Do you need the services of an expert Canadian corporate tax accountant who can aid you in maximising profits while minimising tax liabilities? Look no farther than the specialists at Bomcas Canada’s Professional Corporate Tax Accounting team, who are available to help you at your convenience. When it comes to commercial and corporate tax accounting services, we are the go-to guys.

Bomcas Canada in Canada is a competent company accounting firm that will handle all of your corporate tax and accounting needs. Among our staff members are some of the best corporate tax accountants in Canada, and they can aid you in taking your business to the next level of success.

Because we are one of the most prestigious business and company accounting companies in Canada, and because we are staffed with some of the best corporate tax accountants in the country, our team has a wealth of knowledge and experience in dealing with any kind of tax difficulty you may find yourself in. To find out more, please contact us right now. The information we have gained over the years in the fields of structuring and tax planning is made accessible to you in a clear way. We provide a range of services and educational opportunities to assist you in achieving your goals and ensuring your long-term success. Clients of Bomcas Canada Professional Business Tax Accounting Services can expect to receive excellent accounting services, high-quality customer service, and the peace of mind that comes from working with seasoned professionals who have the necessary knowledge, skills, and strategic alliances to successfully complete their accounting projects.

For companies throughout Canada, we provide a range of services that include year-end closures, financial statements, corporate tax returns, and bookkeeping, among other things. The developments in technology have enabled our corporate tax accountants to provide services to customers all across the country from their home offices located throughout Canada. We at Bomcas Canada Professional Corporate Tax Accounting Services and our team of corporate tax accountants can gain a thorough understanding of your business needs and provide high-quality and consistent service to assist you in building a successful business because we are able to handle all of your corporate tax and accounting needs.

The rates and filing requirements for corporate income taxes.
Canadian businesses are subject to a single tax rate, which is the corporate income tax rate, in most cases. If their taxable income falls below a defined amount, Canadian controlled private corporations (CCPCs) are eligible for the small business deduction, but other businesses are not. CCPCs account for the vast majority of privately owned corporations in Canada.

CCPC company tax returns must be filed within six months after the end of the fiscal year in which they were formed in order to avoid fines. According to CRA regulations, you must pay your taxes in full within three months after the end of your fiscal year, or you may be subject to interest charges, which are not deductible as business expenses.

Returns on Corporation Taxes Paid to the Province
In place of depending on the federal government to collect provincial company taxes on its behalf, the provinces of Alberta and Quebec are responsible for collecting these taxes on their own behalf. In this instance, you will be required to file a separate provincial tax return with the province. This return is generated at the same time as your federal corporation tax return, which you submit with the CRA. When it comes to collecting provincial company taxes on behalf of the provinces, the federal government is in control in every other country.

Corporations are eligible for tax credits and deductions.
Businesses may take advantage of a number of different corporate tax credits to help them lower the amount of tax they owe the government. Examples include the Investment Tax Credit (ITC) and the Scientific Research and Experimental Development (SR&ED) credit, both of which may assist firms in lowering the amount of tax they are required to pay. Businesses may take advantage of a variety of tax deductions to help them decrease the amount of tax they owe. These include conventional company deductions, the small business deduction, charitable contribution and gift deductions, and the foreign tax credit. Businesses may also take advantage of a capital cost allowance, which can help them save money on their tax bills.

If you are eligible to claim any of these credits or benefit from any of the deductions, your accountant can aid you in assessing whether or not you are eligible to do so. Your accountant can also show you how these variables influence the amount of taxes owing by your company.

For new enterprises, determining the end of the tax year is essential.
When a fiscal year comes to a finish, the bulk of a company’s tax deadlines are determined. Many business owners assume that their fiscal year must end on December 31 and that they must set up their tax accounts with the Canada Revenue Agency (CRA), which defines their filing and payment deadlines, before obtaining professional help.

Given that it is not obligatory to have a December 31 year end, many business owners opt to have a different year end after they have created their CRA accounts. As a result, we are required to change their tax account registrations after the fact, which adds to the volume of work we do. It is recommended that you consult with a tax professional before choosing a fiscal year end for your firm.

In the case of newly created firms, it is permitted to choose any date for the end of their tax year, as long as the date falls within 365 days of the company’s formation date. A corporation founded on April 30 may choose a year end that is any day between April 30 and April 29 of the following year, if the corporation is formed on April 30 of the same year that the corporation is formed.

Consider choosing a year-end date that corresponds with a time of low activity for your organisation, such as the last day of a month, if at all feasible. Tax deferral solutions for end-of-year dates that do not fall inside the calendar year may be available in certain circumstances. Depending on your industry, your accountant may help you in identifying the most suitable fiscal year end for your company.

Accountancy, legal, and medical partnerships, among other types of professional associations with corporate members, must have a fiscal year that ends on December 31. In the majority of situations, these business partners are referred to as Professional Corporations, and they are subject to extra regulations that are specifically tailored to their needs.

Corporations are subject to taxation in Canada.

