Corporate Tax Services

Incorporations are a separate legal entity. 

This means they are a legal 'person' in the eyes of the law, and the tax man. Because of this the have to file a corporate income tax return called a T2 Corporate Income Tax Return. 

T2 Corporate Income Tax Returns are more complex that a personal income tax return most Canadians are familiar with. They come with a whole new set of rules and schedules that need to be completed. They also heavily rely on great bookkeeping to ensure they are filed accurately. 

To help avoid unnecessary audits and unexpected taxes always reach out to Chartered Professional Accountant when looking for corporate income tax return services. 

Here at Creekside Accounting we LOOOVE small businesses. They make up 100% of your corporate client base. 

We help business owners in all sorts of industries including:

• Restaurants, Cafes & Bakeries
• Trades & Construction
• Management Consulting
• Engineering Services
• Financial Services
• Landscaping
• Retail Outlets

Small business owners are the backbone of the Canadian economy and we work every day to help make our small business client's lives easier. Helping them with their corporate tax services is one way we do this. 

We love being our client's accountant, tax advisor, and business ally. 

We offer a variety of services to our corporate clients including:

• Corporate Income Tax Return Preparation
• Financial Statement Preparation Services
• Personal Income Tax Return Preparation (for shareholders)
• Tax Planning & Optimization Services
• Business Sale and Purchases
• GST/HST, PST, WCB, and Payroll Assistance
• CRA Audit Assistance (for existing clients)
• Monthly, Quarterly, or Annual Bookkeeping / Data Entry

Here at Creekside Accounting we provide Financial Statement Services as an 'add-on' available with any corporate income tax return. 

We do this to help lower our fees for clients who do not need formal financial statements. 

Financial Statements are an official document package that:

• You can provide to bankers to obtain financing 
• You can provide to a landlord to acquire/maintain a lease
• Are excellent for managerial review 
• Provide a snap shot of your business’s health. 

To ensure the highest quality of services we ask that all Creekside Accounting clients interested in a financial statement package complete a financial statement questionnaire. This allows us to much better understanding into the operations of your business and can help make recommendations that will improve your business. 

Once new clients have been onboarded into our system and authorization forms signed we'll begin preparing your corporate income tax return. Our process looks like this:

• Step 1: Provide Your Documents & Sign Your Engagement Letter - We'll send you a checklist and an engagement letter for signing. We'll also let you know how you can provide your information and what to provide. 

• Step 2: Confirmation of Receipt - You'll receive a thank you email from our CPA acknowledgement your records have been received. 

• Step 3: Connected to a Corporate Tax Preparer - You'll be connected with a friendly corporate income tax preparer who will be your main point of contact throughout the file.

• Step 4: We'll ask for information (a lot of information) - Emails, phone calls, and inquiries can all be expected. This is us checking your bank balances, your accounts receivable, your assets, your loans, and your bookkeeping. This process can take anywhere from 2 weeks to 3 months depending on your response time and the information you provided up front. This step is crucial to ensure your corporate income tax return is completed accurately. 

• Step 5: 1st CPA Review - Your corporate income tax return will be reviewed by a Chartered Professional Accountant. They'll review all of the information you've been providing and see if gaps still exist and if there are any tax planning options or audit risks that need to be assessed. 

• Step 6: More Info Please - Your dedicated income tax preparer will contact you for more information after your file has received is 1st Chartered Professional Accountant review. 

• Step 7: 2nd CPA Review -  Your corporate income tax return is then reviewed a second time by a Chartered Professional Accountant. Yes! Two CPA reviews!

• Step 8: Recommendations & Drafts For Review - If no further information is needed a Chartered Professional Accountant will email you with a draft copy of your corporate income tax return and send you a list of recommendations. 

• Step 9: Wrapping Up - If you are happy with your corporate income tax return/financial statements you'll sign your e-signature package, pay your invoice and have your year end filed. An optional wrap-up meeting is available with our Chartered Professional Accountant if you have any questions. Once signed and paid we'll e-file your corporate income tax return. 

It's a big process and a lot to keep track of! 

But not to worry, all you have to do is keep an eye on your email. We'll take care of the process and guide you through each step. We have a documented and organized workflow that will keep you (and us) on track.   

Because corporate income tax returns can take quite a long time frame to be completed (between 2 weeks and 3 months) keep the following deadlines in mind:

• Your tax payment deadline is 3 months after your year end date (if you are a Canadian owned small business corporation)

• Your corporate tax return filing deadline is 6 months after your year end date

• Please provide us your year end records five weeks after your year end deadline

• If you also require bookkeeping or expense summarization services, please provide your documents 2 weeks after your year end date. 

Worried about missing deadlines? Make sure you onboard with our services early! We'll send you email reminders when it's time to get the process started. 

If you are ready to start your corporate income tax services with Creekside Accounting then check out our getting started page or book an appointment to speak to our Kelowna accountant.