Corporate Tax

For a typical owner managed Canadian corporation, A Big Return Services include:

• Preparation of financial statements (Balance sheet, Income Statement)
• Filing of corporate federal T2 Tax return and attachments
• Filing of a provincial tax return and attachments
• Income tax planning for optimal distribution of income.
• Preparation of associated T4 /T4A filings
• Filing associated GST, PST return
• Coordination with individual filings.

A Big Return also helps you:

• Incorporate your business.
• Getting/Canceling Business Number and all relevant accounts, Vendor's Permit etc.
• Winding up your business.

Frequently Asked Questions

Question: Will incorporating my business protect my personal assets?

Answer: Incorporating will give protection against personal assets by limiting liability. Usually financial institutions require a personal guarantee from the shareholder(s) of a small business. Limited liability does not extend to GST and payroll remittances. Directors may be liable for withholding taxes.

Question: My business is doing great and I'm making more money than I need. Should I incorporate?

Answer: Incorporating your business gives shareholders more options for income distribution. The income tax rate for small business corporations is lower than the individual shareholders. If your corporation is Canadian Controlled Private Corporation (CCPC), it will be eligible for small business deduction.

Question: How much does it cost to incorporate a business?

Answer: Incorporation costs are $560 for the following:

• Drafting the Articles of Incorporation
• Name search
• Tax advice regarding incorporation etc.