Canada Accounting and Tax Services
By engaging Tetra Consultants for Canada accounting and tax services, you can be confident that you will be in the best hands. Our team of Chartered Accountants will ensure that your firm’s financial statements, corporate tax returns and audits are timely completed without the need for you to travel.
Additionally, outsourcing your accounting and tax needs to Tetra Consultants will allow you to reduce overhead costs while be ensured of timely reporting and filings. Before the start of the engagement, our Chartered Accountants will also keep you updated on all the required deadlines and expectations. Thereafter, we will prepare all required filings in advance to ensure that the stipulated deadlines are met.
Annual Reporting Requirements
- Generally, a newly incorporated company can choose any tax-year end as long as its first tax year is not more than 53 weeks from the date of incorporation
- The corporation must file its income tax returns within 6 months of the end of its fiscal period.
- Typically, businesses can adopt the accrual method of accounting.
- Under which, income have to be reported in the fiscal period you earn it in spite of when the income was received.
- Allowable expenses incurred in the fiscal period can be deducted even if they are unpaid for yet.
- All corporations are also mandated to keep their accounting records for 6 years after the end of the financial period to which each record relates to.
Canada Corporate Income Tax
- For various Canadian-controlled private corporations, you can claim for a deduction if you are operating a small business. This will effectively reduce the tax rate you are liable for.
- Based on where your business is located at – you may be subjected to 2 different income tax rates. The lower rate will apply to income-eligible for the federal small business deduction while the higher rate will apply to all other sorts of income.
Canada Goods and Services Tax (GST)
- All businesses will be liable to charge GST. The rate of tax is primarily dependent on the place of supply.
- Place of supply refers to where the sale, lease or other supply is made.
- This will largely depend on the province or territory your business is located at.
- Under the Greenhouse Gas Pollution Pricing Act, fuel charge will apply in certain provinces and territories.
- Generally, for persons who operate business activities in Alberta, Manitoba, Nunavut, Ontario, Saskatchewan or Yukon, you will have to register and be liable for fuel charge.
- Fuel charge returns is due by the last day of the calendar month following your reporting period.
Contact us now for a free consultation on Canada accounting and tax services or if you are considering Canada company registration. Our team of experts will revert within the next 24 hours.