Corporate Tax Accountant
TOP TIER ACCOUNTANTS is a
full service accounting firm that can provide a variety of tax services
including corporate tax services; TOP TIER ACCOUNTANTS can act as your corporate tax accountant in
Toronto and provide corporate tax services in Toronto and anywhere else in the
GTA. We also work with many of our clients through remote capabilities.
According to Canada Revenue Agency, all resident corporations
(except crown corporations and resident charities) have to file a corporate
income tax (T2) return every tax year even if there is no tax payable. This
includes but is not limited to the following:
- Non-profit
organizations
- Tax-exempt
corporations; and
- Inactive
corporations
As your corporate tax accountant in Toronto, TOP TIER ACCOUNTANTS will ensure that you file your return no later
than six months after the end of each tax year. The tax year of a corporation
is its fiscal period. When the corporation’s tax year ends on the last day of
the month, returns should be filed by the last day of the sixth month after the
end of the tax year. When the last day of the tax year is not the last day of
the month, file the return by the same day of the sixth month after the end of
the tax year. Please keep in mind that even though the filing date of the
return is six month after the end of the tax year, if any amount of money is
owed in the form of corporate income tax then tax payments must be made no
later than three months (90 days) after the end of the tax year.
For example, if your fiscal year end is December 31, XXXX. The
corporate return would have to be filed by June 30, XXX but any taxes owed must
be paid by March 31, XXXX. Any payments that are received late will be subject
to interest and penalties by the CRA.
TOP TIER ACCOUNTANTS also provides corporate tax services in
Toronto to many of our business clients. One of our main services include
translating accounting financial statements to what is known as tax financial
statements or General Index of Financial Information (GIFI) financial
statements. GIFI financial statements are used to file the T2 return and
reconciles income for accounting purposes to income for tax purposes. All
corporate tax returns in Toronto should prepare their financial statement
information using GIFI codes and file it with their T2 returns. Once you have
your corporate tax return Toronto ready for filing, there are 7 tax
offices across the country that they can be sent to. The office that the
corporate tax returns should be sent to is dependent on the province in which
you primarily operate within. Please contact TOP TIER ACCOUNTANTS as your
corporate tax accountant in Toronto to find out the proper Tax Office to submit
your corporate income tax return to.