Due Dates for Corporate Returns & Taxes

A corporation that is resident in Canada, carried on a business in Canada, has a taxable capital gain, or sold taxable Canadian property is required to file a T2 income tax return even if no tax is payable. Knowing when the return is due, and more importantly when the tax is payable is important to avoid costly interest and penalties. Be aware that…

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Consulting Corporations Beware

If you run your consulting business through a corporation you should be aware of the tax rules surrounding personal services businesses. Small business corporations are afforded preferential tax treatment on their income by means of the small business deduction. However, certain types of corporations are specifically excluded from claiming this deduction and can have many of the other benefits afforded a…

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