Corporate Tax Compliance
Our tax services for incorporated professionals and small businesses
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GST/HST Returns (GST34):
As a business you collect GST/HST on sales, 13% (in Ontario) of the revenue collected is collected on the behalf of the government.
For example, ABC Ltd receives payments for $10,000 from XYZ Ltd. $1,300 of that $10,000 is GST/HST collected on the behalf of the government which needs to be remitted.
On the contrariety, when your corporation purchases supplies or incurs expenses which includes GST/HST, you can claim credits to offset your GST/HST balance owing.
We at Team Tax ensure you will receive the maximum amount of credits for your GST/HST return, which is due every month, quarter or year.
The frequency of GST/HST remittance is dependent on your gross revenues, the more revenue you make the more frequently you must remit GST/HST.
Payroll requirements are strict, and you don’t want to be paying any penalties or interest on missed deductions. As an employer you are required to pay 50% of CPP and EI deductions for your employee and withhold the other 50% (employee’s share of CPP/EI) on their cheque. At the end of the month these amounts are remitted to the government.
You might be asking yourself; I am the only person who works for my corporation do I need to pay payroll deductions? As a small business owner, you have the option of declaring dividends to yourself throughout the year.
Declaring dividends allows you to keep your profit in the corporation (if a salary is not needed) and allows you to avoid employer-employee payroll deductions. When declaring dividends, you do not need to remit CPP or EI, which can save you thousands of dollars each year.
Please note at Team Tax we offer payroll services to all types of situations, please give us a call to discuss your unique tax situation, we promise to maximize your savings.
Our Business tax services
Get in touch today to talk about your individual needs. We love connecting with and talking to other small businesses.