Corporate Taxes

Corporate Tax for Small Business Owners

No matter what the size of your business it demands the best in accounting practices. If you are not business orientated when it comes to small business taxes it can be quite difficult to keep your bookkeeping and financial matters in order. The best way to get on top of your business tax matters as a Toronto small business owner is to utilize the services of a Toronto small business accountant right from the start.

Your NLCA Associate can tell you the best way to set up your regular bookkeeping methods. It may be something you can do yourself by using bookkeeping software. Or if you prefer not to then you can hire a bookkeeper. Your NLCA Associate may be able to assist you in these accounting services as well.

Staying on track with the Canadian taxes starts by keeping good records. Then this also gives the accounting for small business company that you are using the best opportunity to complete your business tax returns in an efficient manner. Proper accounting practices insure that you don’t miss anything both in and against your favor when it comes to taxes.

There is lots to learn when it comes to business taxes and just to give you some insight, the following is some of the tax information that you need to be aware of as a Toronto business owner.

What Small Businesses Need to Know

Small Business – Ontario

Tax Rate in Ontario on Active Business Income

In Toronto, Ontario, the general rate of tax for a Canadian Controlled Private Corporation (CCPC) what I like to refer as a “Small Business” in Ontario after taking into account a Federal Tax Abatement of 10% and Small Business Deduction of 17% is 11% Federally and 4.5% Provincial tax for Ontario bring the total tax on Active Business Income in Ontario to 15.5% which applies to Active Business Income up to $500,000.

Tax Rate in Ontario on Investment Income

When income is from investment or property it is not considered active income and is not subject to a Small Business Deduction and the Federal rate effective January 1, 2012 is 34.7% Federally and 11.5% Provincially for Ontario bringing the total effective combined tax rate to 46.2%. However part of these taxes are refundable when taxable dividends are paid out to shareholders.

These are just two of many important small business tax matters that you need to be aware of. These are amongst the many tax concerns that your NLCA Associate would address for your corporation. In addition an NLCA associate will offer the following services.

Services which we Provide for Corporations

  • Preparation of Year End Corporate Financial Statements
  • Preparation and Filing of Corporate Tax Returns – T2 Return with Canada Revenue Agency
  • Tax Planning
  • Issuance of T4 & T5 Slips
  • Filing of GST/HST returns
  • Filing of T1135 Form for Foreign Income Verification Statement
  • Selection of Accounting Software
  • Bookkeeping
  • Consulting
  • Voluntary Disclosure

There are different levels at which you can take advantage of the services a NLCA business accountant offers.

Please feel free to fill in the form on the top right hand side here to arrange for a FREE no obligation consultation.

34 thoughts on “Corporate Taxes

  1. best CBD Oil

    Excellent goods from you, man. I have understand your stuff previous to and you are just extremely magnificent. I actually like what you’ve acquired here, really like what you’re stating and the way in which you say it. You make it entertaining and you still care for to keep it wise. I cant wait to read much more from you. This is really a terrific site.|

  2. Hairstyles

    Hmm is anyone else experiencing problems with the pictures on this blog loading? I’m trying to find out if its a problem on my end or if it’s the blog. Any feedback would be greatly appreciated.

  3. Free Stuff

    Hey there! Do you use Twitter? I’d like to follow you if that would be ok. I’m absolutely enjoying your blog and look forward to new updates.

  4. Freebies

    I have been exploring for a bit for any high-quality articles or blog posts on this kind of area . Exploring in Yahoo I at last stumbled upon this site. Reading this info So i抦 happy to convey that I have a very good uncanny feeling I discovered just what I needed. I most certainly will make certain to don抰 forget this site and give it a look on a constant basis.

  5. Hairstyles

    I just couldn’t go away your site before suggesting that I actually loved the usual info a person provide on your visitors? Is gonna be again often in order to check up on new posts

  6. Fashion Styles

    I appreciate, cause I found exactly what I was looking for. You’ve ended my four day long hunt! God Bless you man. Have a nice day. Bye

  7. samochody

    Doskonała robota, którą wykonałeś, ta strona internetowa jest naprawdę fajna i zawiera fantastyczne informacje.

  8. trądzik

    Jak potrzebujesz trądzik to sprawdź mojego bloga. Najlepsze suplementy na trądzik oraz sprawdzone leki.

Leave a Reply

Your email address will not be published.