Business Tax Filings

Trust Us With Your Tax Burden

Tax Accountant specializing in Corporate Taxes in Greater Toronto and surrounding areas.

Business Development Services is a comprehensive accounting firm offering a wide range of tax services, including corporate tax services. We serve as your trusted corporate tax accountant in Mississauga and also extend our corporate tax services throughout the Greater Toronto Area (GTA).

Additionally, we facilitate remote capabilities to work effectively with our clients. As per Canada Revenue Agency regulations, all resident corporations, except crown corporations and resident charities, are required to file a corporate income tax (T2) return every tax year, even if there is no tax payable. This includes entities such as non-profit organizations, tax-exempt corporations, and inactive corporations.

With Business Development Services as your corporate tax accountant, we ensure that your tax return is filed no later than six months after the end of each tax year, corresponding to the corporation's fiscal period. If the tax year concludes on the last day of the month, the return should be filed by the last day of the sixth month following the end of the tax year. In cases where the last day of the tax year is not the last day of the month, the return should be filed by the same day of the sixth month after the tax year ends.

While the filing date for the return is six months after the end of the tax year, it is important to note that if any amount of corporate income tax is owed, tax payments must be made no later than three months (90 days) after the end of the tax year. At Business Development Services, we are dedicated to ensuring that your corporate tax obligations are met accurately and in a timely manner, providing you with expert guidance and support throughout the process.

For example, if your fiscal year end is December 31, XXXX. The corporate return would have to be filed by June 30, XXX but any taxes owed must be paid by March 31, XXXX. Any payments that are received late will be subject to interest and penalties by the CRA.

Business Development Services also provides corporate tax services to many of our business clients. One of our main services includes translating accounting financial statements to what is known as tax financial statements or General Index of Financial Information (GIFI) financial statements. GIFI financial statements are used to file the T2 return and reconcile income for accounting purposes to income for tax purposes. Once you have your corporate tax return ready for filing, there are 7 tax offices across the country that they can be sent to. The office that the corporate tax returns should be sent to is dependent on the province in which you primarily operate. Please contact Business Development Service as your corporate tax accountant to find the proper Tax Office to submit your corporate income tax return.

Tax Filing Services for Corporations

Customized Corporate Tax Return

We offer a customized corporate tax return service designed to cater to your specific business requirements.

Our comprehensive services encompass:

  1. Timely and accurate filing of your corporate income tax return (T2).
  2. Translating accounting financial statements to the General Index of Financial Information (GIFI) format.
  3. Handling nil returns for dormant or inactive companies.
  4. Implementing innovative tax planning strategies tailored to your business.

With our expertise, you can rest assured that your corporate tax matters are in capable hands, ensuring compliance and optimizing tax efficiency for your business.