The best in corporate income tax services

If you are incorporated, then you are legally required to file your corporation taxes each year. Even with this administrative requirement, there are benefits to incorporating. There are non-tax benefits and tax benefits. In addition to tax compliance, you will have additional wealth management needs once your business is profitable. For example, what do you do with your excess cash in the corporation? How do you mitigate the risk of the loss of a business partner? Do you need a mortgage to purchase that dream house?

GTA Wealth can help with all your wealth management needs in an efficient manner. Why go to multiple financial advisors and tax accounants, when GTA Wealth can help you with all your corporate tax and financial planning needs. It is more costly to incorporate and prepare corporate tax returns; however, some of the benefits are as follows:

Quick facts about corporate tax

• You are legally required to file your corporate tax returns each year.
• You can defer tax by using a corporation.
• A corporation can provide limited liability.
• Review options on how to remove excess cash from the corporation in a tax efficient manner.
• Review investment options to invest excess cash tax efficiently.
• Consider business overhead disability insurance; the premiums are tax deductible.
• If you are behind in filing your corporation taxes, you could be subject to interest and penalties on overdue back tax balances.
• Preparing your corporate tax returns on a timely basis reduces your risk of a tax audit.
• Having a professional prepare your corporate tax returns will enable you to utilize the available deductions and credits.

Reduce your corporation taxes with GTA Wealth

Incorporating provides non-tax benefits and tax benefits. One of the non-tax benefits is that the corporation will be a separate legal entity. What does this mean? The assets and liabilities will be owned by the corporation and will be distinct from the shareholder. This is different from a sole proprietor. As a sole proprietor, you are individually responsible for the debts of the business. Limited liability is also an attractive feature. The shareholder will not be responsible for the debts of the corporation. However, if you are a director of the corporation you could be responsible for liabilities. The director can be the “fall” guy for the corporation; so think twice before accepting this role.

One of the most attractive features of the corporation is the lower corporate tax rate. Depending on what province you live in, the corporate tax rate can be in the 15% range. It is beneficial if you can leave the excess cash in the corporation and pay the lower rate; however, if you have to pay all the excess cash out of the corporation to live, you will not be maximizing the lower tax rate. Contact the financial advisors at GTA Wealth to explore your incorporating options.

Your corporate tax return will generally be due six months after the fiscal year end. The taxes payable will generally be due three months after year end. In some situations, the corporation taxes will be due two months after the year end. You may also have to pay your corporate tax balance in instalments.

What should you do with your excess cash in the corporation? How can you remove the cash from the corporation on a tax efficient basis? If any of these questions are puzzling you, contact the tax accountants GTA Wealth for assistance and reduce the corporate taxes that you pay.

Benefits of GTA Wealth corporate tax assistance

• Free financial review: With the preparation of a tax return, GTA Wealth will provide you with a free financial needs analysis i.e. investment return review.
• Expertise: Accountants and certified financial planners to assist you.
• Efficiency: GTA Wealth can provide multiple services.  This can save you time and money; one advisor to help you with your tax, investments, mortgages, and insurance.
• Flexible:GTA Wealth has multiple offices across the GTA and flexible meeting times to meet your busy schedule.

The tax accountants at GTA Wealth are experts in corporate tax. Let GTA Wealth take care of all your corporate tax returns and reduce the taxes you pay.

Contact or call GTA Wealth Management toll free 1 855 GTA WLTH (855 482 9584). A professional tax accountant is ready to serve all your corporate income tax return needs. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.