At Tangs Accounting Services, we’re an accounting firm that specializes in small business accounting in Toronto. We provide various professional business accounting services to help small and medium-sized businesses achieve their goals.
As an experienced and certified professional business accountant we’re a leading and reliable resource for business accounting for Canadian business owners. We’re highly qualified to provide corporate and business accounting services.
What Type of Accountant Does My Business Need?
You must always pick CPAs (Certified Public Accountants) for professional business accounting services. Our CPAs have an in-depth knowledge of business accounting, taxation practices, and related regulations.
As the best option for small business accounting in Toronto —we provide a full spectrum of business accounting services so that you can focus on doing what you do best:
- Track Your Business: Accounting, or having your accounts managed, is a great way to track your business’s finances taxes, invoices, fees, daily operation costs, income, and more.
- Streamline Your Processed: We do the heavy lifting so you can focus on running your business. Let us worry about the nuances of accounting, taxes, payroll, and registering your business. *
- Small Business Accountants: Only small business accountants can genuinely appreciate the unique experience, challenges, and advantages of running or establishing a small business.
What is Corporate Tax in Canada?
Like many countries, Canadian corporate tax is a tax on your corporation’s profits. It’s paid on your taxable income. What is the Canadian corporate tax rate for 2020? Well, the general corporate income tax rate was decreased to 11.00% in July 2019 and to 10.00% on the first day of 2020.
How is Corporate Tax Calculated in Canada?
Your corporate tax income is calculated by factoring 38% of your taxable income after the 28% federal tax abatement. We will help you calculate your corporation tax and identify the tax you should be paying.
How Can We Help with Corporate Tax Services in Toronto?
Our corporate tax services are comprehensive and can help your business with various issues:
- T1 Filing: As the sole proprietor of your business, you’re responsible for all your tax obligations and must file a T1 tax return. Remember, even if you need to file a T2 corporate tax return, you must still file a T1 form to reflect your personal income. A T1 can also show all foreign income, including US income. We can help you file your T1 tax return on time and without errors.
- T2 Filing: If you’re not a sole proprietor, charity, a member of a Hutterite colony, or if you don’t have special tax-exempt status, you must file the T2 tax return. With our professional and detail-oriented services, you can meet your corporate income tax responsibilities.
- GST/HST Returns: All registered businesses must collect, file, and pay the Goods and Services Tax (GST) and the Harmonized Sales Tax (HST). They must file the return even if they have no net tax to remit. At Tangs Accounting — we can address all issues related to your GST/HST Returns.
- Non-Resident Tax Issues: If you live in another country, lack residential ties to Canada, or stay in Canada for less than 183 days in a tax year, you must file a T1-NR Tax Return. We help you understand the income tax rules and identify the right channel for you to file and claim your taxes.
- Tax Audit Representation: A reassessment letter from the CRA can be challenging for any busy business owner to manage. We take the burden off your shoulders by dealing directly with the CRA with our tax audit representation services.
- Tax Planning: Proactive business owners can use our tax planning services to stay one step ahead of the tax season.
- Business Advisory: Whether you need to appeal a case, amend previous tax returns, or need any other professional advice, you can rely on Tangs Accounting for input.
- GST/HST Housing Rebate: We can help determine if you’re eligible for the GST/HST rebate for your future investment property. We can also compile all necessary documentation for the return.
What Documents Do I Need for Corporate Tax Filing?
As a licensed, experienced, professional, resourceful, and compassionate small business accounting firm, we’re the right solution for all your accounting needs. Please feel free to contact Tangs Accounting Services to learn more about what you need for tax preparation in Toronto.
Remember, we’ve been serving clients in the following industries for over a decade:
- Bloggers & Creative Professionals
- Insurance Agents & Brokers
- Real Estate Agents & Brokers
- Online Stores & Businesses
- Restaurants & Food Trucks
- Home Repair & Maintenance Services
- Dentists & Orthodontists
- Auto & Glass Repair Shops
- Brick and Mortar Retail Shops
- Chiropractors & Physical Therapists
- Construction & Other Trades
- Law Firms & Attorneys
How do you help new businesses?
We can help you set up your new business financially with our business accounting services. We can also help you register your business. Registering your business is in your best interest as it allows you to hire and pay full-time employees. We can manage your annual return filing, business information changes, minutes books, and corporation share changes.
We also provide professional business consulting services to help you give your business the best start. Our team can help you establish a business plan, set up your new business, or facilitate a merger and acquisition.
What Other Services Do You Offer?
We can also aid you with booking keeping. Our booking keeping services follow your earnings, expenses, and other daily financial operations. We provide monthly, quarterly, and annual bookkeeping services to manage your operations and its finances.
You can also streamline your payroll process with our help. We ensure that everyone in your company is paid on time and account for invoices and other fees and expenses. Through our payroll services, we help businesses with payroll, T4&T4 summaries, WSIB, and more.
What Do You Do to Ensure Safety From COVID-19?
We know that safety during the pandemic is on every business’s mind. That’s why we offer online accounting services. We provide business accounting while prioritizing the safety of businesses. Of course, we also provide online bookkeeping services. We keep track of your business finances, expenses, profit, etc. at a safe distance.
To learn more about how we can serve you, feel free to get in touch:
4168 Finch Ave E Unit 309, Scarborough, ON M1S 5H6
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