Corporate Accounting Service in Norfolk County
Relieve the strain and pressures of corporate taxes by working with us to manage your business taxes with care, clarity, and full CRA compliance. We’re here to make sure your Norfolk County business stays on solid ground while reducing stress.
Clearing the Way Forward.
Tax season doesn’t have to be a nightmare. At Lakeside Accounting, we work with you to manage all aspects of your corporate taxes and related reporting. Put HST filings and annual returns behind you as we take care of the details so you can focus on what you do best.
Whether you’re newly incorporated or have been managing an established company for many years, we’re here to make sure your business stays up-to-date and compliant with professional tax help year-round.
- Questions? Contact Us Today!
Fill out the form below and send us a message to let us know the struggles your facing and the help you require.
Corporate Taxes at Any Size
Serving small and medium businesses across Norfolk County.
If you are just starting out with your own business or have been steadily working on your enterprise for decades, working with a corporate accountant is a game-changer.
Common Questions
Corporate accounting naturally inspires plenty of questions, from where to start and where to go next, we’ll try to answer the most common questions right here!
When are corporate taxes due in Canada?
Corporate tax returns in Canada are generally due six months after the end of the corporation’s fiscal year. For example, if your business’s fiscal year ends on December 31, your corporate tax return would be due by June 30 of the following year. However, the payment of taxes owed is typically required within two months of the fiscal year-end for small businesses, and within three months for larger corporations. Late filing or late payments can result in penalties and interest, so it’s crucial to file on time and make any necessary payments.
What is the Small Business Deduction (SBD) and how does it affect my corporation’s tax?
The Small Business Deduction (SBD) is a tax incentive available to Canadian-controlled private corporations (CCPCs) that meet certain criteria. This deduction provides a reduced federal tax rate on the first $500,000 of active business income earned by the corporation. It helps lower the tax burden for small businesses and encourages growth and reinvestment. If your corporation qualifies, the SBD can lead to significant tax savings, so it’s important to confirm eligibility and take full advantage of it.
Why is it beneficial to have a professional prepare my corporate taxes?
Hiring a professional to prepare your corporate taxes offers several key advantages:
- Expert Knowledge: With our years of experience and continuous learning, we have deep knowledge of the constantly changing tax laws, tax credits, and deductions available to businesses. We will help to ensure you comply with the law and take full advantage of tax-saving opportunities.
- Maximize Deductions and Credits: We can identify applicable deductions and credits (like the Small Business Deduction, SR&ED credits, and more), which can significantly reduce your tax liability.
- Minimize Audit Risk: We can ensure your return is accurate and complete, reducing the likelihood of an audit by the Canada Revenue Agency (CRA).
- Time and Stress Savings: Filing corporate taxes can be time-consuming and complicated. Let us handle all the paperwork, freeing up your time to focus on your business.
Do I need a CPA to file corporate taxes?
No, you do not need a CPA to file corporate taxes. However, it is highly beneficial to work with a professional who has expertise in corporate taxation as they are significantly more complicated than personal taxes. While CPAs are qualified for corporate tax filing, many tax preparers with relevant credentials and experience are also capable of handling corporate tax filings effectively, and typically at a lower price than a licensed CPA.
What specific documents and information do I need to provide to file corporate taxes?
To prepare your corporate tax return, some common docs we ask for are:
- Income statement
- Balance sheet
- Trial Balance
- General Ledger
- Bank and Credit Card statements
- Investment statements
- Loan statements
- Receipts/invoices for larger expenses and capital asset purchases
- Previous tax returns if readily available
These requests will be dependent on your business. If Lakeside Accounting handles your bookkeeping as well we can pull most of this information ourselves, resulting in even less work on your end.
Contact Lakeside Accounting Today!
Get started with tax and accounting services for your business that allow you to feel comfortable with the process. Trust your Norfolk County corporate tax team at Lakeside Accounting. Contact us today!
- Lakeside Accounting
- Based in Port Rowan, Ontario
- info@lakesideaccounting.ca
- (289) 681-5880
- Mon - Fri: 9am - 4pm
45 Minute Free Discovery Call
Book your free discovery call so we can get acquainted and find out if our corporate accounting services are a good fit for your business!
