Filing Corporate Tax Return
Year End Tax Planning Strategies for Businesses
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FILING CORPORATE INCOME TAXES
Corporate Tax Return Preparation
We are a full-service accounting firm that can provide small business corporate tax return preparation services located in the center of Coquitlam, BC. We can help you to deal with CRA tax audit and minimize or eliminate the CRA reassessment. We also have the knowledge and the expertise to structure your corporation strategically to minimize taxes and stay in compliance with CRA tax filing. Canada has very complex and challenging environment which poses a significant tax burden and compliance on small businesses. We minimize risk by managing your tax issues, staying on top of tax changes and informing you of potential impacts on your business and personal tax affairs.
We also utilize cloud computing technology to work with our clients in other provinces all across Canada. CNC also provide full-cycle bookkeeping, accounting, and corporate advisory services at very reasonable rates.
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Who Has to File Corporate Taxes?
All resident corporations (except provincial Crown corporations and registered charities) have to file a corporation income tax (T2) return every tax year even if there is no tax payable. This includes:
Non-Resident Corporation Taxes
A non-resident corporation tax return has to file a return if, at any time in the year, one of the following situations applies:
Documents Exchange Options
No matter how you send us the documents, we have you covered.
Drop-off at the office
Upload from home
Remote Tax Preparation Process
Upload Tax Documents to Cloud Drive.
Tax Professionals Prepare the Business Tax Return.
REVIEW & E-FILING
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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.
Corporations in Canada file taxes based on income earned during their fiscal year. Corporations file taxes by completing the prescribed forms approved by Canada Revenue Agency (CRA). You can use software or paper return format to file the taxes.
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.
Yes, you can file taxes yourself if you have prepared before or have the knowledge about them. Corporate taxes are more complex than filing the personal taxes. Once you file the tax return, it will become an official filing. If the data is properly reconciled or forms not completed properly, it may trigger a CRA audit.
You can file corporate income tax return online by using a certified tax software approved by CRA. You can also hire a chartered professional accountant (CPA) to accurately prepare and file your corporation income taxes.
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.
If you decide to file your own taxes, you download tax guide from CRA website. However, hiring a CPA tax professional is the safe way to go. CPAs are trained by the rigorous education and 30 month work experience to do business taxes. Fee you will pay to prepare taxes is also deductible fully. If you find yourself getting overwhelmed by preparing and filing your own tax returns, you may want to consider hiring a CPA tax preparer.