Business and Corporate Taxes

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If you operate a Canadian small business, you'll need to file a business income tax return each year. Part of running a successful business is knowing how Canadian income taxes are filed and prepared, which can help you get the best return.
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If you are thinking about incorporating your small business, consider the advantages and disadvantages of such a move. Decreased liability⁠—as compared to a sole proprietorship or partnership⁠—and business tax advantages are two of the most common reasons for choosing the corporate form of business. But is it the right choice for your small business?

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A corporation allows for various strategies that can be used for not only income tax saving but also for meeting the invividual goals of the owner both present and future. Chris can assist you with identifiying those goals and the approach that best suits you and your company along the way.

As a business owner you have put in a lot of hard work and after a few years have built up some equity. There are certain strategies available to protect both your business assets and your personal assets through corporate tax planning and reorganization. Chris can work with you to create a plan and implement that plan in the most tax effecient manner.

As a business owner you certainly want to get paid and with a corporation it might not be as clear on how you go about doing this. There are potential planning opportunites to maximize the tax savings when paying compensation to an owner. This may include paying salary, dividends or a mixture of salary and dividends. There may also be some income splitting opportunites with your spouse however those strategies must be reviewed and implemented carefully as there are income tax rules in place that can create an unfavourable tax rate if performed improperty.

Using a Pro to Prepare Your Business Taxes

Many small businesses prefer to have an accountant or other certified tax preparer complete their Canadian income tax returns.

Expertise and saving time are two obvious reasons, but having a tax professional's "seal" on your small business's Canadian income tax return can also provide assurance of accuracy. Contact Us if your small business doesn't already have one. Also prepare your tax information beforehand, so it is clear to the professional and they can readily determine if they have all of the necessary information.

Filing Your Canadian Income Tax

When you hire us as your income tax preparer to complete your Canadian income tax return, it's common for us to also file your income tax forms. If you are filing your Canadian income tax return yourself, the Canada Revenue Agency (CRA) offers several different options:

  • Individuals⁠—those filing T1 personal income tax returns⁠—can file their income tax returns electronically by using Netfile if they meet the conditions. Efile is the version of Netfile used by tax preparation professionals. Electronic filing is also available for corporations.
  • Individuals can also mail or hand deliver their income tax returns to the appropriate CRA tax center.

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