Corporate Taxes

Corporate tax advice and tax return preparation

As with any person, it is necessary for a corporation to file its taxes every year, even if it does not owe money to the Canada Revenue Agency. However, as you know, most companies do owe at the end of each fiscal year. That’s why strategic tax planning is so important. At Clearly Accounting our tax professionals will work with you to fully understand your business’ tax needs, and provide you with the best advice for minimizing your corporate taxes and take advantage of tax incentives. In addition, we will act as your representative to CRA, allowing you to focus on other areas.

Areas we can advise you on include:

  • Corporate structure
  • Executive remuneration
  • Inter-company transactions
  • Provincial, capital and payroll taxes
  • Commodity (HST/PST/GST) taxes
  • Integration with a personal tax plan
  • Cross border business tax issues and transfer pricing
corporate tax return

Our team stays up-to-date with changing tax laws so that we can help you understand any tax implications for your business. This allows you to make good decisions without any stressful surprises.

Corporate tax considerations

Different businesses have different needs. Below are some of the common areas we can advise you in.

For all corporations:

  • Preparation of your tax and information returns to minimize your corporate tax burden, and maximize shareholder value
  • Advice on the benefits of tax deferral options
  • Audit defense, assistance with negotiations and correspondence with federal or provincial tax authorities
  • Succession planning, transferring ownership on retirement, whether to other family members, prior business partners, or new owners, tax minimizing tools are available

For closely held companies

  • Integration of a corporate tax strategy with a personal tax strategy to minimize your overall tax burden and achieve compensation goals of business principles
  • Owner/operator compensation strategies

For innovative businesses

  • Helping you determine if you are eligible for R&D tax credits or manufacturing incentives
  • Help you make a successful claim

For family businesses

  • How to best structure your shareholdings to minimize taxes for the family unit

For new investments or purchase/sale of a business

  • Advice on how to best proceed on proposed transactions that factors in your overall financial condition, risk profile, financing options, your net costs, partnership options, family needs, and even forcast your tax bill

If you have specific questions, we’ve got answers. Book a complimentary 30-minute consultation with one of our professionals today.