Filing corporate taxes can feel overwhelming, but GTA Accounting is here to guide you through the process and make it easy. Here’s a breakdown of how we handle your corporate tax filing and the steps involved, so you know what to expect from start to finish.

The Corporate Tax Process

When you choose GTA Accounting for your corporate tax needs, we follow a clear and structured process to ensure everything is done correctly and on time. Here are the 5 steps we follow:

  1. Sign the Engagement Letter
    You’ll start by signing an engagement letter, which outlines the services we will provide for your corporate tax return.
  2. Make a Deposit
    Before we begin preparing your return, a deposit for half of GTA’s fees is required.
  3. Tax Return Preparation
    Based on the information you provide, we will prepare your corporate tax return and any necessary forms.
  4. Review the Draft
    Once your return is ready, we’ll send you a draft PDF copy for your review. This allows you to double-check everything before we submit it.
  5. Approval and Filing
    After you approve the draft and make the final payment, we’ll file the returns with the Canada Revenue Agency (CRA).

Documents for Your Records

When the process is complete, you’ll receive copies of important documents for your records. It’s important to keep these documents for at least 7 years. You will receive:

  • A copy of your Corporate Tax Return
  • Internal Financial Statements or Notice to Reader Financial Statements
  • Trial Balance with Adjusting Entries
  • Confirmation Number for the filings we submit
  • An Installment Schedule for your corporate income tax and HST payments
  • T4/T5 Slips, if applicable

Tax Tips to Save You Money

At GTA Accounting, we don’t just file your taxes—we help you find ways to save. Your accountant will discuss some basic tax-saving strategies with you, such as:

  • Income Splitting: Consider splitting income with your spouse to reduce overall tax liability.
  • Paying Dividends: Paying dividends to shareholders can help defer personal taxes.
  • Claiming Home Office Expenses: If you use a home office, we’ll help you claim related expenses.
  • Maximizing Vehicle Expenses: We’ll make sure you maximize deductions for business-related vehicle expenses.

Final Thoughts

At GTA Accounting, we take the stress out of corporate tax filing by following a clear process and providing helpful tax-saving tips. If you need assistance with your corporate tax return or have any questions, contact us today and let us handle the hard work for you.