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T1 (PERSONAL TAX)

  • ·         Income can be employment, rental, business, etc (anything)
  • ·         Deadline is June 30 for individuals

T2 (CORPORATE TAX)

The T2 is the mandatory corporate income tax return form for the federal government of Canada. The exact term for this statement is “declaration of corporate income.” Each company must file a corporate income tax (T2) for each taxation year. Companies can complete one of two types of T2 statements proposed by the Canada Revenue Agency.

T2 corporate income statement that can be used by any company. However, in addition to the T2, there are several schedules. It’s not enough to simply complete the T2 corporate income tax returns to complete your company’s obligations to the federal government of Canada. There are other financial statements to file with the General Index of Financial Information (GIFI) with appropriate schedules.

T4 (ANNUAL PAYROLL)

T4 is a tax document that summarizes how much you’ve earned over the past year. Your T4 slip will also show any required deductions, such as employment insurance premiums or income tax, made by your employer. If your employee worked in more than one province or territory in the year, fill out separate T4 slips for each province or territory. For each location, indicate the total remuneration paid to the employee and the related deductions, such as CPP/QPP contributions, EI premiums, PPIP premiums, and income tax. For more information, go to which provincial or territorial tax tables should you use.

T5 (DIVIDENT/SHAREHOLDER INCOME)

If you are the owner of a Canadian corporation, you can choose to pay yourself (and other shareholders) dividends instead of a salary. Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid.  If you are paying dividends to a Canadian shareholder, you must issue a T5 slip while nonresident shareholders receive an NR4 slip. The T5 dividend slips are generally due by February 28th of the calendar year following the year in which the dividend was paid Although no income taxes are due at the time of filing the T5 slips with the government, interest and penalties apply for late filing.

Payroll SERVICES

For three generations, helping small businesses succeed has been at the core of what we do, and more importantly, “why” we do it. We invite you to experience the convenience of full-service payroll designed for small to midsize businesses. When it comes to your payroll, we take great satisfaction in providing you the same quality of solutions that larger organizations receive, but with the attention and care that smaller organizations require.

Your choice in a strategic payroll partner makes all the difference. Whether it’s personal service that is readily accessible from specialists that know your business or the ability to benefit from leading payroll and workforce systems at the right price, we specialize in payroll solutions for small to midsize employers, including:

  1. Employer on the GO – Anywhere access, from any device
  2. Check signing, pay cards, or direct deposit
  3. Payroll reporting
  4. Benefit accruals
  5. Garnishment management
  6. Federal, state, local tax management

GST/HST

GST/HST (Harmonised Sales Tax) – Monthly, Quarterly, yearly (28th of last month). The goods and services tax (GST) is a tax that you pay on most goods and services sold or provided in Canada. In New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario and Prince Edward Island, the GST has been blended with the provincial sales tax and is called the harmonized sales tax (HST)

T1(PERSONAL TAX)

  • Income can be employment, rental, business, etc (anything)
  • What is a T2 Tax Return?
  • The T2 is the mandatory corporate income tax return form for the federal government of Canada. The exact term for this statement is “declaration of corporate income.” Each company must file a corporate income tax (T2) for each taxation year. Companies can complete one of two types of T2 statements proposed by the Canada Revenue Agency.
  • T2 Corporation Income Tax Return
  • T2 corporate income statement that can be used by any company. However, in addition to the T2, there are several schedules. It’s not enough to simply complete the T2 corporate income tax returns to complete your company’s obligations to the federal government of Canada. There are other financial statements to file your with the General Index of Financial Information (GIFI) with appropriate schedules.

T4(ANNUAL PAYROLL)

Employee working in more than one province or territory

T4 is a tax document that summarizes how much you’ve earned over the past year. Your T4 slip will also show any required deductions, such as employment insurance premiums or income tax, made by your employer. If your employee worked in more than one province or territory in the year, fill out separate T4 slips for each province or territory. For each location, indicate the total remuneration paid to the employee and the related deductions, such as CPP/QPP contributions, EI premiums, PPIP premiums, and income tax. For more information, go to which provincial or territorial tax tables should you use.

CORPORATION REGISTRATION

To register as a corporation, you will need to:

  1. Incorporate your business (obtain your articles of incorporation) through federal incorporation or provincial/territorial incorporation
  2. Get a federal business number and Corporation income tax account from the Canada Revenue Agency
  3. Register as an extra-provincial or extra-territorial corporation in all other Canadian jurisdictions where you plan to do business
  4. Apply for any permits and licenses your business may need

In some cases, registration for these accounts is streamlined (in other words, you can sometimes get your business number, tax accounts, and provincial registrations as part of the incorporation process). However, this is not true for all provinces and territories. To get started with incorporation and registration for other accounts, choose one of the options below.

BUSINESS LICENSES

What is a Canadian business license?

Generally speaking, a business license is an official document issued by the government that allows you to conduct business in Canada. There are different licensing requirements at different levels of government, so you need to make sure to comply with all permits, licenses, and regulations at a federal, provincial, territorial, and municipal level. In addition to location-specific requirements for business licensing, the regulatory requirements for your business will vary depending on factors like your industry sector and business structure.

Why do you need a business license to start a business in Canada?

If you don’t obtain the proper licensing for your business, you could get in real trouble: your business may be fined or even forced to shut down. Plus, your reputation may take a hit when consumers find out you aren’t running your business with the level of professionalism they expect. 

Accounting

Our Accounting Service includes the preparation of accurate and timely monthly HST. Yearly Financial Statement & Personal Taxes ( T1 Personal Taxes, T2 Financial Statement, HST Harmonised Sales Tax) in order to provide client consultation and advice. Current and accurate financial statements are the foundation of successful business guidance. If your current accountant prepares only quarterly or annual financial statements for your business, any advice or analysis is often too late to be relevant. Accounting will help you utilize your monthly financial statements and tackle the financial complexities of your business.

BOOK KEEPING

Do you wish you had more time to manage your business?

With the latest technology in place, our bookkeeping solution allows us to save you time and money by becoming your outsourced accounting department remotely. We provide professional, consistent and secure bookkeeping services that relieve you of the time-consuming task. You can focus on growing your business, while we take care of your bookkeeping needs. Outsourced bookkeeping makes smart financial sense. Reduce your overhead costs by eliminating a specialized employee dedicated to overseeing the books. With your trusted advisors on the job, there is never a worry about the security of the data. Your stress is eliminated.

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