Some Important Corporate Tax Questions?


maandag 6 juli 2015 om 10:27:17

Are you a good tax payer? Then, why you should keep paying taxes without getting any benefits for being consistent? What will you do if someone says you could actually save your tax expenses? That might wake you up. And if you’re a businessman you should answer these questions quite easily.


  • Do you know when you’re due to fill your corporate tax returns?
  • Do you know how you Canadian corporate taxes are filed?
  • What are your options?
  • What are the tax credit options for you?
  • What incentives do you have in conducting research and development?


Since you’ve consumed all your efforts on operations, marketing, distributions and basic financial aspects, its likely that you may not know that you could actually SAVE on taxes.


These questions may not be directly related to your business, but there are lots of them who try to find their answers at the end of financial year. Earlier is better, the more you learn the more benefits you have. Hire a professional business tax service that can provide you information regarding potential tax saving and refund options. And that’s not it, because these experts are qualified tax consultants, they can help you get those benefits. is a tax service dealing with corporate tax credits and refunds with a vast experience in every industry. The company has been providing its services for decades.


If you want to know the answers, read the following lines:


  1. When to fill

That’s the basic rule and most of us know that Canadian corporate tax return is due to be filled within six months after the end of financial year. But what date should your consider as the deadline? It depends upon the date your business started. Businesses have different financial years. So, if your fiscal year ends 30th June, you have to fill and submit your corporate tax return before 31st December.


  1. Filling it

It depends upon the corporation you’re running. There is a T2 tax form for corporations that must be submitted every year. All corporations are liable to fill out this form unless it’s a charitable business. The process of filling corporate tax form isn’t as simple as Personal Income Tax form (T1). Therefore, companies normally hire corporate tax consultants to perform this task.

All corporations can file their income tax returns electronically. Those generating more than $1 million in a year are required to file corporate income tax returns electronically.


  1. Tax credit options

These are incentives for the companies on performing certain activities, such as spending money on energy-efficient resource. Tax credits are adjusted to determine adjusted gross income. They are individually calculated and require several worksheets. For example, you have to use 8941 form to calculate Tax Credit for Small Business Healthcare. After calculating all tax credits, the total is added in Form 3800 under General Business Credit.

You have different options available to save your taxes through tax credits. These are:

  • Work opportunity tax credit
  • New veteran tax credit
  • Disability access tax credit
  • Small business healthcare tax credit


  1. SR&ED

If you spent money on any research project or development, you will be entitled to get tax refund. But you must fulfill these criteria:

  • Research must enhance the understanding of technology
  • Must address uncertainty related to particular technology
  • Investigate possible causes with the help of qualified personnel
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