Corporate Tax Accountant in Toronto

T2 returns are tax returns for corporations. Every corporation is required to submit a CRA Annual T2 tax return.

There is no legal or CRA need for business owners to hire a tax professional to prepare their taxes, although tax legislation can be complex.

It is very simple to make a mistake or fail to claim the deductions for which you are eligible.

This may lead to the payment of improper taxes, and the CRA may audit your finances if they believe there may have been mistakes.

As your Tax Accountant, if the CRA audits any return filed, we will represent you in the case with the CRA at no additional cost.

Your financial year-end determines the filing deadline.

The filing deadline is six months after the conclusion of your fiscal year (this could be different from the calendar year). However, payment is due 3 months after year-end, so we typically use 3 months as the deadline and ensure your taxes are filed early.

As your Tax Accountant, we will remind you of all upcoming tax deadlines.

Yes. It would be advisable to dissolve the corporation if there is no revenue.

It widely depends on factors such as the complexity of the work required, the size of the firm they work for (if applicable), and the specific services you need. It’s recommended to reach out to our expert accountants to get to know the cost of the service you require.

In Canada, corporate income tax is paid by corporations and businesses on their net income. This tax is separate from personal income tax and is applied to the profits earned by corporations.

Both domestic and foreign income earned by a Canadian resident corporation is typically subject to taxation. By outsourcing our services, we ensure accurate reporting and compliance with tax regulations.

Calculating corporate tax involves determining a company’s taxable income by subtracting deductions from revenue. Then, applying the relevant corporate tax rate to this income yields federal tax. If applicable, add provincial or territorial tax. For accuracy, consult with One Accounting’s expert team.

Corporations pay taxes on every dollar they make as profits. There is no minimum for personal tax.