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Realistically, tax preparation should be taking place year-round so that you can enjoy a stress-free tax season. Tax preparation starts with a good filing system. Create one for your business records that works for you. Keep clear records of anything your business may be eligible for as a deduction and any expenses that are important to note. Knowing what you’ll need a year in advance can be a little difficult, so we recommend speaking with an accountant.

Corporate tax season can seem like a nightmare for some businesses, but it doesn’t have to. With proper tax preparation throughout the year, knowing when and what your business needs to file, and with a little help from an accountant, filing your taxes can be simple.

All resident corporations must file a T2 return for every tax year, even if no tax is payable. This includes non-profit organizations, tax-exempt corporations, and inactive corporations. We can take the headache out of filing your corporate income tax return by either letting us act as your corporate tax accountant or by providing corporate tax services to ensure you file a corporate income tax return that triggers the least amount of corporate tax payable.

Most services provided by physicians and doctors are exempt from Goods and Services Tax (GST) or Harmonized Sales Tax (HST). Medical services are usually HST-exempt when they are consultative, diagnostic, or treatment-related. Standard dental procedures are generally HST-exempt.

Deductible expenses for medical professionals may include office rent, medical supplies, professional licensing fees, insurance premiums, and salaries for administrative staff. It's essential to maintain detailed records to substantiate these deductions.

Passive investment income, such as earnings from investments held within the corporation, can affect the availability of the small business deduction. If passive investment income exceeds certain thresholds, it may reduce the amount of active business income eligible for the lower small business tax rate.

Corporate tax accountants provide services such as tax preparation and filing, tax planning and strategy, compliance with federal and provincial tax regulations, representation during audits, and advice on tax-efficient business structuring.

Corporations must file their T2 Corporation Income Tax Return within six months after the end of their fiscal year. For example, if your fiscal year ends on December 31, the return is due by June 30 of the following year.

Necessary documents include financial statements (income statement, balance sheet), records of all income and expenses, details of assets and liabilities, previous tax returns, and information on any dividends paid.

Yes, through strategic tax planning, accountants can identify deductions and credits that are applicable to your business, thereby reducing overall tax liability.

Late filing can result in a penalty of 5% of the unpaid tax, plus 1% for each full month the return is late, up to a maximum of 12 months. Repeated failures may lead to higher penalties.

Yes, all resident corporations, including inactive ones, must file a T2 return for each tax year, even if there is no income or tax payable.

The process involves gathering all financial records, preparing financial statements, completing the T2 Corporation Income Tax Return along with necessary schedules, and submitting the return to the Canada Revenue Agency (CRA), typically through electronic filing.

Common deductions include business operating expenses, salaries and wages, rent, utilities, office supplies, depreciation (Capital Cost Allowance), and certain fees and licenses.

CRA compliance does not have to be difficult. If you work with a registered accounting firm and a great bookkeeper, your business will remain compliant. Small businesses typically run into compliance issues when they try to do all their accounting by themselves.

A Chartered Professional Accountant (CPA) is a licensed professional with extensive education and experience, authorized to perform a wide range of accounting services, including audits and financial consulting. A tax preparer may not have the same level of certification and typically focuses solely on tax return preparation.

Dividends are taxable to shareholders and are not deductible by the corporation. Shareholder loans can have tax implications if not repaid within a specific period, potentially being treated as income to the shareholder.