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Stay in Compliance With CRA
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Small Business Corporate Tax Return | CPA Accountant Coquitlam
We (CNC) are a full-service accounting firm that can provide small business corporate tax preparation services located in Coquitlam. We have the knowledge and the expertise to structure your corporation strategically to minimize taxes and stay in compliance with CRA tax filing. Canada has very complex and challenging environment which poses a significant tax burden and compliance on small businesses. We minimize risk by managing your tax issues, staying on top of tax changes and informing you of potential impacts on your business and personal tax affairs.
We also utilize cloud computing technology to work with our clients in other provinces all across Canada. CNC also provide full-cycle bookkeeping, accounting, and corporate advisory services at very reasonable rates.
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 CRA issue a demand to file the return and they 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 us to submit your corporate income tax return on time to Canada Revenue Agency to avoid non-deductible late filing tax penalties.
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:
A non-resident corporation has to file a return if, at any time in the year, one of the following situations applies: