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Professional Corporate Tax Accountants in Canada: Get Expert Help Today!

AIV is a leading accounting firm in Canada specializing in corporate tax services. We cater to clients across the GTA and offer remote support, ensuring comprehensive tax solutions tailored to your business needs.

According to the Canada Revenue Agency (CRA), it’s mandatory for all resident corporations, apart from crown corporations and charities, to submit a T2 corporate income tax return each year, even if no tax is due.

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Corporate Tax Accountants Near Me: Find the Best Corporate Tax Accountant in Canada

At AIV, we are your trusted partner for corporate tax accounting services in Canada. As seasoned Chartered Professional Accountants, we excel in delivering comprehensive online and offline corporate tax solutions customized to meet your specific business requirements.

Our team’s expertise extends beyond tax compliance, offering strategic tax planning and optimization services. With a decade of experience, we guarantee meticulous attention to detail and unparalleled precision.

Let Us Handle Your Business Taxes so You Can Focus on What Matters Most. The business tax services we offer include the following:

  • Preparation and filing of corporate income tax returns (T2)
  • Tax compliance with all federal and provincial regulations
  • Tax services for non-resident shareholders
  • Tax services for Foreign Corporations in Canada
  • Preparing of employee returns (T4s, T4As, and T5s)
  • Backfilling
  • Tax disclosure and tax appeals
  • Liaise with the CRA
  • Income tax planning and tax strategy
  • Tax services for reorganizations 
  • HST and sales tax filings
  • Compensation planning
  • Tax advisory services
  • Remote services for online corporate tax preparation
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Corporate Tax Accountant in Canada

Corporation Income Tax Planning Services

We specialize in providing in-depth corporate income tax planning services within Canada, aimed at optimizing transactions, cash inflows, and outflows and maximizing all eligible credits to reduce the corporate tax load significantly.

Our assistance extends to Canadian corporations and their shareholders, guiding them in proactive planning for corporate and personal income taxes to effectively lower the tax impact on shareholders. Utilizing strategies like the lifetime capital gains exemption, adopting tiered corporate structures, and facilitating corporate reorganizations are among the key services we offer to achieve tax efficiency in Canada.

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Corporate Tax Accountant To File Your Corporate Tax in Canada

We are corporate tax accountants who file your corporation tax. The Canada Revenue Agency applies a corporation income tax (t2) to all resident corporations (except royal corporations or resident charities) every year, even without tax. This includes:

  • Non-profit organizations
  • Tax-exempt corporations
  • Inactive corporations
  • Resident Corporations
Corporate Tax Accountant
Corporate Tax Accountant

A non-residential corporation files a t2 return if it does business in Canada at any time in the year. It either had a taxable capital gain or, in some situations, it sold taxable Canadian property. Sections 248(1) and 253 of the ITA clarify some of these concepts, which may help you if you have to find out tax-applicable things:

  • Share of private companies in Canada
  • Canadian real estate
  • Real estate utilized for Canadian business operations
  • A few corporate trust interests with Canadian residents
  • Significant stock holdings in publicly traded firms (greater than 25% owned by affiliates)
  • Partnership interests

As corporate tax accountants, we ensure that your business tax return will never be filed later than six months after the end of each tax year. The fiscal period of a corporation corresponds to its tax year.

The tax year ends on the last day of the last month, and you can again file your tax returns up to the end day of the sixth month. Always remember this: though the tax return has a gap of six months after the end of the tax year, you must file it within three months if you have any money in the form of corporate income tax.

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Corporate Tax Accountant

How We Can Benefit Your Business As Your Canadian Corporate Tax Accountant

At AIV, we go beyond traditional accounting. As your trusted Corporate Tax Return Accountants in the Greater Toronto Area (GTA) and throughout Canada, we are not just number crunchers but strategic partners invested in your business’s success. Our services extend beyond the annual tax season.

We collaboratively engage with businesses across various industries to understand your unique financial landscape, offering personalized solutions that minimize your tax burden and maximize savings, ensuring your business thrives year-round.

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What is the Corporate Tax Return Deadline in Canada?

Corporations must submit their corporate income tax returns within a six-month period following the conclusion of their fiscal year. For example, should the fiscal year end on March 31st, the deadline for filing the corporate income tax return is September 30th.

