The Canadian Guide to Filing and Paying Corporate Tax
Corporate tax is the provincial and federal income tax for organizations doing business in Canada. Federal income tax is entered in the form of a T2 corporate return. All companies operating in Canada, including non-profits, tax-exempt corporations, and inactive corporations, must file a T2 return.
Even though the company has no income for the year, as long as that business operates, taxes have to be filed. In Canada, the fiscal year and level of income of your company can influence when and how you are filing your corporate tax.
Your corporate tax rate will vary from 28% to 38% depending on the size of your business, and which province you're in. It is always advised to work with best tax firms like Lalia Cpa as There are other deductions and tax credits available to businesses that reduce the tax burden on corporates.
It seems clear that making delayed payments on your taxes would incur penalties. But there are a few other less evident penalties like penalties for late filing and late payment to look out for. Essentially, the message here is to file your taxes on time; your future self will be thankful for that.
There are no twisting words here; filing your corporate taxes is complicated. We strongly recommend working with Lalia Cpa, the best Corporate Income Tax firm in Mississauga, Ontario.
We make sure your books are up to date and that you're filing and paying the right amount at the right time, and you're getting all the deductions you can possibly get.
Our primary focus at Lalia Cpa is to keep your business growing.
In contexts of tax and business strategy, we aim to help you make wise decisions that match your personal and professional motivations successfully, as well as the way you prefer to work. Visit us at http://laliacpa.com/service/corporate-taxation/