Online Accounting Firm For Corporate Tax Services in Canada
WE'RE HERE TO HELP
Accounting and taxes can be scary and overwhelming. If this is your first time filing a corporate tax return in Canada, you may not know where to begin, what you can deduct, or even when your deadlines are. Even scarier are the potential penalties the Canada Revenue Agency (CRA) could impose for late filings or the risk of being audited by CRA, making the awareness of the Canada corporate tax filing deadline crucial. At CPA4IT, we are an online accounting firm and corporate tax preparer that has spent over 40 years developing a system designed to make the filing of your corporate taxes as simple as possible. We back up our work with audit representation protection.
How our corporate tax process helps
We have been tirelessly making improvements to refine the process of preparing and filing your corporate tax returns in Toronto and across Canada. It is designed to be as easy as possible while simultaneously reducing audit risk and your corporate tax obligations.
Our process is constantly improving based on feedback from our large group of clients, making the process better every year. We leverage technology and a professional team that has worked together for decades. The result is a process that is easy and provides you with the peace of mind you are looking for.
Our first step is to provide the tools and the training necessary to help you prepare the information we need to file your tax return. Once we have received your information, we run through an eight-stage externally audited process to prepare, review and analyze your financial statements.
Once a final package is prepared, your account manager will schedule a meeting with you to go over your financial information before we send in your tax return. We will review your:
- Current financial statements with a comparison and analysis of any variances against the prior period.
- Industry benchmark analysis to show you how you compare to the average and the median of our large database of clients.
- Personal net worth to identify where your finances are currently, your financial goals and how to achieve them.
How an online accounting firm helps
When we started our accounting practice in 1984, the technology that was available for the preparation of bookkeeping, accounting and tax filings was very limited. We were literally working with an Osborne 64k Portable laptop, which was the latest technology of the time. However, today, fintech has evolved incredibly. You can snap a picture of a receipt with your cellphone and have it automatically uploaded into your accounting software. With optical character recognition, it will match the receipt to your bank account or credit card without having to lift a finger.
Cloud accounting software can do most of the work, so you can focus on more important business tasks. Connect your bank accounts and credit cards, sync transactions and access operational data from anywhere. If your accounting is taken care of, you can spend the time you save doing things you like, like scaling and growing your bottom line.
By leveraging the latest accounting technology, including artificial intelligence, machine learning and natural language processing, we have been able to create an accounting and tax workflow that is easy to learn, easy to do and, dare I say, fun.
Even if you choose not to use any of the bookkeeping automation tools we recommend, we will still be able to leverage cloud technology to provide you with automated deadline reminders, checklists and internal workflows. These technologies will ensure your taxes are filed on time and accurately.
Frequently Asked Questions About Corporate Tax in Canada
Review these commonly asked questions about corporate tax and learn how CPA4IT can simplify the preparation and filing processes.
An online accounting firm provides accounting services remotely, using technology to communicate and share documents with clients.
Services can include bookkeeping, tax preparation, payroll, financial statement preparation, and CFO advisory services.
Benefits include convenience, accessibility, and potentially lower costs compared to traditional accounting firms.
Reputable online accounting firms use secure platforms and encryption to protect client data.
Clients typically upload documents and communicate with their accounting team through a secure online portal.
You need to file your corporate tax return within six months of the end of the tax year. In corporate tax, the tax year is the fiscal period. If the end of your tax year is the last day of the month, file by the last day of the sixth month after the tax year has ended. If the end of your tax year is not the last day in the month, the deadline for your return is the same day of the sixth month after the end of the tax year.
For example, say your tax year ends March 31. Since March 31 is the last day of the month, you would count out six months and file by the last day of September.
Corporations can file their tax returns without hiring an accountant. However, we recommend working with a tax professional like CPA4IT rather than going through the process on your own. Consider working with a corporate tax accountant for:
- Tax savings: Our accountants know the ins and outs of corporate tax law and will apply all the available deductions and credits to reduce your tax liability. As a result, your business can save a lot of money.
- Accurate records and documentation: The corporate world is filled with complex transactions, such as buying and selling assets and investments. An accountant will maintain comprehensive financial records and documentation to streamline the tax filing process and ensure compliance with the CRA.
- Professional guidance: Understanding corporate taxes can be overwhelming. Make tax time stress-free by letting one of our accountants prepare and file your return.
With a few exceptions, all resident corporations in Canada must file a corporation income tax return each year. This process involves the following steps:
- Understand the CRA’s filing requirements for your corporation.
- Determine your corporation’s tax year and filing deadlines.
- Find forms T2 Corporation Income Tax Return or T2 Short Return online or order by phone.
- Complete and file these forms electronically, unless your business is eligible for mail-in filing.
You don’t have to file your corporate tax return on your own. CPA4IT will walk you through every step of the process and ensure your return is filed on time and with all the necessary supporting documents.
Pay Less Tax
A great small business tax accountant does more than just measure value, they create it. At CPA4IT our goal is to save you substantially more than it costs you for our services. Over the last 30 years we have developed tax strategies designed to help you keep more of your hard earned money. If you would like to learn how we can help you pay less tax, simply download our FREE Guide to Pay Less Tax.