Corporate Tax Accountants Calgary
It comes every year, it comes fast, that’s your corporate business taxes. Filing a corporate tax return is a required part of the year-end process for all incorporated businesses. This can be a stressful time for business owners who do not know how much tax they might owe, or what allowable business expenses they can claim. That’s is where we come in! With our extensive experience focusing on small businesses, we can walk you through all the possible business expenses that can be used to reduce your tax owing balance.
Understanding Corporate Taxes in Calgary
Once a business is incorporated, it must file a corporate tax return annually based on its fiscal year-end. All income is reported within the corporate tax return, with eligible business expenses used to lower taxable income. Proper tax planning and compliance are essential to avoid penalties and ensure your business remains in good standing.
Corporate Tax Filing Deadlines
- Tax Payment Deadline – The balance owing is due three months after the business’s fiscal year-end. If payment isn’t made by this deadline, interest charges may apply.
- Tax Filing Deadline – The corporate tax return must be filed within six months of the fiscal year-end.
Failing to meet these crucial corporate tax deadlines can result in penalties and interest, making it crucial to work with experienced corporate tax accountants in Calgary.
Additional Tax Filing Requirements
In addition to corporate tax returns, businesses may also need to file:
- GST Returns – Registration is required once a business surpasses $30,000 in revenue within four calendar quarters. GST filing deadlines vary, with monthly, quarterly, and annual options available.
- T4 and T5 Slips – Businesses with employees or shareholders must file T4 (employee earnings) and T5 (dividends) slips annually by February 28th, regardless of fiscal year-end. Missing this deadline can result in penalties.
At White Raven Accounting, our corporate tax accountants in Calgary ensure accurate tax filings, compliance with CRA regulations, and strategic tax planning to optimize your business’s financial position. Reach out today to simplify your corporate tax obligations
The filing deadlines for corporate returns are as follows:
- The tax balance owing deadline is three months following the businesses fiscal year end but options can be discussed further if this not possible.
- The tax filing deadline is six months following the fiscal year end of the business.
However, it is important to note that if a business is taxable and does not pay its taxes by the tax payment deadline the business will be charged interest. In addition to a corporate tax return, you may also be required to file a GST return, T5 (dividends) or T4 (employee slip).
GST – You are required to register for a remint GST when you’ve hit the threshold of $30,000 in four calendar quarters. Unless requested otherwise a business is automatically assigned to an annual deadline. There are three different filing deadlines associated with GST – monthly, quarterly and annually if you are eligible or voluntarily request on of these other filing periods.
T5 and T4 slip – Businesses with employees and/or shareholders must report earnings and deductions on a T5 or T4 slip annually. These slips are required to be filed with the CRA by February 28th regardless of one’s fiscal year-end date. Some small business owners are unaware of this which results in late filing leading to penalties.
How We Can Help Your Business
At White Raven Accounting we specialize in small businesses. As a small business ourselves, we know all the best ways to optimize your business expenses in a way to keep your taxes as low as possible while following all the tax guidelines set by Canada Revenue Agency (CRA). As we work through your file, we will also keep an eye out for ways we can help your business be more efficient and cost effective. In addition, our services extend to being able to assist with reporting investment income and performing investment bookkeeping for investment holding companies.
