Your Trusted Partner for Corporate Tax Return Filing in Calgary
Welcome to Bohorquez Professional Corporation, your reliable partner for all corporate tax return filing needs in Calgary. Navigating the complexities of corporate taxes can be overwhelming, but with our expert guidance, you can ensure that your tax returns are accurate and timely. Our team of seasoned professionals is here to provide comprehensive tax services tailored to your business's unique requirements. Reach out to us.
What Is Corporate Income Tax in Canada?
Corporate income tax is a levy imposed on the income of businesses operating within Canada. The tax payable is calculated from the entity's net income after deducting allowable expenses. In Canada, corporate income tax is administered by the Canada Revenue Agency (CRA) under the Income Tax Act (ITA). Every business, whether a large corporation or a small startup, must adhere to these regulations to stay compliant and avoid penalties.
Why Choose Bohorquez Professional Corporation?
At Bohorquez Professional Corporation, we understand that filing corporate tax returns can be daunting. We also provide personal tax services. Our team is dedicated to making this process as seamless as possible for you. Here’s why you should choose us:​
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Expertise: Our accountants have extensive knowledge of the Canadian tax system and stay updated with the latest tax laws and regulations.
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​Personalized service: We provide customized tax solutions that cater to the specific needs of your business.
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Accuracy and compliance: We ensure your tax returns are accurate and compliant with CRA requirements, minimizing the risk of audits and penalties.
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Timely filing: We guarantee the timely filing of your corporate tax returns so you never miss a deadline.
Understanding Corporate Tax Returns in Canada
Corporate tax returns in Canada are filed using the T2 return form. It is mandatory for both resident and non-resident corporations that conduct business in Canada or have taxable capital gains to file a T2 return. Here’s what you need to know:
Resident Corporations
All resident corporations in Canada must file a T2 return every tax year, regardless of their profit status. This includes non-profit, tax-exempt, and inactive corporations. Tax-exempt Crown corporations, Hutterite colonies, and registered charities are the only exceptions. If your corporation is a resident of Canada, either by incorporation or management control, you are required to file your T2 return annually.
Non-resident Corporations
Non-resident corporations must file a T2 return if they did business in Canada, had a taxable capital gain, or disposed of taxable Canadian property within the tax year. Even if profits are exempt due to a tax treaty, filing is still required under certain conditions.
How to File Your T2 Corporate Tax Return
Filing your T2 return can be done manually or electronically. Corporations with an annual gross revenue exceeding $1 million must file electronically using CRA-certified software. Manual filing involves submitting the T2 Corporation Income Tax Return or the T2 Short Return, depending on the nature of your business. Additionally, companies in Quebec or Alberta must file provincial-specific forms.
Electronic Filing
Electronic filing begins with CRA’s MyAccount. Corporations can use CRA-certified software for a streamlined and error-free process, which is particularly important for larger corporations mandated to file electronically.
Manual Filing
Manual filing is an option for smaller corporations or those preferring a traditional approach. The T2 Corporation Income Tax Return is a comprehensive form suitable for all corporations, while the T2 Short Return is designed for Canadian-controlled private corporations (CCPCs) and tax-exempt entities.
Deadlines and Common Pitfalls in Corporate Tax Return Filing
Filing Deadlines
Your corporate tax return must be filed within six months of the end of your fiscal year. For instance, if your fiscal year ends on December 31, your tax return is due by June 30 of the following year. Missing these deadlines can result in significant penalties.
Common Pitfalls
Some common pitfalls include:​
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Late filing: Please complete all deadlines to avoid penalties.
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Incorrect filing: Errors in your tax return can lead to audits and additional fines.
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Overlooking provincial taxes: Federal and provincial tax obligations must both be met.
Professional Help with Bohorquez Professional Corporation
Preparing and filing corporate tax returns requires meticulous attention to detail and a thorough understanding of tax laws. Bohorquez Professional Corporation offers professional tax preparation services to help you avoid common pitfalls and ensure compliance. Our services include:
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Tax consultation: Get expert advice tailored to your business.
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Tax preparation: Accurate preparation of your T2 returns.
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Filing services: Timely and compliant filing of your returns.
Contact Us Today
Ensure your corporate tax returns are handled with precision and care. Contact Bohorquez Professional Corporation today to schedule a consultation. Let us take the stress out of corporate tax return filing in Calgary so you can focus on what you do best – running your business.