Corporate Tax
Corporate tax compliance and planning for owner-managed businesses, professional corporations and holding companies.
Who it’s for
Canadian-controlled private corporations and their owners: operating companies, professional corporations, holding and investment companies, and business owners thinking about incorporating.
What’s included
Corporate tax returns
Preparation and filing of the T2 return and Ontario schedules, usually alongside your year-end financial statements.
Information slips
T4 and T5 slips and summaries for salaries and dividends paid to owners and family members.
Owner remuneration
Planning the right mix of salary and dividends for you and your family, taking into account personal tax, CPP and RRSP room.
Incorporation
Advice on whether and when to incorporate, and working with your lawyer to set up the corporation and share structure.
Reorganizations
Section 85 rollovers, holding company structures, estate freezes and other reorganizations, coordinated with your legal counsel.
CRA correspondence
Responding to CRA reviews, requests for information and reassessments on your behalf.
How it works
- Year-end. After your fiscal year ends, we gather your financial information and prepare your financial statements.
- Tax return and planning. We prepare your T2 return and review the year with you: remuneration, instalments and any planning opportunities.
- Filing. We file electronically with the CRA and let you know any balance owing and the date it’s due.
- Through the year. Call us before major decisions, such as buying property, bringing in a shareholder or selling the business, so the tax consequences are planned rather than discovered.
Common questions
When is my corporate tax return due?
The T2 return is generally due six months after your corporation’s year-end. Any balance owing is usually due two months after year-end, or three months for many Canadian-controlled private corporations claiming the small business deduction. Interest runs on late balances, so it pays to plan for the payment date as well as the filing date.
Should I incorporate my business?
It depends on how much profit you leave in the business, your liability concerns, your family situation and your plans for the future. Incorporating has real costs and complexity, so we’ll walk through the numbers for your situation before you decide.
Should I pay myself salary or dividends?
There’s no single right answer. Salary creates RRSP room and CPP entitlement and is deductible to the corporation; dividends can be simpler and may suit some family situations. We look at the overall tax cost to you and your corporation together.
Do you work with my lawyer on reorganizations?
Yes. For incorporations and reorganizations we design the tax side of the transaction and provide instructions to your lawyer, who prepares the legal documents.
Let’s talk about your situation
Call or email to arrange an initial conversation. We work with clients across Ontario.