According to the Income Tax Act of Canada, most resident corporations have to file a corporate income tax return (T2) every tax year, even if there is no tax payable.
The corporate income tax return is much more complex than the personal income tax return and is one of the largest expenses for any successful business. Between outgoing expenses and incoming payments from clients, assets, and employees, plus a myriad of other required paperwork, the corporate tax filing process can be onerous if you aren’t prepared.
Effective corporate tax planning is essential to minimize ongoing tax expenses, which affect not only business owners, but also their families. KSC Inc. specializes in understanding your business and lifestyle goals and identifying the best tax planning strategies to help you reach them.
Our experience and expertise gained through many years of corporate tax planning has allowed us to help clients protect their wealth and preserve the equity in their businesses now and into the future. We spend many hours staying abreast of changes in the accounting, tax, and corporate fields. We offer expertise to all corporations from start-ups to large established businesses in a variety of industries.
Your corporate tax return will be optimized for all of the potential tax deductions and expense write-offs you are allowed. We also go further and address interrelated company and personal tax planning. This extra step completes the tax savings process and lets our clients know that they have received our highest level of service, not just the minimum to satisfy government reporting requirements.
Your corporate income tax return will be filed on time, accurately, and using an approach that triggers the least amount of corporate tax payable. An improperly prepared return can lead to penalties, or worse, auditing.
Common corporate tax planning issues we address include: