Corporate Tax Accounting
Small Business Tax Accountant in Toronto
Tangs Accounting Services is a business accounting company that provides corporate tax services in Toronto for small and medium-sized businesses.
Tangs Accounting Services provides small business tax services in Toronto to help businesses achieve cost efficiencies that align with their company’s growth strategy.
We believe that the most effective tax strategies are those that are aligned with a company’s operations and integrated with their overall business plan. Our small business tax accountants are experienced with corporate tax and deliver tax preparation and planning with a comprehensive, practical approach.
Meet your tax accountability. With our help, small to medium-sized businesses can meet their tax accountability while identifying business growth opportunities.
Learn about our corporate tax services in Toronto and how we can help you set up your business for success.
Corporate Tax Services
Corporate Tax Preparation &
Filing Business Taxes
Tangs Accounting Services provides corporate tax services in Toronto for small and medium-sized businesses.
As business tax accountants, we understand the importance of planning for and paying your taxes.
We will walk you through the taxation process and help facilitate all the paperwork you will need to file your taxes correctly and on time.
Tangs Accounting Services will help you prepare and file your business taxes. From your income tax returns to your GST/HST returns, we help you get all your ducks in a row to ensure a seamless tax season.
We provide tax preparation help and take care of all tedious tax documentation so that you can focus on what you do best — operating your business.
You know your business and your taxes. We know your taxes and how to complete them swiftly and efficiently.
T1 for Sole-Proprietors
A sole proprietor is the exclusive owner of a business entitled to all profits earned after paying taxes. That said, a sole proprietor is also liable for any business losses.
A sole proprietor will pay their taxes by filing a T1 report outlining their income gain or loss. The proprietor or their chosen representative must file a T1.
We act as a representative to help you file your T1 correctly and on time.
T2 Corporation Income Tax Returns
Except for registered charities, Hutterite colonies, and tax-exempt Crown corporations, all businesses in Canada must file a corporate income tax return.
This tax return, known as a T2, must be filed even if your business has no tax to pay.
We help you and your business meet corporate income tax obligations.
T1 For General (including US income)
In addition to filing a T2 corporate tax return or a T1 for sole proprietors, a business owner will also need to file a personal T1 form to reflect their personal income.
Because you will claim your incorporated business’s income and expenses on your T2, you will not need to claim them on your personal T1.
We offer T1 tax return support for US income and other foreign income.
As per the guidelines outlined by the Canadian Government, businesses must collect, file, and pay the Goods and Services Tax (GST) and the Harmonized Sales Tax (HST).
You must file these returns even if you have no business transactions or net tax to remit.
Tangs Accounting Services will help you open and manage your tax account, charge and collect tax as appropriate, complete and file your return, and then successfully pay it.
Non-Resident Tax Issues
You are not considered a Canadian resident and need to file non-resident taxes (a T1-NR Tax Return) if you:
- Routinely live in another country
- Don’t have residential ties in Canada
- Live outside the country during the tax year
- Stay in Canada for under 183 days in the tax year
If you are looking to file a T1-NR tax return, we can help. We walk you through all of the income tax rules that apply to non-Canadian residents and will identify the right avenue for you to file and claim your taxes.
Tax Audit Representation
Any time you receive a letter from the CRA or a reassessment and need help handling the situation, we will take the burden off of your shoulders.
We offer tax audit representation services and will deal with the CRA on your behalf.
If you would prefer to communicate with the CRA yourself, we can assist you during each step of the process.
Plan your taxes ahead of time to avoid a last-minute rush come tax time.
We help you with your tax planning by getting your information together. We work with you to ensure you correctly present all your financials to file your taxes.
We provide business advisory services related to:
- TaxAudit representation
- Amendment of prior years tax returns
- Tax estimates
GST/HST New Housing Rebate
The Canadian Government is currently offering a partial GST/HST rebate for new house purchasers.
We will help you identify if you are eligible for this rebate and then compile the necessary documentation to apply for and obtain the return.
Current new housing rebates include:
- Houses Purchased From a Builder
- Provincial New Housing Rebates (British Columbia, Nova Scotia, Ontario, PEI)
- Transitional New Housing Rebates for a First Reseller
- GST/HST Transitional Rebate
- GST/HST New Residential Rental Property Rebate
Frequently Asked Questions About Corporation Tax
What is corporation tax?
Corporation tax refers to the tax that all companies must pay. This tax, also known as corporate tax or company tax, is payable against a company’s profits and imposed by the jurisdiction.
How is corporation tax calculated?
According to the Canadian Government, corporation tax is calculated by taking 38% of your taxable income. This is 28% after federal tax abatement.
Where to pay corporation tax
Corporation taxes, as well as personal taxes, are paid to the Canada Revenue Agency. You can do this through the website or your financial institution’s online banking with the assistance of a tax accountant from Tangs Accounting Services.
How to calculate corporation tax for small business
At Tangs Accounting Services, we specialize in small business tax in Toronto. We will help you calculate your corporation tax and identify the tax you should be paying.
What is the difference between income tax and corporate tax?
The difference between income tax and corporation tax is that companies pay corporate tax based on their profits. On the other hand, individuals pay income tax based on their personal earnings.
Why are corporate taxes so important?
Corporation taxes contribute to public services and are mandatory for businesses.
When are corporate taxes due in Canada?
Corporate taxes are due in Canada 6 months after the end of the year.
What do I need to give my accountant for small business taxes?
To pay and file your small business taxes, you will need to provide your small business tax accountant the following:
- A financial statement
- Capital-asset activity
- Business vehicle usage & details
- A summary of your home-office expenses (if you have a home office)
- Form 1098 (This is for your mortgage interest and property taxes)
How long do you keep tax records for small businesses in Canada?
The Canada Revenue Agency suggests that you keep business tax records for at least six years after the end of the taxation year they were claimed.
What will tax preparation cost me?
Our tax preparation fees vary depending on your business’s size, the assistance you need, and the timeline you are working with. To learn more about our tax preparation fees, contact us today. We’ll be able to provide you with a personalized quote based on your specific needs.