SRJCA is a full service accounting firm that can provide a variety of tax services including corporate tax services; SRJCA can act as your corporate tax accountant in Toronto and provide corporate tax services in Toronto and anywhere else in the GTA. We also work with many of our clients through remote capabilities.
According to Canada Revenue Agency, all resident corporations (except crown corporations and resident charities) have to file a corporate income tax (T2) return every tax year even if there is no tax payable. This includes but is not limited to the following:
- Non-profit organizations
- Tax-exempt corporations; and
- Inactive corporations
As your corporate tax accountant in Toronto, SRJCA will ensure that you file your return no later than six months after the end of each tax year. The tax year of a corporation is its fiscal period. When the corporation’s tax year ends on the last day of the month, returns should be filed by the last day of the sixth month after the end of the tax year. When the last day of the tax year is not the last day of the month, file the return by the same day of the sixth month after the end of the tax year. Please keep in mind that even though the filing date of the return is six month after the end of the tax year, if any amount of money is owed in the form of corporate income tax then tax payments must be made no later than three months (90 days) after the end of the tax year. For example, if your fiscal year end is December 31, XXXX. The corporate return would have to be filed by June 30, XXX but any taxes owed must be paid by March 31, XXXX. Any payments that are received late will be subject to interest and penalties by the CRA.
SRJCA also provides corporate tax services in Toronto to many of our business clients. One of our main services include translating accounting financial statements to what is known as tax financial statements or General Index of Financial Information (GIFI) financial statements. GIFI financial statements are used to file the T2 return and reconciles income for accounting purposes to income for tax purposes. All corporate tax returns in Toronto should prepare their financial statement information using GIFI codes and file it with their T2 returns. Once you have your corporate tax return Toronto ready for filing, there are 7 tax offices across the country that they can be sent to. The office that the corporate tax returns should be sent to is dependent on the province in which you primarily operate within. Please contact SRJCA as your corporate tax accountant in Toronto to find out the proper Tax Office to submit your corporate income tax return to.
Other corporate tax services in Toronto that SRJCA provides includes filing nil returns for dormant or inactive corporations, innovative tax planning to ensure that your corporation falls within the Small Business Deduction Limit and your losses are being properly carried forward or carried back so that you are paying the least amount of corporate income tax.
Let SRJCA get rid of the headache of filing your corporate income tax return by either letting us act as your corporate tax accountant in Toronto or by allowing us to provide corporate tax services in Toronto. Our team of educated and experienced professionals will ensure you file a corporate income tax return that triggers the least amount of corporate tax payable. Please contact us via email at firstname.lastname@example.org or phone us at 647-725-2537 to book an appointment today. Learn about personal tax accountant toronto.