Corporate Tax Planning & Tax Returns in Toronto
Corporate Tax Accounting
We provide you with everything you need from your corporate tax accountant to ensure that your taxes are filed correctly and tax issues are handled appropriately.
We believe in building strong client relationships. Our size and structure allows us the flexibility to respond to your corporate needs quickly while delivering innovative solutions. Our tax services combine the best corporate tax accountant has to offer along with the most thorough business tax services possible. From simple tasks to those requiring utmost diligence and experience, we are here to serve your needs.
Faris CPA has successfully helped many corporations avoid being audited by the CRA and has achieved favourable results during the audit, post-audit, and objection stages.
Our Corporate Tax Accounting services include:
- Corporate income tax returns
- Corporate income tax election forms and designations
- Estimates and calculations for various transactions
- Appeals of audit assessments
- T4 and T4A, T5 and NR4 summaries and slips
- “Treaty-based” income tax returns for non-residents
- Undertaking and advising on corporate reorganizations and other corporate tax planning initiatives, including utilizing the $750,000 Capital Gains Exemption
- Negotiating with the CRA and Ministry of Finance on behalf of our clients
- Coordinating corporate income tax inquiries and government audits
Corporate Tax Accounting Services You Can Trust
Our skilled tax services team offers:
- Many years of experience in tax accounting, filing, and representation
- Attention to detail that is second to none
- Domestic and international expertise for your business and employees
- A communication style that ensures you are always informed and remain in compliance with regulatory and taxation requirements
What are the objectives of corporate tax planning?
The objective of corporate tax planning is to achieve optimum tax efficiency. Part of this primary goal is to decrease tax liability, thereby allowing the individual or company more leeway financially. Furthermore, effective tax planning can help ensure that the taxpayer does not attract unwanted attention from the CRA.
Why is tax planning so important?
The benefits of tax planning include reduced taxed rates, lower taxable income, flexibility in tax payments, and tax credits. Of course, tax planning must be executed properly in order to be fully effective. Additionally, the tax plan must be designed according to the unique requirements of the individual or business.
What are the three basic strategies to use in planning for taxes?
The three basic strategies of tax planning are deductions, income splitting, and deferrals. The first strategy involves taking advantage of a deduction to lower your tax bill by an amount equal to your marginal tax rate. Examples of deductions include RRSP contributions and pension plan contributions. The second strategy calls for dividing taxes among different taxpayers. Income could be split between spouses or other members of the family. As for a deferral, it is the process of eliminating taxes for the current year and deferring them to a later time.
Can I prepare my own corporate tax return?
Yes, you can prepare your own corporate tax return. Major corporations in Canada file their returns online. This process is mandatory, especially for businesses with annual gross revenues that exceed $1 million.
Which investments are tax-free?
Some of the tax-free investments that you can take advantage of in Canada include a registered retirement savings plan (RRSP), a registered education savings plan (RESP), or a tax-free savings account (TFSA).
What deductions can I claim without receipts?
You can deduct meal and travel expenses in your taxes even though you have no receipts. Take note that this only applies if you are self-employed, qualify as a northern resident or have moved to take a job, study at a post-secondary institution, or run a business at a new location.