Our firm works with our clients to meet the CRA compliance requirements in the Mississauga and Toronto area. We work with our clients to ensure all personal and business expenses are separated (Bank/Credit Card, etc). We try to ensure all expenses are claimed in the most tax efficient manner to reduce your tax liabilities between personal and corporate.
Annual Filing of Corporate Tax Returns (T2)
Zero Returns, Final returns
Holding Company Tax Returns
All Corporate Tax returns must be filed within 6 months following the fiscal year end. All payments for taxes owed must be paid within 3 months after year end. Failure to do so could result in penalties and interest.
Selecting year end date (First year filers): This depends on a number of factors but you must file a return within a year. Tax tip: Even if you owe money you should file to avoid penalties.
Corporate Tax Instalments – Calculated at the end of first year and due three months after year end. Second year onwards payable either quarterly or monthly. Interest and penalties apply for not being compliant.
Payroll – Submission of T4 and T5 slips must be completed by end of February each year. All employees require T4. T4A is for commissioned, contract and other employees. Benefits received by shareholders must also be T4’d for company. Examples include but are not limited to: company vehicle usage for personal use, personal portion of travel, and other related.
Any individual paid more than $500 from the corporation should be on a either a T4 or T4A.
Payments for payroll deductions are due on the 15th following the month otherwise interest is calculated. We are accountants in Mississauga who service all the GTA and across Ontario and some other provinces as well.