Articles for those Completing Canadian Corporate Tax Returns
- Knowledge of the General Index of Financial Information is essential for anyone completing a Canadian corporate tax return (and makes corporate accounting easier, too.) This GIFI Definition explains what it is and how to get it.
- What's New in Business Taxes for 2008 is a must-read because of the changes to Canadian corporate income tax as of January 1st, 2008. This article covers changes to the corporate income tax rate, changes to Capital Cost Allowance rates, and changes in tax instalments, all of which may affect your Canadian corporate income tax return.
- Tax-wise, not all Canadian corporations are created equal. Here are the different Types of Corporations in Canada as they relate to Canadian corporate income tax.
- Top Canadian Tax Software Programs includes Canadian tax software that's capable of helping you complete and file your T2 Corporate Tax Return, if you wish to do your own Canadian corporate income tax return.
Should You Incorporate Your Small Business?
Decreased liability (as compared to a sole proprietorship or partnership) and business tax advantages are two of the most common reasons for choosing the corporate form of business. But is it the right choice for your small business?
- First, have a read through The Advantages and Disadvantages of Incorporation and see if the advantages outweigh the disadvantages in your case.
- Then have a look at the Corporate Tax Advantages of the Canadian-Controlled Private Corporation. If you are going to incorporate, this is the type of Canadian corporation you want to have, tax-wise.
Filing Your Canadian Income Tax Return
When you have an accountant or other professional income tax preparer complete your Canadian income tax return for you, it's common for him or her to also file your income tax form(s) for you as well. If you are filing your Canadian income tax return yourself, the Canada Revenue Agency offers several different options.
- Individuals (those filing T1 personal income tax returns) can file their income tax returns electronically by using Netfile if they meet the conditions. (Efile is the version of Netfile used by tax preparation professionals.) Electronic filing is also available for corporations.
- Individuals can also use Telefile services, filing their Canadian income tax returns using a touch-tone phone, mail or hand deliver their income tax returns to the appropriate Canada Revenue Agency tax centre.
Making Next Year's Tax Load Lighter
- While most of us consider business record management to be scut work and tend to give it a low priority, good record management not only makes our working lives easier, but can give us real stress relief at tax time. Here are 7 Ways to Make Record Keeping Easy.
- There are legal ways to reduce the amount of Canadian income tax your small business has to pay each tax year, but you have to take action to make that happen. Get started with 8 Tax Strategies to Maximize Your Income Tax Deductions.
