Filing Corporate Tax Return
Year End Tax Planning Strategies for Businesses
GET PROFESSIONAL HELP | CPA
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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Our Services
Financial Statements
We prepare financial statements and file your corporate tax return. In the year end meeting, we’ll even explain the financials and the tax return. We prepare REVIEWED financial statements require by third parties.
Tax Planning
The year-end is a good opportunity to review current year and setup goals for next year including implementation of minimizing taxes. We’ll look at the bigger picture including your company and your personal taxes so that you don’t pay any more tax than is necessary.
Consulting
You can engage us on variety of taxes and business consulting matters, included but not limited to, estate freeze, business incorporation strategies, buy & selling the business and tax implications.
Books Cleanup
You are planning to retire and sell your business. The question is, if your books are clean and ready to get the top notch price for your business. We have experience in this so you will get the great asking price.
Strategy Discussion
We love talking about business goals and strategy. As an entrepreneur you may need financing to expand your business; a new location, buy vs lease equipment, or buying a new business. With our strategic partnership with banks and BDC, we will prepare a financial proposal to achieve that goal.
Business Analysis
With our proven system, we will prepare a detailed business health analysis report. We will also use the extensive financial modeling tools to project a cash-flow so you can meet future operating and capital expense requirements.
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.
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.
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.
Janet Wesley
Are You Being Audited By CRA? We Can Help!
Why Work With Us?
Knowledgeable
Our staff is professional accountant. They earned the highest Canadian accounting designation. We are preparing personal and business taxes for more than 20 years.
price satisfaction
We provide you a fixed upfront quote, no hidden fees.
cra audit help
We will be by your side in case of CRA audit. We provide you unlimited support through, email, phone, and virtual video meetings via Zoom or Google Meet.
peace of mind
We know all the ins and outs of the tax system. We will get the maximum refund.
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:
- Canadian Controlled Private Corporations (CCPC)
- Non-Profit Organizations;
- Investment Corporations
- Inactive Corporations
- Personal Services Business Corporations
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:
- It Carried on Business in Canada;
- It Had a Taxable Capital Gain; or
- It Disposed of Taxable Canadian Property.
- Non-Resident Corporations Must File Their T2 Return, Schedules, and the General Index of Financial Information in Canadian Funds Only.
Remote Tax Preparation Process
STEP 1
TRANSFER INFORMATION
Upload Tax Documents to Cloud Drive.
STEP 2
TAX PREPARATION
Tax Professionals Prepare the Business Tax Return.
STEP 3
REVIEW & E-FILING
Review Virtually & Sign Off With Docusign.
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.
CPA can help you with these questions
- Should I Incorporate the Business or Not?
- Salary Vs. Dividend, Which One is More Beneficial?
- Claiming Home Office Expenses and Tax Issues.
- Employing Family Members and Caveats.
- Should I Buy or Lease a Vehicle?
- How Much of Vehicle Expense I Can Claim?