Toronto CPA Service

Have you established a limited company to provide long-term services to a single client, hoping to enjoy the low tax rates of a Canadian Private Company (CCPC)? You may have fallen into the "Personal Services Business" trap as defined by the Canada Revenue Agency (CRA). Once classified as such, your company's tax burden and deductible expenses will be severely restricted. What is PSB? You may have already fallen victim to it. Simply put, if you strip away the corporate shell and are...

Many people setting their company's year-end date to December. This means that the tax filing deadline for most companies is approaching! If the year-end falls in December, then June 30th is the company's tax filing deadline! Many business owners mistakenly believe that "if the company isn't making money, it doesn't need to file taxes"—this is a misconception. Or they think, "I'll have to hire an accountant anyway, so I don't need to worry about it"—but without understanding the procedures,...

Avoid CRA Penalties, Interest Charges & Compliance Risks Before It's Too Late Every Year, Thousands of Business Owners Pay Avoidable CRA Penalties A new business owners deadline is exciting. Missing a tax deadline is not good. Many new entrepreneurs focus on sales, marketing, hiring, and growth, but overlook one of the most expensive business risks: Monthly Payroll Remittance Deadlines If your corporation has employees, payroll deductions must be remitted to CRA on time. Payroll deductions...