Services
Corporate income taxes
A corporation, as long as it is legally alive, must file a corporate income tax return each year in Canada. Our focus is on helping business owners who run and own Canadian controlled private corporations operating in and residing in Canada to meet the filing requirements. Preparing and filing a return gets complex quite quickly so, put our tax compliance specialists to work for you and use the time savings to focus on your business.
personal income taxes
Our focus is on helping Canadians file their more complex tax filing situations – own rental property, sole proprietorship business, significant capital gains due to sale of property or business, employment expenses, small farms – just to mention a few. We love to use our experience and knowledge to ensure your return is filed – as if it was our own.
accounting and bookkeeping
– Providing monthly, quarterly or yearly bookkeeping services
– Preparing GST/PST/Payroll/WorksafeBC returns
– Cloud or desktop accounting
– Prepare & file T4, T5, T4A, T5018, T3 information returns
– Consulting on buy/selling a business
– Prepare financial statements
F.A.Q.
Frequently Asked Questions
It varies depending on the type of tax return to be filed. If you are a sole proprietorship your income tax return is due to be filed by June 15 each year. If you are a Canadian Controlled Private Corporation your corporate tax return is due to be filed within 6 months of your fiscal year end, in most cases.
Generally speaking, yes in most situations. A corporation has to file a tax return every year even if it has no income and/or is inactive. Corporations have to file returns until the corporation is dissolved. A sole proprietorship may still have to and/or want to report it’s activity depending on the situation. Contact us if you are in need of assistance to determine such.
It is mandatory by law that the business owner must keep the appropriate records. CRA’s website gives a detailed explanation (https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/what-records-who-keep-them.html). So, not necessarily, especially if your business has very few transactions in a year, a simple spreadsheet might suffice to summarize the physical records you have to keep.
Most businesses in operation use an accounting program to record all the physical records, receipts, statements, etc., due to its ability to track income and expenses, track sales taxes collected, calculate payroll taxes accurately, produce interim financial reports that the owners, management, investors, bankers can use for decision making. In today’s computerized world the choice of which app or apps to use, desktop or cloud version can feel overwhelming. Contact us for a consultation if you need help.
Even though many accounting or bookkeeping firms may prepare basic bookkeeping using such statements, CRA will NOT accept such as proof of expenses. CRA requires the actual invoice, receipt, paystub, and so on. The document needs to show, the name/address of the seller/lender, how much was paid/received, the date of the transaction, item description bought/sold, the amount before taxes, sales taxes listed by PST/GST, the business number of company issuing the document. So a visa payment receipt that only shows the date paid, confirmation of payment, and the company name would most likely not be acceptable as it doesn’t show what was purchased and/or the quantity purchased, or the company’s business number. Best advice, keep a copy of all such documents – both electronically and a hard copy.
Canada Revenue Agency (CRA) states: “Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to.” So, a good rule is to look at your Notice of Assessment that CRA issues and on the notice is a date CRA issued it…keep all records relating to that tax year 6 years from that date. Therefore, if you file late it can drastically change how long you have keep the business records. Here is a link to CRA for further information: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/where-keep-your-records-long-request-permission-destroy-them-early.html