filing one of the following documents with Revenu Québec, together with your income tax return: Schedule O of the personal income tax return, which must be completed by individuals in business; form LE-630, which must be completed by corporations and filed together with the corporation income tax return. Schedule O and form LE-630 bear the same title: Déclaration de renseignements pour le Registre des entreprises du Québec. Refer to the document État de renseignements Registre des entreprises du Québec that you received from Revenu Québec. Use this information statement to determine the changes concerning your business that you must enter on Schedule O or form LE-630.

4 By filing an information return with your income tax return, you are exempted from filing an annual declaration with the Québec enterprise register. Filing deadlines The filing deadline for the information return for the Québec enterprise register is the same as that for filing the income tax return. Consequently, as of 2006, a corporation (legal person) that is eligible to file the combined returns has six months after the end of its taxation year (fiscal period) to file its income tax return with Revenu Québec, together with its information return for the year during which the period ends. Individuals in business must file their income tax return no later than June 15 of the calendar year following the end of their taxation year, together with the information return for the Québec enterprise register for that calendar year. Example 1 A corporation whose taxation year ends on January 31, 2007, makes its annual information update for 2007 by enclosing form LE-630 with its income tax return filed no later than July 31, Example 2 An individual in business who is registered on January 1, 2007, makes his or her annual information update for 2007 by enclosing Schedule O with the income tax return for the taxation year ended on December 31, 2006, which must be filed no later than June 15, 2007.

5 Annual registration fee Since 2006, you must pay the annual registration fee to Revenu Québec when you file your income tax return. The annual registration fee must be paid within the same deadline as income tax payable. Example 1 A corporation must pay Revenu Québec its annual registration fee for 2007 no later than the last day of the two-month period following the end of its fiscal period that ends in 2007 and includes January 1, Income tax payable for the fiscal period must also be paid within the same deadline. Example 2 An individual in business must pay his or her annual registration fee for 2007 no later than April 30, 2007, the deadline for paying any income tax payable.

6 In conclusion The Act respecting the legal publicity of sole proprietorships, partnerships and legal persons now permits most businesses in Québec to file their information return for the Québec enterprise register and their Québec income tax return together. By combining the two, the government has taken another step towards simplifying the tax procedures for Québec businesses. This publication is provided for information purposes only. It does not constitute a legal interpretation of the Taxation Act, the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons or of any other legislation.

7 Advantages for businesses One step, one payment The principal advantage to filing both returns together is to allow you to fulfill, in one step involving one government body (Revenu Québec), the following four obligations: filing your income tax return; filing the information return concerning your business; paying the annual registration fee; paying any income tax owing. Filing methods for the returns You may file your income tax return, as well as Schedule O or form LE-630 to update the information in the Québec enterprise register, by Internet or on paper.

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