Filing a Corporate Tax Return is an essential element of the year-end corporate procedure for your small company, and it should not be overlooked. As a small company in Canada, we are well aware of the responsibilities and difficulties that come with owning and maintaining a small business in this country. We don’t treat your company as if it were just another file – we understand that running a small business is how you feed and care for your family, and that doing so demands the highest care and attention. The importance of proper reporting, maximising deductions, and reducing tax due is well understood by us. We will take into account the regulations for your industry in order to reduce taxes owed on your behalf.

When you commit your company’s accounting to the Tax Accountants and Accounting team at Bomcas Canada, you can be certain that our staff will explore all options available to reduce the amount of tax owed to the extent possible, within the limitations of Canadian tax rules. In addition, we will provide recommendations for strategies that your company may utilise to become more efficient, as well as possibilities to take advantage of tax benefits in the future.

Call us now to schedule a consultation with one of our Canadian tax accountants to learn more about how we can save you money on your taxes!

Our accounting firm in Canada can produce the following for you and your company:

• Corporate Tax Return (Form T2).
• Year-End Financial Statements
• Examine your bookkeeping, as well as the production and compilation of your financial statements and outcomes.
• Trust is re-established.
• GST (Goods and Services Tax) Returns
• T slips are required for stockholders, workers, and subcontractors.
• Companies and their stockholders are part of a larger picture.

Our tax accountants will also work with you to obtain a better grasp of your family’s income and tax status in the overall scheme of things. Our Canadian tax accountants are able to distribute earnings among shareholders in the most effective way as a result of our efforts. While this may result in a greater tax amount payable on your company or personal tax returns, you can be certain that you will pay less in total taxes as a consequence of this change.

Increasing the amount of dividends or bonuses paid to shareholders in a given year might assist to delay and reduce the amount of corporation taxes owed in the next year. Informing our small business accountants of any additional sources of income that you or your spouse may have will assist us in reporting dividends or bonuses in the most advantageous manner possible while being within the parameters of the law.

All companies are required to submit a T2 corporate tax return for each fiscal year, even if the firm is not liable for any tax. According to the kind of company you have, your filing date may vary, but in general, it is six months after the end of the corporation’s fiscal year (unless otherwise stated). If there is tax owed, interest will be imposed on any sums that remain unpaid after three months. It is possible to get your return submitted on time if you use the services of Bomcas Accounting and Tax Services.

The Shareholder Loan Account seems to be one of the most troublesome sections of the corporation’s operations at the moment. An account for shareholder loans serves as a means of keeping track of sums due to the firm by shareholders and amounts owed to shareholders by their own companies. Throughout a fiscal year, it is normal for certain company costs to be paid from a shareholder’s personal bank account or credit card, and vice versa, for personal expenses to be paid from a shareholder’s business bank or credit card account, depending on the circumstances. Such transactions are recorded as debits or credits to the shareholder loan account, depending on whether they are debits or credits. This account is reported at the end of the fiscal year for a company, and as a result, income (in the form of dividends distributed to shareholders) may need to be recorded on the firm’s tax return.

There are other variations of the term “Due to Shareholder??? such as “Due from Shareholder???, but the underlying concept is the same. In general, a shareholder loan reflects any money that have been donated to the organisation by the shareholders themselves. Furthermore, it reflects any cash that shareholders have taken out of the corporation in exchange for their shares.

It’s possible that you’re making use of your shareholder loan right now without realising what it is or how it works. Accounting and bookkeeping professionals often record transactions related to a company’s shareholder loan without the proprietor being aware of the fact that they have done so. Because of this, understanding when and how shareholder loans are used is a smart idea.

Owner Cash Withdrawal.
The most fundamental example of how a shareholder loan is employed is when an owner withdraws money from his or her firm. It is possible that the withdrawal will be treated as a loan from the company to the shareholder if it is not identified as a dividend or a pay.

This transaction may also be referred to as a “due from shareholder??? transaction by a bookkeeper or accountant since the loan amount is due from the shareholder to the corporation.

Purchase of a personal item using funds provided by the company
An other example of an owner withdrawal is when a shareholder uses company cash to make a non-business transaction using their personal money. Perhaps you made the mistake of using the incorrect credit card to pay for those items, resulting in an error charge to the firm.

Contribution from the owner.
It is called an owner contribution when a shareholder of a firm contributes part of their own cash to the company to offset expenditures. This is done to cover expenses. If your business has a limited cash flow, you may be able to borrow money from your personal line of credit and transfer them to the firm instead. As a result, the shareholder has made a financial loan to the firm, and the corporation will be required to repay the debt at some time in the future.

Paying for business expenses using personal funds is not recommended.
When a shareholder of a corporation pays for something from a personal account that is a cost for the corporation, this is also regarded to be a contribution to the corporation. Perhaps you shop for office supplies at Costco and pay with a personal debit card that you have on hand.

All of these are instances of transactions that might have an impact on a shareholder loan account’s balance. The running sum of all shareholder loan transactions is referred to as the shareholder loan balance at any particular point in time. If you take money out of your business, the amount you owe rises as a result (aka due from shareholder). Putting personal cash into the corporation will result in a reduction in the amount you owe.

