Corporate Tax Services in Canada
Filing corporate taxes comes with its own unique set of regulations, requirements, and obligations. Whether you operate as a small business, medium-sized enterprise, or national corporation, tax filing can encompass massive amounts of calculations, expense tracking, remittances, and deductions. And with constantly changing provincial and federal regulations, tax compliance is at risk year after year.
At Accountor CPA, we work with businesses of all sizes for corporate income tax planning, tax preparation, and tax filing. Minimize your risk while maximizing value by positioning your company for optimal future growth.
Don’t put your corporation’s future and reputation at risk. Our CPAs have the corporate tax preparation experience to ensure you get the most out of your earnings while being tax compliant.
Your Corporate Tax Accountants
Corporations rarely have simple income taxes and without professional preparation, filing, and consulting, you leave your business vulnerable to missed deadlines, hefty fines, and a damaged reputation.
We offer a number of corporate tax services to ensure your business is positioned for growth. We work with you throughout the year to understand how we can leverage our expertise to benefit your business and tactfully handle corporate tax issues. You can feel confident that you are trusting your finances to corporate tax accountants that are experienced, professional, and passionate about your business.
Corporate Taxation Preparation Services
The business tax services we offer include:
- Preparation and filing of corporate income tax returns (T2);
- Tax compliance with all federal and provincial regulations;
- US tax compliance;
- Tax services for non-resident shareholders;
- Tax services for Foreign Corporations in Canada;
- Preparing of employee returns (T4s, T4As, and T5s);
- Tax disclosure and tax appeals;
- Liaise with the CRA;
- Income tax planning and tax strategy;
- Tax services for reorganizations and amalgamations;
- HST and sales tax filings;
- Compensation planning;
- Tax advisory services;
- Remote services for online corporate tax prep.
Whatever your company needs, Accountor CPA has a solution for you. Get in touch to learn more about our custom corporate tax solutions.
Small Business Tax Services
A corporation isn’t always a multinational operation. Accountor CPA works with small businesses to provide corporate tax services to help you maximize your profits and make good financial decisions that will positively impact your tax return.
Even if your small business corporate taxes seem simple, we find deductions and tax credits that you may have missed. Our thorough corporate tax preparation means we know your small business inside and out and can find relevant expenses and deductions. We also act in an advisory role in tax planning and compensation planning so you can get the most out of your small business and hard work.
Corporate Income Tax Services & Planning
Corporate income tax planning is a key role of a corporate tax accountant. Good tax planning needs to be considered with long-term perspective. By planning different transactions, the corporate tax burden can be significantly lowered. The team at Accountor CPA can help you take advantage of all possible tax credits and expense deductions available to you so you can retain more of your hard earned money.
Our corporate income tax services and planning also apply to shareholders, as we can help plan both corporate and personal income taxes beforehand to optimize the corporate and personal tax burden.
We are experts in corporate income tax filing and services. Let us handle your corporate tax filing and see the difference our experience makes on your tax return.
What Are The Corporate Tax Preparation Fees?
Corporate tax preparation and filing costs vary depending on the corporation’s revenues, structure, and other related data. A typical corporate income tax filing fee will start at a few hundred dollars, while a complex multinational corporation can go well into the thousands.
A qualified corporate tax accountant ensures that all deadlines are met and regulations are followed to avoid penalties and interest, which are usually significantly higher than the cost of working with a corporate tax services office.
Get peace of mind knowing your business taxes are being handled by our experienced corporate tax accountants.
Frequently Asked Questions
What are corporate taxes?
Corporate taxes are a tax on the profits of a corporation paid to the government.
How does corporate tax work in Canada?
In Canada, corporate taxes (T2s) must be filed annually for all registered corporations, both resident and non-resident, including inactive corporations, tax-exempt corporations, and non-profits.
A corporate tax return must be filed no later than six months after the end of each tax year. When filing, you are responsible for meeting deadlines and paying the any tax owed to the government.
How much is corporate tax in Canada?
The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement. After the general tax reduction, the net tax rate is 15%.
For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 9% effective January 1, 2019. For the latest Canadian corporate tax rates, and lower rates available, visit the Government of Canada.
How can I calculate corporate tax in Canada?
Corporate tax rates can fluctuate annually. Contact our tax consultants for a detailed estimate for your firm.
How long should I keep corporate tax records in Canada?
Canadians should keep corporate tax records for six years after the end of the taxation year to which they relate. For example, for a tax return filed in 2016, you should keep the tax records until December 31st, 2022.
How can I file corporate taxes?
All corporations with an annual gross revenue of more than $1 million must file their T2 electronically, with some exceptions. If a corporation in this category does not file electronically, they are charged a $1000 penalty.
How can I pay corporate tax?
Most corporations are required to pay corporate tax in instalments. Instalment payments are due on the last day of every complete month of your tax year. You can pay directly online on the CRA My Business Account, directly through your banking institution, or by mailing a cheque.
How can I reduce corporate income tax in Canada?
Canadian corporations have two options for reducing corporate income tax: (1) they can do prescribed things that earn them tax credits and/or (2) take advantage of income tax deductions, such as business and travel expenses.
While the federal government keeps a public index of all tax credits and income tax deductions available to corporations, your corporate tax accountant will ensure you are receiving all to which you are entitled. They can also advise as to how to take advantage of these tax credits and deductions in future fiscal years to reduce your corporate income tax as much as possible.