Corporate Tax Accountant Toronto

Need help with business taxes in Toronto? At WTC Chartered Professional Accountant, we can help you stay CRA compliant, reduce taxes, and provide expert tax advice. Check out our corporate tax services and the benefits of working with us.

Our Corporate Tax Services in Toronto

We offer corporate tax services in Toronto to cater a wide array of business needs, from tax planning to compliance and specialized tax advice, including corporate tax return services. Our corporate tax services help businesses minimize corporate taxes, stay compliant with tax laws, and navigate the complex world of corporate taxation. We provide financial advice that prioritizes business growth and sustainability.

Strategic Tax Planning for Businesses

Strategic tax planning is a key part of our corporate tax services in Toronto. It involves:

Developing tax planning solutions that are clear and reliable for businesses
Understanding business models, growth strategies, and personal goals
Creating strategies to reduce tax exposure and risk
Proactive approach to help businesses save money and plan for future growth with more financial certainty.

Our corporate tax accountant provides:

Work with our trusted tax advisors to implement these strategies.

Compliance and Tax Filing Services

Compliance and tax filing services are crucial to ensure your business is tax compliant and avoid legal penalties. Our corporate tax accountant in Toronto are up to date with changing tax laws and provide services to ensure all corporate tax returns are completed accurately and on time. This includes preparation and filing of the T2 corporate tax return, which reports tax adjustments to arrive at taxable income and calculation of tax payable.

To streamline the tax filing process, hybrid solutions combining specialized accounting software with expert support are often employed. This approach ensures compliance and accuracy in the tax return preparation process, thus leaving the tax burden on us to file the corporate tax return on your behalf. By using these services, you can be sure the financial statements are accurate and compliant with all regulations and significantly reduce the risk of future tax audits.

Our corporate tax services include:

Preparation and filing of corporate income tax returns (T2)
Preparation and filing of GST/HST and PST returns
Preparation and filing of trust income tax and information return (T3)
T4 Slips and Summary reporting
T5 dividend reporting
Filing nil returns for dormant corporations
Tax planning (e.g. Salary vs dividend, income splitting, and holding company)
CRA representation, audit support, tax dispute resolutions, and tax appeals
Business back tax filings for late and overdue tax returns
Compilation of financial statements with Compilation Engagement Report (formerly Notice to Reader)

Specialized Tax Advice

Businesses with complex or unusual tax issues find specialized tax advice very helpful. Our corporate tax services in Toronto provide customized solutions for each business to resolve tax and accounting complexities. This tailored approach ensures businesses get the expert advice they need to navigate corporate tax and achieve better financial results with lower tax bill.

Benefits of Working With Our Corporate Tax Accountant

Working with our corporate tax accountant in Toronto brings many benefits to your business financial health operations.

Expertise in Corporate Taxation

Our corporate tax accountant in Toronto has expertise in corporate taxation and accounting services. We offer:

Tax planning strategy
Corporate tax return preparation and filing
Federal and provincial tax compliance
Assistance with tax audits and disputes
Advice on tax credits and incentives
Financial statement preparation and analysis

As a CPA firm, we have the knowledge to navigate complex tax laws and ensure compliance with all regulations, so the tax return is accurate while minimizing tax liabilities.

Knowing the latest tax laws and regulations is crucial for businesses to implement their tax strategies. Our corporate tax accountants ensure tax filings are accurate by providing customized advice and ensuring all compliance is met. This corporate tax knowledge gives you a better understanding of business day-to-day finances and helps you make informed decisions.

Accurate Financial Statements

Accurate financial statements are the foundation of tax compliance and financial health. Our corporate tax accountant in Toronto provides comprehensive accounting services, including bookkeeping, preparing financial statements, and tracking expenses. These services ensure all financial disclosures are correct and reduce the risk of future audits and penalties.

With specialized accounting software, our corporate tax accountants can:

Time and Cost Efficiency

Any business that wants to be competitive must be time and cost conscious. By working with our corporate tax accountant, your business can:

Plus, our corporate tax accountants can be cost effective by finding cost saving opportunities that would not be apparent to non-experts that will benefit your business.

The combination of time and cost efficiency makes working with our corporate tax accountant a wise investment for your business.

Our Corporate Income Tax Return Process

The corporate tax returns process involves several key steps that businesses must follow to be compliant and accurate. Here are some important rules to note:

We start by gathering all necessary financial information, preparing GIFI financial statements, and filing the T2 return.

