Tax Return Filers is a full-service accounting and corporate tax filing firm operating and helping thousands of clients in the Greater Toronto Area, Calgary, Kelowna with their small business and corporate tax (T2) requirements. We provide accounting and tax services to businesses of all sizes. No matter if you are an incorporated home-based small business with promising future, a corporation who is operating in multiple Canadian provinces, or a corporation who has presence in the United States or in different countries; we are here to help you and ensure compliance with tax laws.
Tax Return filers dutifully act as your corporate tax accountant based in the Greater Toronto Area and across Canada. We also have offices in Calgary and Kelowna. We have secure portal and virtual meetings capabilities which help our clients to access us anytime without long commutes to visit and help save your precious time. Tax Return Filers always customize the accounting and tax services to suit your needs.
Who should file a Corporate Tax Return (T2) in Canada?
According to Canada Revenue Agency (CRA) except crown corporations and resident charities, ALL resident corporations, non-profit organizations, tax-exempt corporations, and inactive corporations, have to file a tax return EACH year even if there is no tax payable. A non-resident corporation has to file a T2 return if, at any time in the year, it carried on business in Canada, it had a taxable capital gain, or, in some cases, it disposed of taxable Canadian property.
When Should Corporation Tax (T2) be filed?
The basic rule for filing your Canadian corporate tax return is that you must file your return no later than six months after the end of each tax year. So, when your T2 tax return is due depends on your corporation’s fiscal year-end. If, for instance, your corporation has a fiscal year-end of June 30th, your Canadian corporate tax return would be due on December 31st (the last day of the sixth month).
If your corporation’s fiscal year-end falls on a date during the month rather than at the end of the month, then your T2 tax return Canada will be filed by the same day of the sixth month after the end of the tax year. If, for example, your corporation’s fiscal year-end was June 20th rather than June 30th, your Canadian corporate tax return would be due on December 20th of that year.
And if the filing deadline for your Canadian corporate tax return is a Saturday, Sunday, or public holiday? The Canada Revenue Agency (CRA) advises that “we will consider the return filed on time if you deliver, mail, or transmit it on the first business day after the filing deadline.”
It is mandatory to file your T2 tax return Canada on time, or you will incur late payment penalties. If you have any doubts about your situation, don’t guess; contact a tax professional. At Tax Return filers, we observe every detail and make sure the Corporate Tax Return and preparation are done the right way and get filed with CRA on time.
When Should You Pay Corporation Tax?
Dates for filing and paying the balance owing to CRA are different. Be aware of deadlines when your corporation has a tax liability. The due dates are earlier than filing dates.
Corporate income tax has to be filed each year within six months of the end of a corporation’s fiscal year. However, if there is a balance owing, it has to be paid within two months of the end of the corporation’s fiscal year or, paid within three months if the corporation is a Canadian-Controlled Private Corporation (CCPC).
Corporations have to pay corporate income tax in monthly or quarterly installments when the total of the taxes payable for either the previous year or the current year is more than $3,000. If there is an unpaid balance owing at the end of the corporation’s fiscal year, it needs to be paid off too.
The tax department considers the payment to have been made on the day they receive it, and not on the day you mail it. So, it is advised to mail it a little early.
Can I file my own Corporate Taxes in Canada?
You can choose to do your own Taxes, including preparing financial and filing your tax return. Trying to do it on your own may seem practicable but could be a bad decision if you lack the extensive knowledge required to do so.
When you have an incorporated or limited company, your tax filing obligations are a little different. It can be difficult to do everything yourself, and there are severe penalties if you make a mistake. The amount of information in the Income Tax Act (ITA) often proves too much for the average business owner to stay on top of on their own. Since every business is different, it’s important to look at your situation to decide what you need, from simple accounting support to complete day-to-day bookkeeping activities. Even if you have some working knowledge of accounting, managing your books can take up a lot of your time. As an entrepreneur, time spent on accomplishing accounting tasks can take away all your focus from tasks that could directly grow your business.
Accountants are experts in business finance, and if you hire an expert accountant, he will be able to take a lot of the stress out of filing your taxes. Specialists at Tax Return filers give you a go-to source for all those financial questions that come up during the course of running a business. We can help you meet all of the legal requirements, avoid any penalties, and also advise you on matters to help you grow your business.
What are the benefits of hiring a Professional Accountant?
Accountants and other tax professionals can be worth their weight in gold during tax time, especially when it comes to legal and compliance issues. A professional accountant is an expert who handles important accounting and income tax-related issues and works on advising and consulting businesses to make better financial decisions.
