Professional Corporate Tax Returns in Winnipeg
If you’re one of many small business owners who have decided to incorporate, you’re not alone. The tax benefits and legal protections of incorporating are worth the effort. However, every corporation must file its taxes, even with no owed taxes. To ensure good standing with the CRA, you’ll need to file corporate tax returns in Winnipeg.
While you can file your own corporate taxes, Canada’s tax rules and regulations for small businesses can be confusing and cumbersome, making navigating the process difficult for someone without training and experience. This makes it challenging to stay entirely in compliance while maximizing tax savings without guidance from an accounting expert.
When tax time rolls around, avoid the headache by hiring tax preparation services from professionals who understand the ins and outs of CRA protocol.
At Virtus Consulting Accounting Firm, we prepare and file your corporate tax return to maintain your company’s finances. Our experts take the guesswork out of the tax filing process so you can get back to growing your business. What’s more, our team cares deeply about the success of every one of our clients.
What Are Corporate Accounting Services?
A corporate accountant summarizes a corporation’s finances to tell the financial story of that company. Not only is this summary used to communicate with the CRA to pay taxes, but your corporation’s financial department can (and should) use it to determine opportunities for economic improvement.
The summaries created by corporate accountants serve as financial statements integral to long-term record keeping. Exceptional accounting services depend heavily on meticulous bookkeeping, which is why Virtus Consulting also offers in-house bookkeeping services.
Our team has years of experience with bookkeeping and Canada’s tax laws to meet high-quality standards across the board. As a result, your company’s financial story will be as detailed and transparent as possible.
Exceptional accounting and tax services also rely heavily on honed analytical skills. Our trained and certified accountants pore through data pages and translate minute details into a coherent story about your company’s financial state.
Canadian Corporate Taxes:
What You Need to Know
Corporations in Canada must abide by specific tax rules and regulations; note that not filing taxes or filing incorrectly can result in legal trouble.
You must file a corporate tax return in Canada:
- For any kind of corporation, including inactive, not-for-profit, or tax-exempt
- For non-resident corporations that conducted business or earned capital gains in Canada
- For corporations owning Canadian taxable property, which includes:
- Canadian real estate
- Shares of private Canadian corporations
- Canadian property where you conduct business
- Interests in Canadian partnerships
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Paying Corporate Taxes
Before filing your corporate taxes, it’s essential to implement bookkeeping best practices by recording your transactions, expenses, profits, and losses meticulously.
Well-kept books provide the necessary action to calculate the correct taxes owed so that your business is compliant. Your accountant calculates your taxes based on taxable income, as your bookkeeping records indicate.
To avoid a late filing fee from the CRA, corporations must file their taxes no later than six months after the end of their fiscal year. To receive a refund, you must file within three years of the end of the fiscal year.
Corporations can pay taxes in monthly or quarterly installments if taxes exceed $3,000 for the previous or current year. The total balance is due within two to three months of the end of the fiscal year.
How to File Corporate Tax Returns
You can file your own corporate taxes using CRA-certified software.
Still, we strongly advise doing so only if you or someone on your team has deep experience with Canada’s tax laws. Hiring a trusted corporate tax professional means taxes are filed on time and in compliance with corporate tax rules and regulations. Filing your own corporate taxes with errors could result in fines or legal repercussions.
When you hire our team of corporate tax accountants at Virtus Consulting, we’ll handle the entire process of preparing and filing your taxes. All your information is in one place, lessening the headaches around tax season.
Do You Need Professional
Corporate Tax Return Services?
Hiring a professional accountant to file your corporate tax return in Winnipeg is a sound investment in the financial integrity of your company. Some companies find it tempting to cut down on costs upfront and file their own taxes, but find errors catch up to them later down the road.
As tempting as it can be to file your own taxes, hiring a firm like Virtus Consulting offers clear benefits. Our chief accountant Blair Henderson brings over 16 years of experience to the table. He completed stringent education requirements and the 30-month work training experience required to work as a corporate accountant.
Selecting a Corporate Tax Accountant in Winnipeg
Your business is only as strong as your finances. Hiring an accountant who will treat your finances with integrity is critical, but working with the Virtus Consulting team is another key benefit.
Our associates know how to combine financial projections with quality tax services to help you get a clear picture of your financial future. The clearer you are, the more effectively you can lead your business to its next level. In this way, filing your taxes is about much more than meeting a deadline and staying compliant.
It might feel daunting to hand your financial information over to someone outside your company, but Blair’s passion is helping businesses like yours succeed. This passion drives him to guide his clients in making financial choices that will benefit them in the long run while understanding how to stay compliant and in business.
At Virtus Consulting Accounting Firm, we are passionate about delivering premium accounting and bookkeeping services to help you maintain your finances and enjoy the fruits of your labour. File your corporate tax returns in Winnipeg with experienced professionals who will get the job done right.
Call us today for a free consultation at (431) 808-0159.