Corporate Tax Returns
An incorporated corporate body continued under the Canada Business Corporation Act is called a corporation. This corporation is not discontinued under this act. It has a different identity from its stakeholders and directors, making it a separate legal entity. What makes it better is that it has limited liability. Besides that, it can suffer or present lawsuits using its corporate identity.
INCOME TAX
We Understand Your Business
When trying to determine income tax obligations in your business, you are bound to run into various complications. The firm also runs the risk of unintentional non-compliance brought about by rules and regulations that keep on changing by the day. You may end up making decisions with adverse tax implications, as a company.
We craft each package according to the client’s needs because we understand very well that every business is unique. Any business can achieve its goals when proper planning is done. By handling the messy numbers and paperwork in your firm, eFinancialz ensures that everything runs smoothly and efficiently.
We offer the best corporate tax accounting in Ontario due to our 100% customer satisfaction. We place so much value on our clients and that is why we do our best to ensure everything they want in terms of corporate accounting is taken care of. We use the shortest time possible to fine-tune your tax filing process and to give you the right information to comply with the regulations. You can count on us, whether you are simply in need of daily accounting services or you need clarification on accrual accounting.
WHAT WE DO
Our Canadian clients get a wide variety of corporate solutions to cater to the ever-changing tax laws that affect organizations in Canada. Our experts are always updated with what matters the most when it comes to corporate accounting. All aspects of Corporate Tax Returns are done properly and on time by ensuring all the details are included. The superb services that we offer have helped us establish a loyal customer base. When you hire eFinancialz as your corporate accountant, you will have a high level of efficiency and accuracy when filing your tax returns. We don’t spare any kind of software that provides efficiency and timely delivery. At the end of the day, all our clients are satisfied with the services we have provided.
eFinancialz does more than tax preparation and planning with minimal risk. We also aim for companies to position themselves for future growth and expansion. We offer advice at all phases of growth to public and private companies. All our strategies are tailored to meet the firm’s needs scaling them up as the company expands. We are available every time clients need us and always ready to respond to their various queries. This helps them meet their business goals much faster.
We integrate with all manner of services such as trusts (T3) and partnerships, preparing corporate income tax returns (T2), (T5013) including T1044, T3010, and more. We also help firms minimize long term tax burdens by finding opportunities, giving advice on tax implications over transactions, and reviewing how effective the business structure is.
GST/HST Returns
GST Explained
In Canada, they have what is called the Harmonized Sales Tax, which is a consumption tax. The tax is paid by the consumers in the business. Provinces that combine both the regional provincial sales tax and the federal goods and services tax to form a single added sales tax, use this mode of taxation. In Ontario, the Harmonized Sales Tax is 13%.
After collecting HST on sales, businesses subtract the HST paid on expenses and remit the HST collected to CRA. Usually, the HST returns are filed monthly, quarterly, and yearly. You will need to file HST returns in Canada if your business earns revenue of more than $30,000 and supplies taxable goods or services. GST is combined with the Harmonized Sales Tax (HST), which is a provincial sales tax. Since small businesses are also required to register for HST, we aim to help them comply with CRA guidelines. This helps to prevent missed or late filing that can lead to penalties.
Get Help Filing HST Returns
A business is required to remit the tax to the federal government after collecting HST from its customers. It does this by filing the HST return to the CRA document. When you begin to collect this form of tax from your consumers, you will have to register for HST. Once you register, the CRA assigns you a reporting period that applies to your company. The annual taxable supplies of your business will determine the reporting period.
As a business, you must remit on the reporting period even if your remittance is zero. In a situation where you are expecting refunds, you have the option to increase your remittance period. We will make the process easier for you by filing your HST returns electronically. There are certain expenses that qualify as input tax credits. We will determine the input tax credits that your business qualified for allowing you to save a lot more on your taxes. Are you currently experiencing any challenges filing your HST? We’ll come up with just the right strategies to address them. Get in touch with us to discover your options.
File your HST Returns on Time
Depending on the option you have chosen and the kind of business you are running, filing your HST deadlines vary. They also provide you with several filing methods. You can pick one that you think is going to benefit you one way or the other. When you hire us as your tax consultancy experts, we will help you save a lot on your HST. You need to know that not all goods are taxed with HST from the applied province. Goods like bread and milk may not be charged HST. You need to remove such zero-rated items from your charge. Services such as healthcare, child care, educational, and medical costs are not supposed to charge HST. To understand better which items are taxable, exempt, or zero-rated, you need services from a reliable accounting firm like eFinancialz. You will save a lot of HST charges when you have this info.
Informational Returns