Gathering Financial Information

Gathering financial information is the first step in the process to file taxes for the corporate income tax return. This includes collecting key financial documents such as the trial balance, general ledger, and internal financial statements (such as income statements and balance sheets) if available. Supporting documents like bills, invoices, and receipts should be kept internally to support tax return preparation.

All financial information must be complete and accurate to prepare a compliant tax return.

Preparing GIFI Financial Statements

Preparing GIFI financial statements is part of the corporate income tax return process. The General Index of Financial Information (GIFI) is the tax financial statements which requires businesses to report financial information to the Canada Revenue Agency (CRA) using specific GIFI codes. This involves translating accounting financial statements into GIFI format to meet CRA requirements.

GIFI reporting ensures transparency and consistency in financial reporting.

Filing T2 Tax Return

Filing the T2 corporate tax return is the final step in the corporate income tax return process. All Canadian-controlled private corporations (CCPC) must file taxes annually based on their fiscal year. The deadline is 6 months after the end of the tax year, with penalties imposed for late filing. You must review and understand these deadlines to avoid penalties.

The CRA offers two types of corporate income tax T2 returns: a 9 page T2 Corporation Income Tax Return (not including schedules) and a 2 page T2 Short Return. Filing corporate tax returns electronically can result in faster processing times than paper filing. Only authorized tax preparation software can e-file the corporate tax return, to ensure efficient and accurate corporate tax returns submission.

Toronto Business Tax Deductions and Credits

Businesses in Toronto can claim many tax deductions and credits to reduce their taxable income and improve their financial health. These tax savings include the Ontario Small Business Deduction, SR&ED tax credits, and client meal deductions. Each of these deductions and credits have different benefits that can save you tax dollars.

Ontario Small Business Deduction

The Ontario Small Business Deduction is designed to reduce the corporate income tax rate for eligible small businesses to promote growth and stability. This deduction reduces the tax rate on the first $500,000 of active business income for Canadian-controlled private corporations (CCPCs). The Ontario corporate income tax for the Small Business Deduction is 3.2%.

CCPCs with taxable capital between $10 million and $50 million are eligible for the deduction, while those with $50 million or more are not. Using this deduction makes income inside a corporation very attractive as the tax rates are much lower than personal income. This tax relief allows small businesses to retain more of their earnings.

SR&ED Tax Credits

The SR&ED (Scientific Research and Experimental Development) tax credit program is one of Canada’s most generous tax incentives. It’s designed to promote innovation. Businesses engaged in scientific research and experimental development can claim refundable tax credits for a significant portion of their R&D expenses. This program encourages companies to carry out systematic, investigative, and technologically advanced work so Canada can stay at the forefront of technological innovation.

To qualify for SR&ED tax credits, your business must carry out eligible R&D activities that meet the program’s criteria. These credits can reduce your tax payable or be refunded, giving you financial flexibility and encouraging further investment in innovation. By claiming SR&ED tax credits, your business can offset the costs of R&D projects and improve the business financial stability and competitiveness.

Client Meal Deductions

Businesses can also claim client meal deductions, another tax benefit. Companies can reduce their taxable income by deducting a portion of meal and entertainment expenses incurred while entertaining clients. To qualify, these expenses must be reasonable and directly related to the business.

Meals with clients are 50% deductible when related to business activities. This deduction helps you manage your expenses and lower your overall tax payable.

Choosing the Right Corporate Tax Accountant

Choosing the right corporate tax accountant is key to maximize tax savings compliance. When looking for corporate tax services in Toronto, consider the accountant’s credentials and experience, and the range of services offered. An experienced corporate tax accountant can provide tailored advice and support that fits a business’ unique tax needs.

Credentials and Experience

When choosing a corporate tax accountant, it’s important to check their credentials and experience. Look for qualifications such as a Chartered Professional Accountant (CPA) designation means they have expertise in corporate tax, and membership in professional organizations like CPA Ontario means they are committed to ongoing professional development and high ethical standards.

Experience is another key factor. An accountant with 10+ years of experience in corporate tax preparation will have a better understanding of the complexities and be able to provide better solutions. This experience is invaluable when it comes to navigating corporate tax and ensuring compliance with all the rules.

Service Offerings and Specialization

When looking at potential tax accountants, assess the range of services and specializations offered. Look for accountants who offer strategic tax planning, audit support, and ongoing advisory services beyond just filing corporate tax returns. This way your business gets the support it needs to navigate corporate tax.

