Corporate Tax Compliance

Our tax services for incorporated professionals and small businesses

Corporate Taxes

Please note these prices do not include a compilation of your financial statements. Additional fees apply for financial statement compilation (G100 and G125) depending on the number of transactions for your business.

Every corporation in Canada is required to file their corporate income tax return (T2) once a year. We at Team Tax help you select a year end when you incorporate your business with us, the year end is decided on incorporation. If you already have a corporation opened, we can analyze your tax situation to ensure all your tax filings are up to date/submitted on time.

As your accountants will ensure that your corporate tax return is filed on time and with great accuracy. Please note a corporation’s year end can be changed depending your situation, for example if there is a change of ownership or an amalgamation, the corporate year end would be updated.

The corporate tax return is due six months after your year end, this means if your year end is December 31, 2020 then your tax return is due June 30, 2021.

Tax payments are due two months after your year end if you are not a Canadian Controlled Private Corporation (February 28, 2021) or three months after year end if you are a Canadian Controlled Private Corporation (March 31, 2021). At Team Tax we can determine your CCPC eligibility if you are unsure or had any questions.

Some of our T2 Clients

Realtors

A strict teacher that has been teaching since the age of 16. Stella won’t give you any slack, so you will have to do the very best work you’ve done in your life.

Truckers

Donald has a PHD in both Computer Science and Design. His beginner course is a must see for any aspiring web professional who want to learn from the best.

Small Businesses

If there’s someone who can explain anything, Gaby is the one. She teaches you not just how to do something, but why to do it this way and not the other.

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.

Employee Payroll/Dividends

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.

Corporate Tax return (per t2)

$300+

HST/GST (per return)

$150+

Employee Payroll/Dividends (Per Slip)

$300