How to Prepare for Tax Season in Calgary: A Step-by-Step Guide
14 November, 2024
Corporate Tax Accountant in Toronto
Discover expert corporate tax accountant services in Toronto tailored to your business needs. We help Toronto-based companies navigate complex tax regulations efficiently, ensuring maximum savings and financial growth.
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Corporate Tax Filing Services Toronto
Submission of Corporate Tax Return (T2)
Tax Efficiency Planning
Compilation of Financial Statements (Notice to Reader (NTR))
Estimated tax payments
Strategic tax solutions in Toronto
Toronto Corporate Tax Accounting
One Accounting is the full service accounting provider that provides variety of tax services. We provide a large range of services to Canadian corporations. Our staff of Chartered Professional Accountants is experienced in providing solutions that satisfy the demands of the business sector.
Why Should You Choose One Accounting As Your
Business Tax Accountant in Toronto?
One Accounting gives customized tax strategies aligned with your company’s goals. Here are some key aspects and services:
- Tax Planning: Strategic planning to minimize tax liabilities
- Compliance Services: Preparation and filing of corporate tax returns, Ensuring compliance with tax regulations and laws
- Tax Credits and Incentives: Assistance in claiming government incentives
- International Tax Services: Guidance on cross-border taxation issues
- Audit Support: Assistance during tax audits by regulatory authorities
- Tax Advisory: Expert advice on tax implications of company’s decisions
Risk Management: Assessment and management of tax-related risks
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Toronto corporate tax accounting experts
As a reputed Accounting firm in Toronto, we have assisted small and medium companies with their tax returns and have the knowledge and expertise to file taxes on schedule and with the utmost efficiency. Our service includes,
Tax Technology Solutions:
Implementation of technology for tax process optimization, Automation of compliance and reporting
State and Local Tax (SALT) Services:
Compliance with state and local tax regulations, Management of multistate tax issues.
Employee Benefits and Executive Compensation:
Designing tax-efficient employee benefit plans, Advising on executive compensation taxation.
Tax Risk Assessment:
Evaluating potential tax risks and exposures, Developing strategies to mitigate identified risks.
Accounting Method Changes:
Assessing and implementing changes in accounting methods, Ensuring compliance with accounting standards.
Training and Education:
Providing training on tax-related matters for corporate teams. Keeping clients informed about changes in tax laws.
Any Questions
Frequently Asked Questions
What Is The Name Of A Corporate Tax Return?
T2 returns! Every corporation is required to submit a CRA Annual T2 tax return.
Can I file Corporation taxes myself?
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.
What Is The Corporate Tax Return Filing Deadline?
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.
Do Corporations Need To File Taxes Every Year?
Yes. It would be advisable to dissolve the corporation if there is no revenue.
How much does an accountant cost in Toronto?
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.
Who pays corporate income tax in Canada?
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.
How do you calculate the amount?
Calculating the amount 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.
How much income will be tax-free in Ontario?
Corporations pay taxes on every dollar they make as profits. There is no minimum for personal tax.
If a company makes no money, does it still have to file?
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.
What Will Happen If Your Taxes Are Not Filed On Time?
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.
What does a tax accountant do in Canada?
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.
Who collects the tax?
In Canada, the 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.
Which companies pay?
In general, companies that generate profit or income are subject to pay. Business tax is a tax on the net income or profit earned by corporations and other entities.
What is the corporate tax rate in Ontario?
In Ontario, the 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.
Testimonials
What Our Clients Say
"Very knowledgeable and simple to collaborate with. Wonderful Business!!!"
Diane CochraneFounder & CEO, Stocked Cellars
"Outstanding level of service. Highly recommend"
Layth Ashoo Managing Partner, Golden Spruce Capital
"Very knowledgeable and easy to work with. Great company !!!"
Steve AllenDirector Of Operations, Knew Sales Group
"We have been getting our taxes filed, books maintained from one accounting and the kind of understanding they have, the way they explain about taxes is really amazing and helpful!"
Pulkit DhandaWhiterose Janitorial
"Very professional and friendly service. Would highly recommend to all my friends."
Smitha MaryWellCare Urgent Care
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