Business Tax Services
Year-round tax planning and filing across every CRA account your business holds, so the tax outcome is decided in advance instead of discovered in April.
Most businesses only think about tax once a year, which is the one time of year when almost nothing can be changed. Business tax services covers the whole picture instead: your corporate or personal business return, GST, payroll source deductions, instalments, dividend and salary planning, and the personal return of the owner. Those pieces interact, and treating them separately is how small businesses end up paying more than they need to.
Through the year we monitor your position against the thresholds that matter. Whether you are approaching the small business deduction limit, whether passive investment income is reducing that limit, whether it makes sense to defer income into the next fiscal year or accelerate an equipment purchase to use capital cost allowance, whether a family member is genuinely employed in the business and can be paid reasonable wages. These decisions have to be made before your year end to count.
At filing time we prepare and file everything: T2 or T2125, T4 and T5 slips, GST returns, and the owner's T1. Because one team holds all of it, the numbers agree across returns and you are not paying two advisors to reconcile each other's work. If the CRA reassesses or asks questions, we respond as your authorized representative.
What's Included
- Corporate and personal tax return preparation for the business and its owners
- Tax instalment calculations and a payment schedule for the year ahead
- Salary, dividend, and family compensation planning before year end
- Capital asset timing and capital cost allowance planning
- CRA representative access to handle notices, reviews, and reassessments on your behalf
FAQ
How much of what I spend on my business is actually deductible?
Expenses incurred to earn business income are deductible, but several categories have limits. Meals and entertainment are generally fifty percent, vehicle costs must be split between business and personal use with a log to support it, and home office expenses are prorated by the space used. We review your categories and tell you what will survive a CRA review.
Can I pay my spouse or children through the business?
You can pay a family member for work they genuinely perform, at a rate reasonable for that work. The CRA disallows amounts that are not supported by actual services, and the tax on split income rules restrict dividends paid to family members who are not actively engaged in the business. We assess each situation before setting it up.
What is the deadline for a self-employed person to file?
If you or your spouse carried on a business, your T1 return is due June 15. However, any balance owing is still due April 30, and interest starts accruing the day after. Filing in June without paying in April costs you interest, so we prepare early enough to know the balance.
Need help with Business Tax Services?
Tell A4SB about your accounting needs and we can discuss the support that may be relevant to your situation.