Industry specialization is also important. Corporate tax accountants who understand the tax challenges and opportunities in your industry can give you targeted advice. By choosing a tax accountant with the right service offerings and specializations, you can be sure you get support that fits your long-term financial goals.

What Our Clients Are Saying About Us

We offer some of the best accounting and corporate tax return services in Toronto. But don’t just take our word for it, here is what some of our clients have to say:

I love the online approach that William and his team implements. It makes the process extremely easy. The deliverables are always on time. The tax advice we got are very helpful and practical. The team is always there whenever we have a question. Excellent work!

William is very knowledgeable in the e-commerce space. He educated me on the sales tax requirement for selling to different provinces and he also helped the company set up the backend system so that the accounting system, inventory system, Amazon, and Shopify are synchronized. Highly recommended for anyone looking for a modern-day accountant that works well with technology.

It's been a wonderful experience with William, who has sound knowledge of tax regulations and helped my business set up a structure to minimizes tax. His team is well proficient in handling both bookkeeping and payroll process. I am a satified with their work and highly recommended.

Whenever we have an accounting or a tax question, William was there to answer them. His advice helped us save a tremendous amount of taxes each year. He is also looking after the company’s books and has been keeping us up-to-date on the company’s performance each month. Excellent work!

William Chong is fantastic. I have had many other accountants in the past, but nobody has done such a great job. Very efficient, knowledgeable, responsive, and his fee is very fair. I highly recommend his company. Thank you William for your outstanding service!

I am very pleased with and highly recommend the accounting and consulting services WTC has offered. William manages my taxes, financial statements and corporate filings so that I can have peace of mind to concentrate on my other aspects of my business. He also provided me with invaluable, actionable advice on methods to streamline and expand my business.

The team at WTC did an amazing job helping my online business set up everything I need. Mohamed and William helped me incorporate my business, set up payroll and did the bookkeeping and year-end tax return. I recommend WTC Chartered Professional Accountant to anyone who needs an accountant to help set up their business.

Looking for a corporate tax accountant in Toronto?

We’ve got you covered! Contact us for a consultation. We will go over your company and give you a free quote during the call.

Behind on your corporate taxes?

Our back tax filing service makes it easy to get caught up. We can file multiple years of corporate tax returns with the CRA if you are behind.

Behind on Your Books?

Whether you’re months or even years behind, our catch-up bookkeeping service makes it easy to get caught up. You’ll have up-to-date financials ready for tax filing.

Frequently Asked Questions

Here’s a list of commonly asked questions about our corporate tax services in Toronto.

Will you minimize my corporate taxes?

Yes! Our corporate tax accountant in Toronto will review your financial records in the context of your business to find areas for tax minimization. We will apply all eligible tax credits and deductions on the corporate tax returns to minimize your business taxes.

Do I need up-to-date bookkeeping records before filing a corporate tax return?

Yes! The business bookkeeping records must be completed and reconciled for the tax year before the corporate tax returns can be prepared and filed with the CRA. Having accurate and complete financial records is a prerequisite to file a corporate income tax return. We offer bookkeeping services if you need help getting caught up on your books.

Can I reach out to you if I have questions about my company taxes?

Yes! Please don’t hesitate to reach out if you have any questions. Our corporate tax accountant in Toronto offers free support on all general inquiries related to accounting and corporate tax return services we provide to you.

How much does corporate tax services cost?

The cost of corporate tax services depends on several factors, such as the industry of the business, legal ownership structure, degree of complexity and the scope of service. Contact our corporate tax accountant to get a custom quote based on your situation and leave the tax burden of filing corporate tax returns to us.

When should I hire a corporate tax accountant?

All incorporated businesses in Canada are required to file corporate tax returns annually with the CRA. A corporate tax accountant in Toronto should be hired if you are not familiar with the Income Tax Act and don’t have prior experience with using tax software to file corporate tax returns. A qualified tax professional can help you minimize taxes, avoid penalties and interest, and stay compliant with the CRA.

What are the benefits of hiring a corporate tax accountant in Toronto?

Hiring a corporate tax accountant in Toronto like WTC Chartered Professional Accountant means expertise in corporate tax, accurate financial statements, and time and cost savings. This can significantly benefit your business.

What is involved in the corporate tax services process?

Our corporate tax services include gathering financial information, preparing GIFI financial statements, and filing the T2 return with the CRA.

How do I pick the right corporate tax accountant Toronto?

Consider their credentials, experience, and the range of corporate services in Toronto they offer. This will help you make an informed decision.