We are a full-service accounting firm that can provide a variety of tax services including corporate tax services; We can act as your corporate tax accountant and provide corporate tax services for Canada, the USA & Canada. We also work with many of our clients through remote capabilities.
According to Canada Revenue Agency, all resident corporations (except crown corporations and resident charities) have to file a corporate income tax (T2) return every tax year even if there is no tax payable. This includes but is not limited to the following:
- Non-profit organizations
- Tax-exempt corporations; and
- Inactive corporations
As your corporate tax accountant, we will ensure that you file your return no later than six months after the end of each tax year. The tax year of a corporation is its fiscal period. When the corporation’s tax year ends on the last day of the month, returns should be filed by the last day of the sixth month after the end of the tax year. When the last day of the tax year is not the last day of the month, file the return by the same day of the sixth month after the end of the tax year.
Please keep in mind that even though the filing date of the return is six months after the end of the tax year, if any amount of money is owed in the form of corporate income tax then tax payments must be made no later than three months (90 days) after the end of the tax year.
Business Tax Compliance services include but are not limited to:
- Preparation of notice to reader financial statements
- Preparation of corporate and personal income tax returns
- Preparation of GST/HST returns
- T4/T5 slip and information returns
- Canada Revenue Agency Correspondence and audit assistance
YE Cleanups
We can perform YE cleanups for companies that are not doing proper month ends. This involves reviewing the entire year-end bank statement, posting, and checking all information in our accounting software, and sharing a query sheet for any pending items.
We have experience using software such as CaseWare cloud and desktop to prepare YE schedules for loans, accruals, prepaid expenses, share capital, etc. We can prepare a full YE and then prepare the T2 using Taxcycle, CanTax, etc.
This also includes GST/HST reconciliation at the YE and filing if the client has provided us with portal access. It’s important to note that different sales tax rates apply in different provinces of Canada, and PST is not claimable in any province except Quebec.