If you make more contributions to the corporation than you borrow from it, the balance of the shareholder loan changes, and the corporation now owes you money instead of the other way around (aka due to shareholder).

• How to Prevent Shareholder Loan Tax Issues in the Future.
• Paying back the debt.
• Accepting the money in the form of a salary or compensation
• Taking the money as a dividend is a good idea.

By declaring the $60,000 as a dividend, the company’s owner might avoid paying two taxes on the same amount of money. A dividend would be issued, and the cash would be transferred to the owner’s personal account by the bank. Because dividends are taxed at a lower rate than job income, there is no risk of double taxation in this circumstance.

While it comes to dividends, one thing to keep in mind is that the shareholder will not be required to pay source deductions when receiving the cash. Although this seems to be a positive development, it is highly possible that the shareholder will owe taxes on submitting their personal tax return since no taxes have been paid on the amount of the dividend. It is possible to prevent a surprise tax bill in April by arranging ahead of time with your Canadian tax professional.

As you can see, there are several aspects to take into consideration. Contact our Canada tax accountants to guarantee that you are making the best selections possible.

Corporate Tax Return Preparation

Business Tax Return Preparation in Canada. Canadian small business tax accountants can help you reduce taxes owed or maximize your refund.

Canadian Small Business & Corporate Tax Return Preparation Services 

Preparation of financial statements and bookkeeping services for corporations, as well as corporate tax preparation.
The financial reports that link your books and financial statements, inspire the faith of your readers, comply with CRA, and serve as an excellent basis for business decisions are all important functions.

Tax professionals and advisors at our firm will offer you with experienced guidance on all aspects of corporate taxation that pertain to your company. We understand that every business is unique, and we tailor our solutions to meet their needs.

Accounting services provided by a professional.

We offer a comprehensive range of accounting services that are tailored to the needs of our business clients. Our objective at all levels is to deliver great, trustworthy service that guarantees your company does not pay more tax than it is required to.

Here are a few examples of the corporate tax preparation and bookkeeping services we provide for businesses:

• Financial Statements of a corporation.
• Returns on Corporations’ Taxes.
• Bookkeeping Services.
• GST/HST/PST/QST remittances.
• Ensure yout Business remains compliance with Tax laws and regulations.

Professional accountants for Canadian businesses.

Corporate tax and reporting services provided by Bomcas Canada may be tailored to fit the unique requirements of Canadian businesses. Our services include but not limited to the following:

• Preparation of financial statements.
• Preparation and processing of federal T2 and provincial company income tax returns is part of my job description.
• Preparation and processing of indirect taxes returns are two of my responsibilities.
• Tax planning for corporations in order to establish the most advantageous remuneration and payments.
• Review and recommendations for the organizational structure.
• Tax planning is done in order to guarantee that the least amount of company taxes is owed.
• T4, T4A, and T5 statutory slips, among others, are reviewed and filed.
• CRA Audits.
• Corporate income tax returns are prepared and filed on a regular basis (T2).
• Federal and provincial tax legislation, as well as federal and provincial tax compliance
• Tax compliance in the United States.
• Non-resident stockholders can benefit from our tax services.
• Taxation services for foreign corporations doing business in Canada
• Employee tax returns prepared (T4s, T4As, and T5s).
• Tax preparation and filing for those who have paid their taxes late or not at all.
• Tax transparency and tax appeals are two important aspects of our tax services.
• Communicate with the Canada Revenue Agency for you.
• Income tax planning and tax strategy are two important aspects of our financial planning.
• Reorganization and amalgamation tax services are available.
• Filing of HST and sales tax returns.
• Compensation planning is important.
• Tax advisory services and other services in the area of taxation.
• Remote services for online corporation tax preparation are available.

The legislation, techniques, and obligations that relate to reporting corporation taxes vary from province to province and from territory in Canada. The tax filing procedure may be tough for any business, whether it is a small or medium-sized business or a global enterprise. To name a few tasks, several computations, cost monitoring, remittances, and deductibility are necessary. Furthermore, tax compliance is difficult year after year since provincial and federal rules are always changing.

Make assured that your company’s future and reputation are not compromised in any way. Our experienced tax accountants’ years of experience in completing business tax returns will guarantee that you get the most out of your revenue while keeping tax compliant with the Canada Revenue Agency, Canada Tax System.

For Your Corporation, You Should Hire Tax Accountants?

Corporation taxes are seldom simple; thus, if you do not hire a professional to assist you in preparing, submitting, and consulting on your taxes, you risk missing deadlines, incurring costly fines, and hurting your company’s image.

We provide a comprehensive variety of business tax services to guarantee that your company is well-positioned for future development and success. We meet with you throughout the year to determine how we can best apply our knowledge and skills to benefit your corporation, as well as how to manage corporate tax difficulties in a sensitive manner. When you engage with corporate tax accountants that have years of experience, are skilled, and are enthusiastic about your company, you can be confident that your financial affairs are in good hands.