Corporate Tax Preparation & Filing Services
Take Control of Your Finances Without Breaking the Bank. Professional bookkeeping and tax solutions tailored to your needs at an affordable price.
Affordable T2 Tax Filing with Best Prices Guaranteed
Filing your T2 corporate tax return can be overwhelming. With so many rules, deductions, and filing requirements, it’s easy to feel lost. At Ottawa Bookkeeping, we simplify the process, ensuring your taxes are filed accurately and on time while minimizing your debts.
Let us handle the complexities so you can focus on running your business.
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Affordable T2 Tax Filing with Best Prices Guarenteed
Shareholder Loan Accounts: What to Know
Shareholder Loan Accounts: What to Know
A shareholder loan account tracks money owed between you and your corporation.
- Liability Side: Money the company owes you—no tax implications.
- Asset Side: Money you owe the company. If not repaid within a year, it may be deemed personal income, resulting in double taxaWe’ll
We’ll ensure your shareholder loan account is managed to avoid unnecessary tax liabilities.
Corporate Tax Rates, Filing, and Payment Made Simple
Federal Corporate Tax Rates
Corporate tax rates depend on your location and the size of your business. The base federal tax rate is 38%, but most businesses qualify for deductions, such as:
- Small Business Deduction: Canadian Controlled Private Corporations (CCPCs) enjoy a reduced tax rate of 10.5% on the first $500,000 of active business income.
- Federal Tax Abatement: Income earned in Canada (excluding certain types) is eligible for a 10% rate reduction.
- Manufacturing and Processing Profits Deduction (MPPD): Businesses with over 10% of gross revenue from manufacturing and processing can claim a 13% deduction on non-small business income.
Provincial Corporate Tax Rates
Tax rates vary by province. Your T2 return automatically includes provincial filings for most provinces, but in Alberta and Quebec, separate filings are required.
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Corporate Tax Rates, Filing, and Payment Made Simple
Corporate Tax Filing Requirements
All corporations operating in Canada must file a corporate tax return, even if they:
- Have no income.
- Are inactive.
- Are tax-exempt or non-profit?
Key filing details:
- Deadline: File within six months of your fiscal year-end. Unlike personal taxes, corporations can choose their fiscal year-end.
- Installments: Most corporations pay taxes monthly or quarterly throughout the year. Missing payments or filing late can result in costly penalties.
We ensure your T2 return is prepared accurately, submitted on time, and meets both federal and provincial requirements.
Common Questions from Small Business Owners
Salaries vs. Dividends: How Should I Pay Myself?
Choosing between salaries and dividends depends on your business goals.
Salaries:
- Reduce corporate income by treating payments as an expense.
- Allow RRSP contributions.
- Require payroll registration and remittances.
Dividens:
- Paid from after-tax income and qualify for a dividend tax credit.
- Offer less red tape but limit future CPP benefits
We’ll analyze your situation to determine which option maximizes your tax savings.
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Common Questions from Small Business Owners
Employees vs. Subcontractors. What’s the Difference?
While subcontractors can reduce payroll costs and paperwork, misclassifying workers can create CRA penalties.
Key Differences:
- Employees: Require payroll remittances and are eligible for benefits.
- Subcontractors: Handle their own taxes but require clear contracts to avoid CRA scrutiny.
We help you structure worker agreements to stay compliant while minimizing expenses.
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Why Choose Ottawa Bookkeeping?
Best Prices Guaranteed
Affordable corporate tax preparation tailored to small businesses.
Tax-Saving Expertise
We help you identify deductions and credits to reduce your taxes.
CRA Compliance
Accurate returns that meet all federal and provincial regulations.
Year Round Support
Our bookkeeping packages include ongoing tax advice to help you meet deadlines and reduce stress.
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Relieve Your Corporate Tax Stresses
Tax season doesn’t have to be a headache. At Ottawa Bookkeeping, we handle every detail of your corporate taxes, from calculating deductions to filing returns, so you can focus on growing your business.
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What Our Clients Say About Us
Ottawa Bookkeeping turned my financial chaos into order. Now I can focus on growing my business instead of stressing over my books.
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Whether you’re a startup, an established business, or self-employed, Ottawa Bookkeeping is here to help. Let’s take the stress out of bookkeeping and empower your financial success.