Cross Border Tax Consultants

Are you incorporated? Great idea! You can access lower tax rates with your corporation and pay less tax. For more than ten years, Maroof HS CPA Professional Corporation has been productively aiding clients with their Canadian small business & corporate tax needs.     Who need to file a corporate tax return? All corporations, tax exempt, non-profit and inactive corporations, needs to file a tax return every year even if there’s no tax payable! It’s a criminal act not to file a corporate tax return. A non-resident corporation need to file a T2 return if, at any time in the year, it performed business in Canada, it had a taxable money gain, or in some scenarios, it disposed of taxable Canadian property. When do you need to file your corporate tax return? File your corporate income tax return inside 6 months of the end of every tax year. The tax year of a corporation is its financial period. When the tax year of the corporation ends on the last day of a month, file the corpor...

Some taxpayers may become very fearful at the thought of having to reopen a filing or make revisions to file back taxes with the CRA (Canada Revenue Agency). But CRA’s Voluntary Disclosure Program (VDP) can benefit someone in this circumstance. The Voluntary Tax Program is worth taking benefit of if you know that you’re going to owe taxes & penalties will be appraised. But it is essential that you meet all 5 conditions set by Canada Revenue Agency to be eligible.   The Voluntary Disclosure Program isn’t part of the Income Tax Act but merely a compliance measure approved by parliament to provide CRA unrestricted powers over the upshot of your disclosure. The 5 conditions that must be met under the Voluntary Disclosure Program criteria are compulsory to use the program. To file under the VDP, you must meet all conditions: • The disclosure must be voluntary. If Canada Revenue Agency asks you for information or requests a filing before you choose to use Voluntary Disclosure Prog...