Failure to file the tax return on time results in penalties enforced by the Canada Revenue Agency (CRA). Corporations with an annual gross revenue exceeding $1 million must file their corporate income tax online. Additionally, any taxes owed must be paid within two months after the fiscal year’s end. Payment can be made through one of the following methods:

  • Using the CRA’s My Business Account service
  • Mailing a cheque to the CRA
  • Executing a payment via online banking

Let Us Help You With Corporate Tax Filing in Canada!

Navigating the complexities of corporate tax filing can be a daunting task. Preparing files by yourself for your corporate tax returns is not the best way to grow your business. You can make numerous mistakes, which is a loophole for CRA tax auditors. Preparing files and planning for future tax payments in advance is very valuable for handling financial crises during tax season. That is why people hire professional corporate tax accountant firms with a high expertise in this area.

So, being a professional corporate tax accountant Canada, we will be your proud decision. We ensure you will save your time and money. We also ensure the reduction of your tax return is up to the possible limit and allow you to focus on expanding your small business while working in your most productive area. Don’t waste your time if you are serious about cutting your tax burden.

Get in touch with us or drop a message, and we’ll promptly assist you with any industry-specific needs you have.

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What Financial Documents Are Required To File Your Corporation Income Tax in canada?

As you know, keeping records is crucial for running a business. Here, let us inform you what you might require:

 

  • Payroll and invoices
  • Financial records
  • Receiving and sending assets
  • Expenditure and spending receipts

Keeping information about your home, which you use as a business office, can be essential if you run your business from home. Whether you maintain all the records by yourself or hire a small business accountant for this for tax return purposes. You’ll also require:

  • Bills you have paid
  • Information about GST/HST returns
  • Last year’s tax filings
  • A copy of your paperwork
  • Accounts payables and receivables
  • Employee pay deduction
  • The recent notice of assessment of your business records

What Further Are You Required To Submit Your Corporation Tax Return in Canada?

Make sure that you are filing your corporate income tax online in Canada if your corporation’s total net income is more than one million dollars, as required by CRA. Additionally, you must be very knowledgeable about the general index of financial information (GIFI), which organizes deposits and funds to collect and handle financial data.

You must retain at least six years of records of tax filings that you pay by yourself or through your corporation so that you can show them if CRA wants to assess your company. If you continuously lose money, have no assets, or earn less than $5,000, you must still pay corporate income tax.

Corporate Tax Accountant

Penalties for late filing

If you fail to pay your t2 taxes on time, penalties will quickly add to your taxes. These fines are 5% of the total paid tax, plus an additional 1% for each month that has passed after the end day of the last tax year. If the CRA delivers a demand to file and there was a failure to file in any of the three prior tax years, the late filing penalty could increase to 10%.

The conclusion is to submit your taxes on time because you’ll thank yourself afterward.

Penalties for late payment

Interest is added continuously daily if there are late or insufficient installments. If the late payment interest of your corporation exceeds $1,000, you may have to pay an extra installment as a penalty.

More penalties can be applied if you have false records, less information in corporate tax return files, advise someone to claim a false tax return, or have ambiguous statements. For more penalties, you can visit the Canadian Revenue Agency’s website.

If there is an unwanted natural disaster, such as a flood or the death of a family member, cra can inhibit you from filing your corporate tax returns or can forgive you. But statements like “I was busy with important tasks”, “I forgot to pay taxes,” or “my internet was not running” will never count.

There are no words to lower taxes here, so submitting your company’s taxes is complicated. While working with a CPA, it is advised to ensure that you file taxes, pay the correct amount at the appropriate time, and take advantage of all available deductions.

Penalties for Corporation tax return

FAQs

While it’s not mandatory, having a professional corporate tax accountant ensures accuracy, compliance, and strategic tax planning for your business. It’s the best, plus an affordable option. A professional corporate tax accountant can save a lot of your precious time so you can focus on more important things. 

A Canadian tax accountant specializes in preparing and filing corporate tax returns, managing tax compliance, offering strategic tax planning advice, and more. According to the Canadian government and financial institutions, a tax accountant ensures that your financial work is proper and current.  

CIT, or Corporate Income Tax, is the tax on a corporation’s profits. Our experts can help you navigate CIT regulations and optimize your tax position.

The pricing depends upon the multiple factors. The biggest key takeaway is to contact only a reliable tax accounting firm that charges reasonably and ensures your journey is smooth and transparent.   

Vaughan Accountant

Our goal is to help people in the best way possible. this is a basic principle in every case and cause for success. contact us today for a free consultation. 

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