Corporate Taxes

Corporate and Business Tax Accountants in Coquitlam

 

CNC is a full service accounting firm that can provide a variety of tax services including corporate & business (sole proprietors) tax returns services. CNC can act as your corporate and business tax accountants in Coquitlam, Tri-Cities, Burnaby, New West, Port Coquitlam and Vancouver. We also utilize cloud computing technology to work with our clients in other provinces all across Canada.

 

How can we help?

We as your corporate & business tax accountant in Coquitlam will make sure that you are utilizing all possible tax provisions, employing proper tax planning tools, taking advantage of full small business deduction limits, and claiming all your losses to pay the least amount of taxes.

Our other corporate & business tax accounting services include filing nil corporate returns or inactive corporate tax returns. Let us handle all your corporate income tax return filing requirements so you can focus on your business.

 

Resident Corporations

As per CRA, All resident corporations (except provincial Crown corporations and registered charities) have to file a corporation income tax (T2) return every tax year even if there is no tax payable. This includes:

  • non-profit organizations;
  • tax-exempt corporations; and
  • inactive corporations.

Please contact CNC as your corporate and business tax accountant in Coquitlam. We will electronically submit your corporate income tax return to Canada Revenue Agency.

Non-resident corporations

A non-resident corporation has to file a return if, at any time in the year, one of the following situations applies:

  • it carried on business in Canada;
  • it had a taxable capital gain; or
  • it disposed of taxable Canadian property.

 

Non-resident corporations must file their T2 return, schedules, and the General Index of Financial Information in Canadian funds only. They are not eligible to file in a functional currency per section 261.

As your corporate tax accountant in Coquitlam, we will ensure that you file your corporate tax return no later than six months from your tax year end. For example, If your tax year ends March 31, your filing due date is September 30.

Any other new corporation may choose any tax year-end as long as its first tax year is no longer than 53 weeks from the date it was either incorporated or formed as a result of an amalgamation.

Failure to file penalties

If you file your return late, a penalty applies. The penalty is 5% of the unpaid tax that is due on the filing deadline, plus 1% of this unpaid tax for each complete month that the return is late, up to a maximum of 12 months.

The corporation will be charged an even larger penalty if we issued a demand to file the return and we assessed a failure to file penalty for the corporation in any of the three previous tax years. The penalty is 10% of the unpaid tax when the return was due, plus 2% of this unpaid tax for each complete month that the return is late, up to a maximum of 20 months.

Please contact CNC as your corporate tax accountant in Coquitlam to submit your corporate income tax return on time to Canada Revenue Agency to avoid non-deductible late filing tax penalties.