Whether you have a large, medium-sized, or small business, maintaining your accounting books is essential. When you choose to hire an internal accountant, he comes with the knowledge of one person. But when you hire a professional accountant from a best accounting firm, their knowledge and services are not limited to just one person, and you get access to the varied services they provide which will prove helpful for your business. Professional accountants at Tax Return filers, bring with them their knowledge and expertise in accounting to help you with your bookkeeping, tax management, and business advisory as well.
So, let us take care of your corporate accounts enabling you to focus on other business-related responsibilities. When you are working on your business, Tax Return filers will work on your accounts.
Why Choose Tax Return Filers as Your Accountant in the Greater Toronto Area and across Canada?
Our accountant at Tax Return filers have decades of corporate tax experience, and will help your business with tax-efficient solutions. We take pride in building a very devoted and hard-core relationship with our clients. We are committed to giving you a customized tax plan to help you save more on your corporate tax. We ensure to prepare and file your corporate tax return accurately and on time. We make sure to meet the deadlines without compromising the quality of our services, while also considering the best tax minimization strategies for your business.
Whether you are just starting your corporation, thinking of expanding or already operating in multiple countries, we have just the solution for you. Our experienced accountants have a wide range of experience working with businesses of all sizes. In addition to our comprehensive corporate tax return services, we provide a full range of services for your business including bookkeeping, preparation of financial statements, managing important notices, compliance, and cross-border tax planning.
Our Professional Accountant is skillful and knowledgeable who comes up with easy solutions to meet the corporate world’s requirements. We provide comprehensive corporate income tax planning for our clients. We plan to take advantage of all possible credits through which the corporate tax burden can be significantly lowered. Our team of educated and experienced professionals will ensure you file a corporate income tax return that triggers the least amount of corporate tax payable.
Our tax planning and preparation services not only aim to minimize tax liability but also maximize value by positioning companies for future growth. We advise both private and public companies at all stages of growth, tailoring our strategies to their needs, and helping them expand as clients mature. Our professionals work closely with clients and remain accessible and responsive throughout the year to help them to achieve their most important business goals.
We also identify opportunities that will help minimize long-term tax burdens, review the effectiveness of business structures, and advise on tax implications of proposed transactions. We also help corporations and shareholders to plan both corporate and personal income taxes to minimize both corporate and personal tax burdens.
Our professionals proactively learn to leverage new technologies and cultivate the capabilities they need for the digital world. We embrace digital platforms for the exchange of client information with the proper application of advanced confidentiality measures to be taken in proportion with the increased security risks of the internet age.
How can we help you?
Our accounting firm in Toronto has enormous experience in business to meet corporate world needs. A few of our expertise are mentioned and how we file corporate tax services according to CRA guidelines.
Corporate tax returns (T2) preparation and filing.
Corporations having non-resident shareholders
Tax services for Non-Resident and Foreign Corporations in Canada
Preparation of information returns including T4s, T4As, and T5s
Retroactive tax filings for Corporations – multiple years of tax filing for corporations
Voluntary Tax Disclosure (VDP) and Tax Appeals
Canadian Corporations with US Tax compliance requirements
US Corporations and LLCs having Canadian tax filing requirements
Corporation Income tax planning services
Corresponding with federal (CRA) and provincial tax authorities
Filing Tax elections
File HST returns
Payroll Deductions and Contributions, and remittances
Our Exceptional Corporate tax service – Last-minute Tax Rescues
We understand that certain circumstances like team members unexpectedly left during tax season, and you could not complete your books, or your accountant forgot to tell you about a fast-approaching filing deadline can make you fall behind deadlines. So, you need some urgent help! Not sure, where to start from? Professional team of Tax Return filers is your ultimate rescuer in this situation. We know how to tackle the mess and relieve you of fears of filing corporate tax on tight schedules.
We are experts in helping clients to catch up on last-minute tax filing and compliance. How do we do it? It is simple. After decades of experience in preparing corporate tax returns for thousands of clients, we developed an expertise in working on large-scale accounting data and income tax compliance requirements following a variety of timelines.
Cost for a tax return in Canada?
We have a number of economical accounting packages that will suit you. We want you to focus on your business and let us take care of your books in an efficient manner. We always try to accommodate and customize our accounting services to suit your individual and corporation needs. You may get an upfront estimation available here in the pricing section.
Tags :
Share This :
Have Any Question?
Need to chat or call? Our doors are always open. Let us know if you’re interested in learning more about our services or have any questions. We’ll get back to you as soon as possible.
One Response