Article provided by: Archive Accounting Professional Corporation
Archive Accounting can help clients understand tax services in Okotoks and Canadian tax laws. All corporations conducting business in Canada have a baseline tax rate of thirty-eight percent of their income.
Corporations based in Canada with earned incomes can receive an abatement for their federal corporate taxes. The baseline tax rate for Canadian corporations is commonly known as Part 1 Tax. The federal tax abatement for Canadian based corporations earning income allows Part 1 Tax to drop by ten percent.
Even nonprofit corporations must file T2 corporate tax returns every year, which means that your corporation still must file corporate tax returns in Canada. Tax-exempt or inactive corporate companies must file tax returns with the Canadian government to conduct business. Your corporation must pay corporate taxes for any capital gain it earns, as well as for Canadian taxable property that is disposed of during a year.
Best Corporate Taxes in Okotoks for Locally Owned and Operated Businesses
Archive Accounting has a history of working with corporations from several industries throughout Canada. As the leading accounting firm in Okotoks, we pride ourselves on a job well done.
Very few corporations remain in Canada that aren’t required to pay federal corporate taxes, like registered charities. Other corporations that may not need to file taxes in Canada include exempt Crown corporations and Hutterite colonies. Archive Accounting can help you take advantage of tax breaks and exemptions to save your corporation’s valuable resources. Saving time means saving money.
For the best accounting and bookkeeping in Okotoks, you can turn to us at Archive Accounting. Small corporations can enjoy special tax deductions of ten percent if they operate and are based in Canada. Some exemptions and tax breaks come with specific requirements and criteria to become eligible, as well as income limits. For example, small Canadian corporations making more than five hundred thousand dollars per year can receive federal tax deductions.
Best Okotoks Accounting Services at Moderate Prices
Corporate tax rates in Canada are influenced by the corporation’s size and the province location. If you want to receive the most accurate assessment of your tax requirements, you might consider seeking the professional services of our team at Archive Accounting.
With our experience and advice, your corporation can save money. You must pay your corporate taxes within six months after the calendar year ends. Getting behind on your corporate taxes can cause significant problems for your business and its daily operations.
If you aren’t sure when your corporation’s taxes are due, you can let our staff offer assistance to prevent late fees or penalty fines. Corporations with revenues of more than one million dollars must electronically file their corporate taxes each year.
Free Consultations Offered by the Best Tax and Accounting Firm in Canada
Archive Accounting offers free consultations to Canadian corporations who require tax or bookkeeping services. Interested parties can click here to reach our online contact form to receive detailed information about our exceptional services. Please direct your questions to our customer support team for knowledgeable answers and thorough explanations so that you can follow along easily.