Corporate Income Taxes

Preparing corporate income tax is not an afterthought but a method for your corporation to effectively use the corporate tax rules to allow your corporation to pay the lowest level of taxes.

The Canadian Corporate Income Tax rate is below the 20% combined rate (Federal & Provincial) for CCPC (Canadian Controlled Private Corporations) for Net Income (Taxable Income) up to $500,000.

Most Accountants will take your company's source data and work behind the scenes, delivering the final product, your Corporate Tax return, and the bill for Corporate Taxes with your Dedicated Accountant with our firm. Completing your Corporate Tax return has several steps – all of which you are engaged in, with your Dedicated Accountant being as close as a Text/SMS/MMS message away:

  1. One month prior to your Corporate Year-End, you will receive the first e-mail from your Dedicated Accountant, reminding you of your Corporate Year-End in one month. You should communicate with your dedicated accountant to review your activities for the year to date. This will allow your dedicated accountant to advise and guide you in making pre-closing adjustments prior to the corporate year-end.
  2. You will automatically receive a second e-mail from your Dedicated Accountant on the last day of your corporate year-end, asking you to prepare your source data for submission to our office.
  3. Once your source material has been received, it is reviewed to ensure all components are provided, as well as inquiries specific to your operations to ensure that absolutely every available Corporate Tax deduction can be utilized.
  4. Depending on the type of source data provided, it may require data entry or reconciliations, which will be prepared by both your Dedicated Accountant and our bookkeeping staff. (Bookkeeping staff are utilized to make your fees cost-effective, providing the bookkeeping services are within their scope, with your Dedicated Accountant working closely.).
  5. Your dedicated accountant will then prepare your corporation's financial statements, which are required to prepare your corporate tax return. The type of financial statements has already been determined through the post-year-end stage.
  6. While the volume and complexity of a Corporate Tax return are highly technical, your Designated Accountant will also prepare easy-to-follow Year-End Review documents, allowing you to easily view the summary of the Corporate Year-End and monitor the remittance and installment requirements.
  7. You will find that instead of simply sending you an e-mail with your year-end documents, you will be asked to schedule a year-end review appointment with your Dedicated Accountant. During this appointment, your Dedicated Accountant will go through all aspects of the prepared Corporate Year-End in straightforward language (no technical jargon)! Your Dedicated Accountant will provide a straightforward analysis of your overall tax liability (both your corporate and personal, as a shareholder). Your input will be asked as it is vital as this Year-End Review appointment will also be used as a planning session for the upcoming corporate year-end. This appointment may also require follow-up with you to provide additional guidance, and your Dedicated Accountant will ensure this, allowing you to understand the prepared year-end and have guidance moving into the new corporate year-end.

What is the Next Step?

The next step is to meet with your Dedicated Accountant to discuss the benefits that our firm can provide as well as discussing a corporate tax savings strategies.

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