Whether you are a small business, medium-sized enterprise, or a national corporation, tax filing entails extensive calculations, expense tracking, remittances, and deductions. Given the dynamic provincial and federal regulations, tax compliance remains a risk annually.
Accountico provides corporate income tax planning, preparation, and filing services to businesses of all sizes. Reduce losses and boost returns by setting up your business for success in the future.
Corporate Tax Services for Small Businesses
Even if your small business’s corporate taxes appear uncomplicated, we can assist you in discovering deductions and tax credits that you may have missed, even if your small business’s corporate taxes seem straightforward. We provide consulting services in the areas of tax planning and compensation planning to help you maximize the potential of your business and your efforts.
Our corporate income tax services and planning extend to shareholders as well, encompassing both corporate and personal income tax planning to optimize both spheres of tax responsibility.
We possess expertise in corporate income tax filing and services. Entrust us with your corporate tax filing, and experience the impact of our seasoned insights on your tax returns.
How much does it cost for Corporate Tax Preparation services in Canada?
Preparing and filing corporate taxes can be expensive, but how much is dependent on the company’s revenue, organizational structure, and other factors. Fees to file company income taxes typically begin in the hundreds of dollars but can easily reach the thousands for a complicated corporation.
An adept corporate tax accountant ensures compliance with deadlines and regulations to avoid penalties and interest, often surpassing the expenses of collaborating with a corporate tax services provider. Relax knowing that our seasoned corporate tax accountants are handling your business’s tax obligations.
Also Read on: What to do if your corporate has no activity.
Preparation Services for Corporate Taxation
We provide a wide range of corporate tax services to set you up for success. We work with you year-round to figure out how best to apply our knowledge to your company’s advantage and manage any corporation tax concerns with discretion. Rest assured that you are entrusting your financial matters to knowledgeable, skilled, and dedicated corporate tax experts.
Our comprehensive business tax offerings encompass:
- Preparing Financial Statements
- Corporate Tax Return (T2) Preparation and Filing Online
- Ensuring tax compliance with federal and provincial regulations
- Extending tax services to non-resident shareholders
- Catering to tax needs of Foreign Corporations in Canada
- Preparing employee returns (T4s, T4As, and T5s)
- Addressing backfilling of as many years
- Handling tax disclosure and appeals
- Interfacing with Canada Revenue Agency (the CRA)
- Devising income tax strategies and planning
- Assisting with reorganizations and amalgamations
- Preparing and Filing HST, GST, QST sales taxes
- Providing tax advisory services
Accountico can help with all of your company’s accounting and business needs. Reach out and inquire about our tailor-made business tax services today.
FAQs - Corporate Taxes in Canada
Here you will find frequently asked questions regarding Corporate taxes for businesses in Canada.
What constitutes corporate taxes?
Corporate taxes denote the taxes on a corporation’s profits paid to the government.
How does corporate tax function in Canada?
In Canada, annual corporate taxes (T2s) must be filed for all registered corporations, irrespective of residency or activity. So even if your corporation is inactive or has no activity during the fiscal year, it is still required to file a nil return.
What's the corporate tax rate in Canada?
The basic Part I tax rate is 38% of taxable income, reduced to 28% after federal tax abatement. The net tax rate becomes 15%. For Canadian-controlled private corporations that gets the Small business deduction, the tax rate can be as low as 9%.
Check out the Canadian government’s website for up-to-date information on corporation tax rates and any applicable tax cuts.
How can corporate tax be computed in Canada?
Corporate tax rates can vary annually. Get in touch with our tax advisors today for a detailed quote for your business.
How long should corporate tax records be retained in Canada?
Keep corporate tax records for six years after the end of the taxation year. For instance, for a 2018 tax return, retain records until December 31, 2024.
When do I need to file my company's taxes & make payment to CRA?
The due dates for balances owing to the government are earlier than the due dates for actually filing the tax returns.
The due date to file your corporate tax return is 6 months after the year-end, while taxes owing to CRA are due 3 months after the year-end.
How can corporate tax payments be made?
Many corporations must pay corporate tax in instalments, due on the last day of each complete month of the tax year. Payments can be made online via CRA My Business Account, through banking institutions, or by mail.
How can corporate income tax be reduced in Canada?
Canadian corporations can reduce corporate income tax by earning tax credits and leveraging income tax deductions. A corporate tax accountant ensures you capitalize on all available benefits and offers advice for future fiscal years.