Maximize Your Tax Savings with Expert Corporate Tax Return Services
There are specific rules, responsibilities, and procedures for filing corporate taxes. Tax filing might involve many computations, cost tracking, remittances, and deductions, whether you own a small business, medium-sized firm, or large corporation. Additionally, payment of taxes is always in danger due to federal and provincial specifications that are constantly changing. For corporate income tax return planning, tax preparation, and tax filing, Billiah and Associates work with companies of all sizes. Positioning your business for the best possible future growth will help you reduce risk while boosting value. Avoid harming the reputation and future of your company. Our CPAs (tax accountant, bookkeeper and certified payroll admin) have the corporate tax preparation expertise to ensure you maximize your earnings while complying with tax laws.
Your Accountants for Corporate Taxes
Corporations rarely have straightforward income taxes, and without expert preparation, filing, and consulting, you expose your company to missed deadlines, significant penalties, and reputational harm. We provide corporate tax services to ensure your company is set up for growth. We collaborate with you all year long to determine the best ways to apply our knowledge to help your company and deftly handle corporate income tax return preparation and filing matters. You can trust that the corporate tax accountants handling your accounts are knowledgeable, skilled, and enthusiastic about your company.
Save Time and Money with Our Comprehensive Corporate Tax Return Solutions
CORPORATE
- Preparation and filing of corporate tax returns
- Proactive tax planning
- Dealing with CRA audits
- Tax advisory and research
- Preparation of financial statements and year-end audit file
- Compilations-Notice to Reader engagements
- Financial Statement Analysis
TAX
- Personal tax returns
- Small Business
- Self-employed
- Rental Income Tax returns
- Corporate tax returns
- Tax return adjustments
- GST, HST returns
- And more
CONSULTANCY
- Cash Flow Management
- Business Plans
- Business Valuation
- Budgeting
- Design of an accounting system
- Conversion from manual to the computerized accounting system
- New Business Setup
What is Corporate Tax?
A corporation tax is an extra levy levied on a company’s profits. Taxes are assessed on a company’s taxable income, which is revenue minus the cost of goods sold (COGS), general and administrative (G&A) costs, selling and marketing, R&D, depreciation, and other operational expenses.
Corporate tax rates vary greatly amongst nations, with some having extremely low rates and being labelled tax havens. Because several deductions, public subsidies, and tax avoidance schemes can decrease corporate taxes, the effective corporate tax rate, or the rate a firm pays, is often lower than the statutory rate, which is the stated amount before any deductions.
How Does Corporate Tax Work in Canada?
All registered corporations in Canada, resident and non-resident, including inactive businesses, tax-exempt corporations, and non-profit organizations, must file corporate taxes (T2s) annually.
The last day for corporation tax return filings is six months following the end of each tax year. You are in charge of keeping track of deadlines and paying any taxes owed to the government when filing.
How much is Corporate Tax in Ontario, Canada?
All registered corporations in Canada, resident and non-resident, including inactive businesses, tax-exempt corporations, and non-profit organizations, must file corporate taxes (T2s) annually.
According to the rule governing connected corporations, all related corporations will split the Small Business Deduction (SBD for short) when there is common ownership. The SBD lowers the tax rate on corporations from 26.5% to 12.2%.
In other words, if a group of affiliated enterprises has a net income over $500k, each dollar beyond $500k will result in a 26.5% tax because the group will no longer be eligible for the SBD.
The corporations will lose access to the SBD once their combined taxable capital exceeds $10 million, which implies that even incomes under $500k will be subject to a higher rate of 26.5%. It’s crucial to remember that the SBD’s threshold is $500k in net revenue.
Corporate Income Tax Return Filing Services
Your business is our primary concern. We ensure that your T2 corporate income tax return is prepared precisely, submitted within the due date, and lets you keep most of your income through tax credits and deductions.
With corporate income tax filing from Billah and Associates, you may keep more of your company’s hard-earned money.
We provide the following corporate tax filing services:
- Filing and preparing corporate income tax returns (T2)
- Adherence to all applicable federal and provincial laws regarding taxes
- For non-resident shareholders, tax services
- Canadian tax services for foreign corporations
- Getting employee returns ready (T4s, T4As, and T5s)
- Backfilling
- Tax appeals and tax transparency
- Interact with the CRA
- Tax strategy and income tax preparation
- Tax assistance for mergers and reorganizations
- Sales tax and HST filings
- Compensation plan
- Tax consulting services
- Remote services for corporate tax preparation online
Billah and Associates have a solution for whatever your business requirements. Get in touch to learn more about our specialized corporate tax filing.
