Corporate Income Taxes
Corporate Income Taxes require a CPA with experience
We’ve got the expertise to professionally complete your corporate income taxes with the minimum tax liability. With over twenty years’ experience helping our clients grow their businesses and keep more money, we’re here to be your financial partner. We specialize in working with owner managed businesses in industries from Construction to Health Care to Retail to Transportation. Let our experience help build your business.
There’s a lot more to preparing your corporate year end than your tax return. Your corporate year end must include both your Financial Statements and T2 Corporate Income Tax Return. In some cases, an audit of the Financial Statements must be completed. Most Banks will only accept Financial Statements prepared by a CPA.
Your Financial Statements will include a Balance Sheet, an Income Statement and may include a Statement of Cash Flows and Notes. The Balances Sheet is a snap shot of your financial position at the end of the year – what you own, what you owe and what’s owed to you. The Income Statement is the movie about what was sold during the year and how profitable it was. The Statement of Cash Flows shows where the cash came from and where it was spent. As part of preparing the Financial Statements, we’ll review the accounting for each item in your financial statement to ensure the statements are accurate, complete and professionally present the results of your corporation.
The Financial Statements become part of the Corporation’s permanent records. The Financial Statements should be approved by the Board of Directors and kept in a safe place. Your financial statements are the calling card for the financial wellbeing of your business. We can present your financial information in the best light for your business. Well prepared statements shed insight and understanding to your business.
The T2 Corporate Tax Return includes the information from your financial statements but makes the adjustments to calculate taxable income and your tax liability. Some items such as meals are only 50% deductible whereas some income such as dividends from Canadian Corporations may not be taxable at all. We’ll review each item with you to ensure you’re the best positioned and best informed.
Corporate Income Taxes vs Personal Taxes
Are you only considering incorporating your business? Many business owners choose to incorporate to legally separate their personal assets from the business as well as to minimize taxes. In many cases, corporate income taxes are 30% below the top personal rate. Is incorporation right for you? – See our guide to Sole Proprietorship vs Incorporations.
Let us show you how you can safely minimize taxes to reinvest your profits into growing your business.
You can reach us by calling (905)-831-6383 or use our confidential Contact Form or visit us!