Toronto Corporate Tax Filing Services

T2 corporate tax returns report your corporation's annual income, expenses, and calculate corporate income tax owed to federal and provincial governments. GST/HST filing involves reporting sales tax collected and paid, typically filed quarterly or annually depending on your business size. While both are mandatory tax obligations, they serve different purposes: T2 focuses on corporate profits, while GST/HST deals with sales tax on goods and services. Our comprehensive approach ensures both are filed accurately and on time.

Corporate tax returns (T2) must be filed within 6 months of your corporation's year-end. However, any balance owing must be paid within 2-3 months of year-end depending on your corporate structure. GST/HST returns are typically due quarterly (monthly for larger businesses), with specific deadlines based on your reporting period. Missing these deadlines can result in penalties and interest charges. We ensure all your corporate tax filings are completed well before deadlines to avoid any complications.

Canadian corporations can claim numerous deductions including business expenses like rent, utilities, salaries, professional fees, equipment purchases, vehicle expenses, and marketing costs. Capital Cost Allowance (CCA) allows depreciation of business assets, while the Small Business Deduction provides preferential tax rates for qualifying corporations. Research and development costs, charitable donations, and certain investment tax credits may also be available. Our experts ensure you claim all eligible deductions while maintaining CRA compliance.

Input Tax Credits (ITCs) allow you to recover GST/HST paid on business purchases and expenses. To maximize ITCs, maintain detailed records of all business purchases, ensure invoices meet CRA requirements, claim eligible vehicle expenses, and recover tax on business meals and entertainment (subject to limitations). Regular review of ITC claims and proper documentation are essential. Our GST/HST specialists help identify all eligible credits and ensure proper documentation to maximize your refunds.

Maintain organized records including financial statements, general ledger, bank statements, invoices, receipts, payroll records, GST/HST documentation, and contracts. Digital record-keeping is acceptable, but ensure backups exist. The CRA requires businesses to keep records for 6 years from the end of the tax year. Proper record-keeping not only ensures compliance but also maximizes deductions and simplifies the tax preparation process. We can provide guidance on establishing efficient record-keeping systems.

While basic corporate returns might seem manageable, professional tax preparation offers significant advantages. Tax professionals stay current with changing regulations, identify deductions you might miss, ensure compliance to avoid penalties, and provide strategic planning advice. Complex situations like multi-provincial operations, international transactions, or CRA audits require expert knowledge. Professional preparation often pays for itself through maximized deductions and avoided penalties, while giving you peace of mind and time to focus on growing your business.