Corporate Tax Preparation Services in Canada
We pride ourselves on making sure your business and your family pay as little tax as
possible. Our specialized accountants provide various tax return preparation services, from tax returns to year-end financial statements.
Key Service Areas
Through meticulous attention to detail and a proactive approach, Achen Henderson can assist businesses in optimizing their financial positions, fostering compliance, and ultimately
contributing to their overall financial success. Here’s how we can help you:
Tax Return Preparation
Tax return preparation is a critical financial activity that individuals and businesses must undertake annually to fulfil their legal obligations and optimize their financial positions. Our corporate tax accountants can help you with tax return preparation services, from corporate tax returns to year-end financial statements.
Corporate Tax Return Services
Your corporate tax preparation must be completed, and corporate income tax returns have to be filed within six months of your corporate tax year end to avoid penalties, but taxes owing must be paid within two or three months. Here’s what you need to know about our corporate income tax services.
Personal Tax Return Services
Personal tax preparation for entrepreneurs like our clients takes upfront tax planning. Since we handle our clients’ bookkeeping, personal tax return preparation is easy for us to take care of, freeing clients up to focus on their businesses.
Trust Return Services
These returns have to be filed at specific times. We handle trust returns for our clients and explain when you might want to consider implementing different types of trusts.
Estate Return Services
Specific tax returns may have to be filed upon death and by specific times. Here’s what you need to know about estate returns to ensure you’re in compliance.
Year End Financial Statements
Audit, Review, and Compilation financial statements, and bookkeeping reports. Ensure you comply with the IFRS, ASPE, or ASNPO when recording your financial information.
Tax Planning Services
Tax planning services play a vital role in helping individuals and businesses navigate Canada’s complex tax laws. These services involve a strategic approach to managing financial affairs to minimize tax liabilities legally. We can help you with everything from
corporate reorganizations to answering questions around shareholder loans.
Corporate Reorganization
Over time, you may need to restructure your corporation to make it more tax effective or to achieve other business or succession objectives. This happens because of legislative changes, changes to your business, and changes in your life in general. We work with our clients to determine the most tax-effective structure and, if necessary, implement a corporate reorganization, and periodically review your situation to ensure it’s still working for you.
Tax Consulants & Advisors
Our tax consulting and accounting services are designed for business owners who want to structure their affairs for operational efficiency and to pay less business tax and personal tax.
Shareholder Loans
Many people have questions about the shareholder’s loan account on the balance sheet. Discover what a shareholder’s loan is and how the CRA treats debit balances.
Salaries Vs. Dividends
As a business owner, should you pay yourself a salary or dividends? There are advantages to each but you may be better off choosing one over the other, depending on the tax bracket you fall into.
Lifetime Capital Gains Exemption
The lifetime capital gains exemption is a major benefit when you sell your business. But there are circumstances that preclude you from getting the exemption. We ensure our clients are positioned to use the exemption well before they put their businesses on the market.
Why Companies Chose Achen Henderson
Tax FAQs
If your company is a Canadian Controlled Private Corporation (“CCPC”), it must pay no later than 3-months after its fiscal year end. Non-CCPCs must pay their taxes within 2-months after their tax year end.
Both CCPCs and non-CCPCs must submit their tax filing to the CRA no later than 6-months after their tax year end.
Here are the most common tax deadlines:
Yes. In Canada the taxpayer is responsible for the information contained in their tax returns. Not all accountants are tax experts, this includes CPAs. Your best defense is to hire a competent tax professional to prepare your returns, and you should review your returns with you in detail before you sign them and they are filed.
Generally, for an expense to be deductible it must have been incurred for the purpose of earning business income. Business income doesn’t actually need to be earned, but the expense had to have been incurred for the purpose of earning business income. Certain expenditures that have an enduring nature (last more than one year) may be considered to be capital items that need to be written off over a number of years.
Generally speaking, the CRA will allow taxpayers to expense capital items that are below $500.
Learn more about business expenses.
Businesses need to keep a wide range of records ready for a potential audit, including business and GST/HST records. You can find a summary of the records you need on the Government of Canada’s website.
Digital records are perfectly acceptable in the case of a CRA audit, provided they meet the required criteria.
Employees: If you have an office in your home, you may be able to deduct expenses if they are related to your employment and you have not been reimbursed for the expenses. You do, however, have to meet certain conditions.
Business Owners: Generally speaking, if you have a regular place of work that is not your home office, you will not be able to deduct home office expenses. However, there are certain exceptions, such as if you regularly meet clients at your home or if your home is your principal (>50%) place of business
You may be able to deduct certain expenses if your vehicle is used to earn business income. The amount you can deduct depends on the type of vehicle you own, and you should keep a logbook of your business travel for the year. Find out more about motor vehicle expenses here. Note that travel between your home and your office is generally not eligible for an auto deduction.
The gain on the sale of your principal residence should not be taxable; however, you now have to report the disposition of your primary residence. This is a new change in 2016 that many people may not be aware of.
Charitable donations can result in a tax credit of over 50 per cent! That means that if you donate $10,000 to charity, you may get over $5,000 back in taxes (personal and corporate). Read more about charitable donations and taxes.