Casa Canada provides complete accounting services to our clients. Just bring us your accounting information, and we will take it from there. We can check and balance bank statements, pay bills and Casa Canada has a collection service for accounts receivable or other money owing to the client company.
Complete financial statements are available within two days after each month end. This included statements of assets, liabilities and shareholders equity, income and expenses (profit or loss), and a trial balance showing all movements. Back financial statements are available for any month throughout the entire fiscal year with no notice – just call the Casa Canada office and they will be immediately printed for you.
The fiscal year-end in Costa Rica is September 30. Year end accounting is also provided, including the closing of the accounting for the fiscal year and the setup for the new year.
Income tax advice is available to accounting clients at no charge, including consultation on taxes due at year-end.
For active companies, annual government filings can be prepared, including the required statement of all activity required by law. Income tax forms can be prepared and submitted, and payments of any outstanding tax balance paid on behalf of the owners.
Nominee companies are available for those who wish to keep their ownership confidential.
For fast, efficient and accurate accounting services contact Casa Canada Group.
It is a criminal offense if an NSF cheque is not paid within five days of the funds being demanded. It is also a criminal offense to stop payment on an issued cheque or to knowingly receive an NSF cheque. Post-dated cheques are also illegal, and if issued can be cashed at any time, without regard to the date on them.
Cheques are stale dated and the statute of limitations applies after 4 years.
Trade accounts or regular accounts receivable have a limitation of one year. If an account is approaching one year of age, it must be put into collection. Once the debtor is legally notified the debt is in collection the statute of limitations does not apply.
Debts arising from commercial written contracts with a specified time period have a statute of limitations of four years after the debt is due.
Payment of Shareholders by a Company
Fees of up to $US 1,000 per meeting are deductible by the company, but a 12.5% withholding tax must be paid by the director attending the meeting. Only directors attending meetings may be paid fees. Meetings may be held as often as desired, however minutes of each meeting must be kept in Spanish.
Loss Carry Forward
Industrial Companies can use a loss in one year against profits over the next 3 years and agricultural companies can carry a loss forward for 5 years. After this time, if the loss has not been used it is lost. For all other companies, if there is a loss in one year it cannot be used later. Pre-operational expenses can be used over 5 years. Companies investing in mortgages, real estate, stocks and so on would not be permitted to carry losses forward. It is usual for a loss to be accounted for as a prepaid expense.
If the accumulated losses of a company exceed 50% of its paid up capital it can be placed into bankruptcy by a past due creditor by application to the court. Minimum capital for incorporation is ¢1,000 ($1.72 at the time of writing). It is therefore suggested that where possible losses be carried forward as an asset in prepaid expenses until used in a future year.
Depreciation is permitted at the following rates:
Furniture & Fixtures 10%
Concrete buildings 2%
Wood Buildings 5.88%
V e h i c l e s 10 %
Goodwill – write off over 3 years 33 1/3%
Computer software 100%
See the taxes section for additional information on taxation.
For more information about fast, efficient and accurate accounting services contact Casa Canada Group