Corporate taxes can be complicated, but the longer you wait to complete your tax return, the bigger the obstacles and fines you will encounter along the way.
The professionals at Liu & Associates can address any taxation concerns you may have about your Edmonton business and take the pressure off of late tax filings with our expertise! We know how the CRA works and we understand the challenges that corporate taxes can cause.
Why try to stay on top of your finances on your own when you can have a team of professional accountants develop your corporate tax plan?
The Complexities of Corporate Tax Returns
Most personal tax returns can easily be done each year with accounting software or by simply paying close attention to detail.
However, businesses in Edmonton have complex finances and are faced with many more requirements at tax time.
For example, in addition to the standard T4 tax form, corporations are also required to submit T2, T3 and T5 forms. They are also obligated to report interest, dividends, capital gains and foreign on specific and designated forms.
For these reasons, corporate taxes require accurate bookkeeping and knowledge of how these taxes work.
Staying On Top of Your Finances
Many corporations feel that they are on top of their finances but multiple aspects of corporate taxes can easily become overlooked.
These simple mistakes can lead to late taxes, improperly filed taxes, penalties and interest – plus, reassessments can be time-consuming and delay having your taxes filed.
If you find yourself faced with an intimidating audit or appeals process, Liu & Associates can streamline your challenges with our familiarity and understanding of the CRA (Canada Revenue Agency) and its policies.
Understanding How the CRA Works
The CRA handles corporate taxes very differently than they do personal and individual taxes.
Corporate tax rates vary just like personal tax rates – yet it is important to understand how your specific business entity type is taxed. This way you will know how much of your income remains in the business and how much is paid in taxes.
Liu & Associates understands how the CRA works and can ensure that your tax returns are properly filed as well as inform you on what rate your business is taxed at.
Developing Your Corporation’s Tax Plan
It is always better to prepare for problems instead of trying to clean up after them.
We can work with you to develop a tax plan so you can spend more time focusing on your business and investments instead of your company’s finances.
Is Your Business Growing Or Evolving?
Liu & Associates can also help to reorganize or restructure your systems to better benefit your finances at tax time.
What are you waiting for? If you run a corporation in Edmonton or Calgary, we can help you deal with corporate tax filings.