Corporate Tax Services

Corporate tax is more than filing a T2 (a Corporate Income Tax Return). For incorporated business owners, tax decisions affect cash flow, personal income, future planning, and how confidently you can grow your business.

At Creekside Accounting, we provide corporate tax services for owner-managed corporations in Kelowna and the surrounding Okanagan area. Our focus is on clarity, proactive planning, and coordination between your corporation and your personal tax - not just year-end compliance.

This service is designed for incorporated businesses that want fewer surprises, better planning, and a clear understanding of how their numbers fit together.

Many incorporated business owners come to us after experiencing one or more of the following:

• Unexpected tax balances owing
   
• Confusion around salary versus dividends
   
• Unclear cash management strategies
   
• A sense that tax planning isn't happening
   

Our goal is to help you understand your corporate tax position before problems arise and to support better decision-making throughout the year.

Every Canadian corporation must file a corporate tax return, known as a T2, for each fiscal year, even if there is no tax owing.

A T2 (Corporate Income Tax Return) reports:

• Corporate income and expenses
   
• Taxes payable or refundable
   
• Tax credits and deductions
   
• Cash positions and taxable income
   

Unlike personal tax returns, corporate tax interacts indirectly with owner compensation through things like dividends which is why planning is important. Filing correctly is key, but filing strategically is where real value is created.

Our corporate tax services are tailored based on the complexity of your business and ownership structure. Services commonly include:

• Preparation and filing of corporate tax returns (T2)
   
• Owner compensation planning (salary vs dividends)
   
• Corporate and personal tax integration
   
• Review of historical tax balances and tax deferral opportunities
   
• GST/HST and corporate tax coordination
   
• CRA risk considerations and support related to corporate tax filings

• Review of bookkeeping for accuracy and completeness

• Adjustments and clean-up as needed before filing

• Review of corporate financial performance and recommendations for growth
   
• Instalment and deadline planning to set you up for next year
   

We review your bookkeeping records closely to ensure your corporate tax return reflects the full picture, not just isolated numbers.

Incorporated business owners often owe more tax than expected because corporate and personal tax decisions are not coordinated.

Common issues we see include:

• Drawing funds without understanding tax consequences
   
• Salary or dividend strategies chosen without planning
   
• Cash accumulation without a future plan
   
• Unpaid instalments creating unnecessary CRA interest charges
   
• Tax planning that is not actively happening
   

Proactive corporate tax planning helps you:

• Manage tax balances for the upcoming year
   
• Choose compensation strategies intentionally
   
• Improve cash flow and profitability
   
• Reduce stress around deadlines and CRA notices
   

This service is a good fit if you:

• Operate through a Canadian corporation
   
• Are an owner-manager or a shareholder
   
• Want proactive tax guidance, not just filing

• Are planning to incorporate and are unsure what the next steps should be
   
• Value clear explanations and practical advice

• Prefer a personal, long-term relationship over a large firm experience
   

We work with incorporated businesses across industries, including trades, professional services, consultants, and growing owner-managed companies.

This service may not be the right fit if you:

• Are looking for the lowest-cost T2 filing only
   
• Need complex international or cross-border tax planning, trust services, corporate reorganizations, or estate planning.

• Need specialized tax work outside our core focus, including farming, fishing, indigenous organizations, or immigration-related tax matters, where different tax rules apply.
   

We aim to be clear upfront so expectations are aligned on both sides.

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: You Provide Your Documents & Sign Our 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 an email from our CPA acknowledging that records have been received. 

• Step 3: Connected to a Corporate Tax Preparer - You'll be connected with one of our experienced corporate income tax preparers who will be your main point of contact throughout the preparation of your corporate income tax return.

• 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: First 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: Second CPA Review -  Your corporate income tax return is then reviewed a second time by a Chartered Professional Accountant.

• 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 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. 

While the process involves several steps, our role is to manage the details and keep everything moving smoothly. We will guide you through each stage, communicate clearly by email, and follow a documented workflow to ensure nothing is missed.

Our goal is to make the personal income tax process straightforward, organized, and predictable for you.

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 an active Canadian owned small business corporation). Inactive / investment corporations only have 2 months to pay their taxes due.

• Your financial statement deadline is often 3 to 4 months after your year end date (if you need to provide financial statements to your lender).

• 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 date.

• 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 then be able to send you email reminders when it's time to get the process started. 

Corporate tax works best when it is coordinated with your broader accounting and advisory support. Many corporate tax clients also work with us for:

• Ongoing bookkeeping and accounting support
   
• Financial statements and year-end reporting
   
• Tax planning and advisory for business owners
   
• Personal income tax preparation
   

This integrated approach helps ensure decisions are aligned across your business and personal finances.

If you are an incorporated business owner looking for proactive corporate tax support, the ideal next step is to book a paid consultation.

We will review your situation, answer key questions, and outline whether our services are the right fit.