Corporate Tax Accountant in Toronto
Looking for a professional Corporate Tax Accountant in Toronto? Contact One Accounting for a FREE Consultation now!
Submission of Corporate Tax Return (T2)
Tax Efficiency Planning
Compilation of Financial Statements (Notice to Reader (NTR))
Estimated tax payments
Small Business Tax Accounting Firm
Are you looking for Corporate Tax accountants?
As your corporate tax accountant, one of our qualified and licensed accountants will be assigned to you and will provide you and your business with all the support you need to file your GST, HST, and T2 returns. Included in our service offering are Tax planning and Strategy sessions with one of our Tax partners. Our partners work with various small businesses and owner-operated businesses and hence know the best tax strategies that suit your unique situation.
Why Should You Hire One Accounting As
Corporate Tax Accountant?
One Accounting is one of the top tax accounting and bookkeeping firm in Toronto. We are a team of highly skilled tax accountants providing corporate tax return services that is tailored to your small business.
Lets see what are the advantages of allowing us to assist you in filing your income tax return?
- Maintaining compliance with tax requirements can be difficult and time-consuming. Leave it to One Accounting professional tax accountant.
- Concentrate on running your business while we handle your taxes.
- Missed deductions can cost you money. Our services often pay for themselves.
- File your taxes on time can save on fines and interest.
Corporate Tax Services in Toronto
Are you looking for corporate tax services in Toronto? One Accounting is a trusted professional accounting firm located in Toronto. Calculating and filing taxes can be complicated and confusing. Although the CRA has made it easier to file tax returns, it is easy to make an error or miss a tax deduction you are legally entitled to.
Most people struggle to navigate the complex income tax regulations and need to hire tax expertise to submit their taxes. The allocated tax accountants will assist you in receiving every deduction and credit you are entitled to, allowing you to save money while submitting your taxes this year. As a reputed Accounting firm in Toronto, we have assisted countless businesses in Toronto with their tax returns and have the knowledge and expertise to file taxes on schedule and with the utmost efficiency. Let’s discuss your requirements with our expert CPAs!
Questions Asked About Corporate Tax Services
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.
Regardless of whether they were actively trading during a fiscal year or not—even those that saw no revenue at all—every corporation is required to file its annual taxes! If your entity is dormant, we recommend that you de-register the Corporation to avoid the administrative burden (and cost) or filing taxes for an inactive Corporation.
Penalties for late submission are imposed by CRA. These are extremely substantial and typically begin with 5% of the overall amount of taxes payable.
There are further penalties that can be added, such as 1% for each month the return is late (up to a maximum of 12 months).
A percentage of a corporation’s capital invested in the firm may also be assessed.
As a tax accounting firm in Toronto, we provide tax-related services to ensure that our clients are in compliance with tax laws and that they optimize their tax positions to minimize tax liabilities and maximize tax benefits.
We assist businesses in preparing their tax returns accurately and promptly. We also offer advisory services to our clients on financial decisions, investment strategies, and other financial matters with tax implications.
In Canada, corporate tax is collected by the Canada Revenue Agency (CRA), which is the federal agency responsible for administering tax laws and regulations at the national level.
In general, companies that generate profit or income are subject to paying corporate tax. Corporate tax is a tax on the net income or profit earned by corporations and other business entities.
In Ontario, the general corporate tax rate is 11.5%. The small business tax rate is 3.2%. This means that the combined federal and provincial taxes paid on active business income is 26.5% for corporations in general, and 12.2% for small businesses.