GTA Accounting is a highly rated CPA Firm in Mississauga
With over 200 5-star reviews on Google, GTA Accounting has also won awards on Clutch 2 years in a row, featured in the Toronto Star and is one of the Best Companies for 2022 on "ThreeBest Rated".
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Benefits of Our Corporate Tax Services in Mississauga:
Experienced Corporate Tax Accountants in Mississauga
Corporate tax returns can consume a lot of your time. You don’t want that, especially if you are running a business. You have to look after the more important aspects of your business like customers, operations, sales, vendors, etc.
On top of that, the business has to be well-known in the online world nowadays as most people search for specific things by looking them up on google. So you also have to make sure that you have an excellent online presence as well.
At GTA Accounting, we provide a wide range of services related to finance. Our CPA and expert Accountants have vast experiences and required knowledge on the subject of corporate taxes in Mississauga. We provide value to our clients; that’s why we have many clients on our list with whom we have been working for a long time. We make sure that our professionals are up to date with CRA’s requirements and all the conditions for filing corporate taxes.
Our wide range of services include:
- T2 Corporate Tax Return
- Self-employed Business Tax Return
- Tax Planning and Minimization
- GST/HST Tax Returns
- Bookkeeping for Corporations
- Compilation of Financial Information
- Incorporating and Business Registration
Corporations in Canada
When you are thinking of starting a business in Canada, you have many choices for the business structure. One of the types is to create a corporation. There could be several reasons for choosing a corporation to form a business. It could help you reduce liability and offer good credibility. However, the most crucial reason for creating a corporation is that Canadian Corporations have a different tax calculation form than other kinds of business in Canada. The deductions are based on the type of corporation. Some corporations would be entitled to certain deductions and rates. So that’s why you have to know which category your corporation falls in.
Different types of corporations:
Canadian-Controlled Private Corporation (CCPC)
As the name says, CCPC is a private corporation. There are some requirements that this corporation has to fulfill to fall under this category.
- The corporation was a resident in Canada from June 18, 1971, to the end of the tax year.
- Non-resident individuals do not have control over it, either directly or indirectly.
- Public corporations do not control it (except the prescribed venture capital corporation)
- It is not owned or controlled by a Canadian corporation that trades on an authorized stock exchange outside Canada.
Other Private Corporation
This category of the corporation has to be a resident in Canada as well and be private. It should also meet the following requirements.
- It is not under the control of one or more government corporations.
- It is not controlled by one or more prescribed federal Crown corporations.
It is not under control by any of the corporations listed in the previous two conditions
Public Corporation
A public corporation has stocks that are listed on the Canadian stock exchange. It has been elected or appointed by the National Revenue minister to become a public corporation. It complies with the mentioned condition under Regulation 4800.
Corporation Controlled by a Public Corporation.
This is a type of corporation which is a Canadian subsidiary of the corporation above. But, it wouldn’t qualify as a public corporation when you are filing the T2 Corporation income tax return.
Why Clients Choose
GTA Accounting
The majority of our clients stay with us long-term due to our availability, transparent pricing and quality of service in addition to our evolving knowledge of tax laws.
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