Filing Canadian Corporate Tax Return

Win at the Tax Game: Expert Strategies to Minimize Your Business's Tax Burden

GET PROFESSIONAL HELP | CPA

Contact Us

A Strategic Partner in Success Who Will Convert Tax Liabilities into Tax Savings

Canadian T2 Corporation Income Tax Return

As a leading full-service CPA accounting firm located in the heart of Coquitlam near Coquitlam Centre, we specialize in providing small businesses with T2 Corporation Income Tax Return Services. Our expert team offers Compilation and Reviewed Financial Statement preparation services to a diverse range of industries, including doctors, lawyers, engineers, construction, IT, retail, restaurants, non-profit organizations, PREC (realtors), and many more. We have the knowledge and expertise to strategically structure your corporation to minimize taxes while staying in compliance with CRA tax filing regulations. Our team is equipped to assist you with CRA tax audits and minimize or eliminate CRA reassessments. At Canada’s complex and challenging tax environment, we understand the significant tax burden and compliance requirements small businesses face. Our approach is to minimize your risk by proactively managing your tax issues, staying on top of tax changes, and informing you of potential impacts on your business and personal tax affairs. Let us help you maximize your business potential and minimize your tax liabilities.  ( 提供普通话服务) 

Unleash Your Business's Potential: Proven Tax Minimization Strategies That Work

Our Services

Financial Statements

We prepare various types of financial statements including Compilation (Notice to Reader), Reviewed Financial Statements (for profit and not-for-profit), and Agreed Upon Procedure Reports for property management companies and others. We also prepare a variety of other financial statements for business owners,  banks,  and other third parties.

Tax Planning

As year-end approaches, it's an ideal time to review your current financial position and set goals for the upcoming year, including strategies for minimizing your taxes. At our accounting firm, we take a comprehensive approach to tax planning, looking at both your company and personal taxes to ensure that you're not paying more tax than necessary. Our expert team will work closely with you to review your financial statements and identify areas where you can optimize your tax position. We'll help you identify potential tax savings opportunities and implement strategies to minimize your tax liability. With our expert guidance, you can rest assured that you're taking full advantage of all available tax-saving opportunities and keeping more of your hard-earned money.

Consulting

At our accounting firm, we offer a range of tax and business consulting services to meet your unique needs. Our expert team can assist you with a variety of matters, including estate freeze, business incorporation strategies, and buy and sell transactions, as well as provide guidance on the tax implications of these transactions. Our services are tailored to your specific needs, and we work closely with you to ensure that you have a comprehensive understanding of the options available to you. With our expert advice and guidance, you can make informed decisions that will help you achieve your financial goals.

Books Cleanup

If you're planning to retire and sell your business, it's essential to ensure that your books are in order and that you can achieve the highest possible price for your business. With our extensive experience in buying and selling businesses, we can help you prepare your financials and position your business for maximum value. Our team can help you identify potential buyers, negotiate the best possible deal, and ensure that all tax implications are considered. You can trust us to provide you with expert advice and support throughout the entire process, so you can achieve the best possible outcome for your business sale.

Strategy Discussion

As entrepreneurs ourselves, we understand the importance of discussing business goals and strategy. If you're looking to expand your business with new locations, equipment purchases, or even acquiring a new business, you may need financing to achieve those goals. With our strategic partnerships with banks and BDC, we can help you prepare a comprehensive financial proposal that will increase your chances of securing the financing you need. Our expert team will work closely with you to understand your goals, review your financials, and present a compelling financial proposal to potential lenders. You can trust us to guide you through the financing process and help you achieve your business expansion goals.

Business Analysis

At our accounting firm, we have a proven system for conducting a detailed business health analysis report. We use sophisticated financial modeling tools to project cash-flow and help you meet future operating and capital expense requirements. Our expert team will work closely with you to review your financial statements and identify areas for improvement, as well as provide recommendations for optimizing your cash flow and working capital. With our comprehensive analysis and expert guidance, you'll have the insights you need to make informed decisions that will help your business thrive.

STAY IN COMPLIANCE WITH ALL STATUTORY FILINGS
CNC your accounting team

Complete Peace of Mind

Full CRA audit representation at no additional cost

Type of Tax Returns and Financial Statements

Reviewed financials

  • Privately-owned businesses
  • Banking and financial requirements
  • Bonding requirements
  • Trust accounting reports for lawyers, realtors, property managers, mortgage brokers
  • Montessori schools eligible students’ Accountant report.

Tax Returns

  • Corporation’s tax returns
  • Personal Real-Estate Corporations (PREC)
  • Holding corporations
  • Investment corporations
  • Non-resident corporations
  • Charity returns T3010
  • Not-for-Profit return T1044
  • Partnership returns

Other Reports

  • Future-oriented financial information FOFI
  • Gaming report BCLC
  • Budgeting and forecasting reports
  • Combined financial statements for banks
  • Loan proposals

Why Choose Us

Nine Reasons To Choose Us Your Accountant and Business Advisor 

Fixed Fees

We offer all our clients fixed fees paid monthly so you know exactly what you’re paying for and with all fees agreed upon upfront, there are never any surprises.

Approachable

We’re friendly, and approachable and will provide clarity for your business decisions.

CRA Audit Representation

We offer CRA audit representation in all cases to give you additional peace of mind.

Virtual or In-person Services

Flexible and accessible, you can contact us by video meeting, in-person, phone, or email as much as you like. Just go to our online calendar and book the meeting according to your schedule.

