T2 Corporate Tax Filing Express

STEP 1: Please ensure you complete the Tax Checklist FORM. Click on “T2 Corporate Tax”.
STEP 2: Please subscribe to one of our plans.
STEP 3: Please review your Corporate Income tax return and send us the signed T183 tax form.
STEP 4: You will receive a CRA Tax filing confirmation when filed.
STEP 5: See you next year.

 

FAQ’S - CORPORATE TAX EDITION

  • We will complete your Corporate tax return based on the numbers you provide us in the Corporate Tax checklist

  • Yes these packages are designed only for Corporate tax work and you will have to send in your Bookkeeping Trial balance to complete the corporate tax return.

    If you need more consider our Annual Plans

  • The deadline depends on your Corporation's Fiscal Year, The basic rule for filing your Canadian corporate tax return is that you must file your return no later than six months after the end of each tax year.

  • If you have your Bookkeeping completed and the Trial balance in the format we have laid out you can become eligible.

    1000 = Assets
    2000 = Liabilities
    3000 = Equity
    4000 = Revenue
    5000 = Expenses
    6000 = Cost of Goods Sold
    7000 = Questionable items

    If your bookkeeping and trial balance is is not in this format then we can’t do your Corporate Tax return work. Please see our Annual plans.

  • You need to file a T183 Corporate information return. We will send this to you and ask you to sign so we can efile your return.

  • You only need to file for corporate taxes if you did a Incorporation.

    Once you do a Incorporation you need to a few tax filings and Corporate taxes is one of the requirements.

  • If you have your trial balance ready we can complete the T2 corporate tax return in about 1 hour.

  • Your corporate NOA will be released by CRA after we have completed the efiling of your corporate tax return. Generally, you can expect CRA to send this to you within 2 weeks via snail mail or CRA portal mail.

  • Corporate taxes have different rates depending on the CCPC income.

    IF you have Active income then you can enjoy the small business deduction which is reduced taxation around 12.5%. A example of active income would be small business owners selling products or services.

    IF you have Passive income then you can expect to pay 40-50% in corporate taxes. A example of passive income would be dividend income.

    You can reach out to us if you have questions related to the type of taxation you can expect.

  • If you don’t provide us with the right trial balance then the corporate tax return will be wrong and you may be responsible for the incorrect trial balance provided.

    Since we are not doing the bookkeeping we are basically taking your trial balance and uploading it into the GIFI format required by the CRA to complete your filing.

  • The Corporate tax prices are listed on the following page https://capexcpa.com/corporatetax

  • Yes. We will provide you with a CRA confirmation on successful filing so you know the job was completed.

  • If your bookkeeping is not done you can do it yourself or we can help you do it.

    Do it yourself bookkeeping

    Annual Tax Plans

  • CRA Audits are really random and can’t control when and if you may be audited. However, we can represent you. Please see our Audit page

  • Yes these packages are designed only for Corporate tax work and you will have to send in your Bookkeeping Trial balance to complete the corporate tax return.

  • There are really 4 taxes you have to understand and how they work.

    Personal Taxes: This is a tax that everyone in Canada pays. It’s based on your income and it doesn’t matter if you have a Corporation or not you will still be required to pay personal taxes based on income tiers.

    Corporate Taxes: This is based on your net income which is Total Revenue minus Total Expenses = Net Income. The total corporate tax is roughly 12.5% of this net income. If you have a loss we can claim that loss on Schedule 4 to apply the loss of the current year to the prior year resulting in a Corporate REFUND.

    Payroll Taxes: This is based on a few metrics such as the Employee’s Gross Payroll + CPP Employee + CPP Employer + EI Employee + EI Employer + Income Tax Deductions. These taxes are submitted on a monthly basis by the 15th of the month. We generally have clients set up a proper payroll solution which automates all the tedious tasks related to Payroll management.

    HST Taxes: This taxation commonly known as sales tax is basically the following. Total Sales take 13% and Total purchases take 13% and the difference is basically what you owe in Taxes. If you make under $400,000 a year we can see if the Quick Method of HST makes sense for you which is Total Sales + 13% HST and the total of that is multiplied by 8.8%. Whatever is the lowest we choose that option and file the respective elections.