Corporate taxes are requirement of companies operating in Canada. In order to facilitate filing corporate taxes you have to have easy access to all your financial records. At first blush this can seem complicated as there are various factors in how to file your corporate returns and the compliance rules that must be followed. Knowing all the ins and outs of your company’s assets, payroll, income and expenses, capital costs, borrowing, deductibles can only be accomplished by having all the relevant data at hand.
Since 1984 Sheppard Accounting has been working with companies to prepare their corporate tax returns. The experience we have gained in more than three decades has enabled us to not only appropriately prepare your filings, we can advise you on where to save paying taxes. Using our deep knowledge of Canada Revenue Agency regulations and requirements we can help you strategically plan the future of your business including the best way to borrow funds to help your business grow.
Making sure your books and taxation filings are done properly and on time is our specialty enabling you to feel confident that your company is in full compliance with CRA. In addition, we will act as your representative with CRA and handle any enquiries they may have leaving you to concentrate your valuable time on making your business a success. Turn to Sheppard Accounting for all your corporate taxation needs.
Corporate Tax Tips
If you owe any amount of income tax personally or corporately CRA will charge installment interest because you did not make 4 full payments during the year. It compounds at 5% daily so it can add up fast! If you think you will owe tax send in payments during the year based on an estimate using last year as a base amount.
It's not mandatory to have a CPA do your Corporate Tax Returns. Any qualified experienced person is allowed to do it. We have 35 years’ experience doing Notice to Readers Financial Statements and Corporate Taxes. We would be glad to help!
For everything we owe, there is an interest component attached. This includes your Corporate and Personal income taxes. When you are on payroll the tax is remitted each payday, but self-employed people must remit it quarterly and corporations also must pay as you go by paying monthly or quarterly. You will be required to make installment payments when you have two consecutive years of tax owing. You can handle this by automatic payment right out of your bank account, sending post-dated cheques or taking the notices to the bank and pay at the counter. If you don't you will owe interest at the time of filing and get the bill in the mail.
If your Corporation owns land and buildings you are required by law to keep the deeds, titles and purchase documents in the Minute book. There could be fines if the Province did a review and they are not in there. It's critical to Revenue Canada that your minute book meet the minimum requirements, or the earnings could end up on your personal tax return! Let's meet to talk this over.