Highest Standards

We work to the highest standards imposed by Chartered Professional Accountant Canada constantly monitoring Professional developments and implementing changes quickly to guarantee best practice at all times.

23 Years of Experience

We have 23 years of experience helping family businesses like yours in a variety of industries. We’re a family business ourselves, now into our second generation of leadership, and can offer great advice on successful practices for your business.

On-Time Reports

Whether you need reports for internal management, CRA or for the bank, you know your reports are ready. We update your records on a regular basis, so you can get your mission critical reports in a timely manner.

Satisfaction Guarantee

At CNC you are not just a customer or a file number, you are a friend and we will go the extra mile to do what it takes for your satisfaction. If you are not happy with our services, we will provide you with a month of free service.

Work Accuracy

We don’t just process your books and tax returns, we take the time to do them correctly and accurately. We stand behind our work so you have complete peace of mind.

What People Say?

Google Review
5/5
I brought my 2018 return into CNC to be reviewed as I felt I had missed something when I had originally filed. Sure enough, they were able to spot it and I am now waiting for a refund from Revenue Canada in the mail! I dealt with the owner, Nafees, who is friendly, knowledgeable and prompt. I'll definitely be bringing my taxes to him again this year. It was a very positive experience.
cpa coquitlam
Jane Evans
Google Review
5/5
Nafees has great problem solving skills. I had an issue with CRA for a while. They not only hold all my 2017 refund but also reassessed me for additional taxes. My previous accountant couldn't resolve the issue. Nafees handled the matter within few weeks. Not only I received my 2017 refund but also CRA reversed the reassessment. Nafees also filed 2018 taxes and I received my 2018 refund as well within couple of weeks. On the top of all this customer service was great, very polite staff. Fees was very reasonable. I will recommend Nafees for all the tax work. I am not going to change accountant anymore. This is the firm, I will be using from now on, for all my tax work.
cpa coquitlam
Marty Green
Google Review
5/5
Thanks Nafees for helping me out with my business taxes and saving me time and substantial taxes. With your professional approach and recommendations the whole process was painless. I will definitely recommend you among my friends for all bookkeeping and the tax work. Good to have an advisor like you during this difficult COVID19 times. Your advise was very helpful for my business.
cpa coquitlam
Janet Wesley

Insights

Tax Planning - CPA Accountant Coquitlam

Rental Income - Active Business Income

Can rental income be claimed as Active Business Income (ABI)?
In most cases, income from the property will be considered as passive income and would not qualify for a small business deduction. For example, rental income is considered a passive income …[Continue Reading]

Are You a Subcontractor or an Employee?

This is an important question to be aware of, especially for small businesses. Most people may think there are not many differences between the two; however, how things are carried out in the business and the potential outcome of tasks, make all the difference. It is important to know what employment …[Continue Reading]

Frequently Asked Questions

Both individuals and businesses are required to file income tax return in Canada. Individuals file taxes based on calendar year income, whereas, businesses file taxes based on their fiscal years.

Corporate taxes have deadline set by CRA. Corporate taxes must be filed within six months of their fiscal year end. If you don’t file the taxes within deadline, CRA will charge late filing penalty on balance owing.

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. You must file a return no later than three years after the end of a tax year to receive a tax refund.

There are several reasons why you should consider hiring a CPA accountant to do your business taxes. Here are a few key benefits:

  1. Expertise: CPA accountants have extensive knowledge and expertise in tax laws and regulations. They can help you navigate the complex tax system, ensure compliance with tax laws, and identify opportunities to minimize your tax liability.

  2. Time-saving: Tax preparation can be a time-consuming process, especially if you’re not familiar with the tax system. By hiring a CPA accountant, you can save time and focus on running your business while leaving the tax preparation to the experts.

  3. Accuracy: Mistakes on your tax return can lead to penalties and even an audit. CPA accountants are trained to ensure accuracy and reduce the risk of errors on your tax return.

  4. Tax planning: A CPA accountant can help you plan ahead for taxes and identify opportunities to reduce your tax liability. They can help you make informed decisions about business expenses, investments, and other financial decisions that can impact your tax situation.

  5. Peace of mind: By hiring a CPA accountant, you can have peace of mind knowing that your tax return is in good hands. You can trust that your tax return is prepared accurately and in compliance with all applicable tax laws and regulations.

Yes, you can file taxes yourself if you have prepared before or have extensive accounting and tax knowledge. Corporate taxes are very complex than filing personal taxes.  If the data is not properly reconciled or the schedules are not completed properly, it may trigger a CRA audit, that may result in reassessment. We are a CPA firm equipped with extensive tax and accounting knowledge and make sure before filing all accounts are reconciled to satisfy CRA in case of an audit. Hiring a CPA accountant can save you time, energy, and money, and be well worth the cost in the end. The accounting fee is fully deductible.

Corporations in Canada pay taxes on their taxable income. In order to determine the taxable income, you should reconcilie your books, poper bookkeeping is must before you attempt to calcualte taxes or hire a chartered profesional accountant (CPA). Generally, corporations have to pay their taxes in instalments. The balance of tax is paid two or three months after the end of the tax year depending on your balance-due day.

While it’s possible to download a tax guide from the CRA website and file your own taxes, hiring a CPA tax professional is a safer choice. CPAs are highly trained and experienced in preparing business taxes, and their fees are fully tax-deductible. If you’re feeling overwhelmed by the tax preparation process, consider the peace of mind and expertise that a CPA tax preparer can provide.