Retail tax and Accounting Services
What are the seller’s tax obligations?
Generally, retailers in Canada are required to register and collect Goods and Services Tax (GST) – or Harmonized Sales Tax (HST) if sales exceed $30,000 over four calendar quarters. Provincial sales tax (PST) rules depend on specific conditions that vary from province to province.
Click on each province below to learn more about the sales tax a retailer must collect on sales in or to each region. Please contact our retail team for specific rules, conditions, and exclusions.
How can sellers get help with tax compliance?
Staying up-to-date and compliant with sales tax regulations is essential – in some cases, a mistake can have serious consequences for your company’s bottom line. Webtax Online’s retail team can help you understand your tax obligations and assess the tax structure of your business. Contact us today.
As a Canadian business owner, you should know when and how to charge sales tax on the goods and services you sell to customers. If you sell goods or provide services in Canada, you are required to collect sales tax from customers. Depending on the city or state where you operate your business, you will need to collect a combination of GST and Interim Services Act, GST only, or Harmonized Sales Tax. The Harmonized Sales Tax combines PST with GST to create a single tax.
Tax charged to out-of-province customers
If you are a seller in one province or territory and you sell to residents of another province or territory, you will still be charged sales tax. Generally, the sales tax that applies in the customer’s province or territory applies.
What goods and services are subject to tax?
Many retail goods and services are subject to GST/HST. Supplies such as staple foods, prescription drugs, most livestock, and many agricultural and fishery products are exempt from tax. If the product is zero-rated, it still pays GST/HST, but at a rate of 0%. Other supplies such as childcare, medical services, dental and legal aid services, apartment rentals, and music lessons are exempt from GST/HST. Zero-rated goods and services can get tax credits, while tax-free goods and services cannot.
Collect GST/HST
You will first need to register for a GST/HST account through the Canada Revenue Agency or Revenue Quebec (if located in Quebec). A business that is a sole proprietorship, partnership, or corporation with a total income of $30,000 or less for the last four consecutive calendar quarters or one calendar quarter does not need to register for a GST/HST account. Once you start collecting GST/HST, you are responsible for informing your customers.
Why do you need a CPA in Canada?
So why does one need accounting services? Canada, they have a fairly complex tax system; in fact, it is unique in some ways. There are federal, provincial, and municipal taxes. They are imposed on all citizens of the country, residents, and non-residents, who earn their income in the country. Local tax rules vary between provinces and cities, but in all cases, individuals must pay them and, as with legal entities, they must also keep accounting records. If you have a large company, you probably have several professional accountants on your staff, but what if your company is small and you cannot afford an accountant, or you are an individual and you only need accounting services once a year when filling out and submitting your tax return form? There is a preferred solution for this case: outsourcing professional accountants. On the one hand, you can save on a full-time specialist, and on the other hand, you can protect yourself from possible problems due to incorrect or late submission of documents. Quick and easy. In addition, a professional accountant can give you practical advice on how to optimize your expenses; for example, taxes can be reduced by investing in savings funds. Therefore, both individuals and legal entities need the help of professional accountants.
Dental accounting services
We help dentists maintain higher profits and net income by reducing their tax burden. We specialize in the taxation of dentists and dental practices and can help them maximize their income as they grow their practice. We help our clients take full control of their finances and needs and create an understanding of their long-term goals. There are many things that come up in running a practice that isn’t taught in dental school. Our job is to make accounting and taxes the least of your worries. We make sure your books are complete at the end of the year, your employees are paid on time, and your cash flow is satisfactory on a monthly basis. We help you achieve your financial goals, whether it’s planning and saving for retirement, saving for your child’s college, or buying your dream home, we’re here to help you make your dreams come true. We can help you make financial decisions such as wages, incentives, payroll taxes, retirement plans, equipment purchases, purchase vs. leasing, and other financial matters.
We provide bookkeeping and accounting services
So, depending on your goals, we can offer you a range of accounting and bookkeeping services. Here is a list of our main services for private and corporate clients:
• Accounting services. Our company offers a wide range of accounting services for small and large companies that do not have a full-time accountant and want to outsource this work.
• Cloud-based electronic accounting. Many things have moved to the cloud in the 21st century, and accounting is no exception. We will help you set up this service so that all your financial transactions are accurately categorized and linked directly to your online accounts.
• Business taxes. In Canada, you must file regularcorporation tax returns if you are registered for GST/HST. You can maintain these records yourself or delegate this task to us; in any case, we guarantee the timely and complete submission of documents.
• Payroll book. Does your company have several employees? Our company will help you create a payroll system that takes into account all required deductions; we will help you make your entire payroll process as efficient as possible. All your employees get their money; we assure you.
• Calculation of corporation tax return. All companies must file corporation tax returns. We will help you with this problem.
• Submission of tax returns for entrepreneurs and natural persons. All private entrepreneurs are required to submit a T1 return and all natural persons are once a year. Our experts will help you do everything right and on time.
• Preparation of financial statements. All companies are regularly audited. To make this process quick and painless, we’ll review your accounting information and make sure everything in your accounting documents is accurate and correct.
• Consulting and auditing services. We will analyze your current financial situation and provide recommendations on how to optimize your tax burden, how to plan for long-term and short-term financial well-being, and how to achieve a balance between expenses and income.
How can you use our accounting services in Canada?
So what do you get when you order our accounting services? Why should you contact us?
• Accuracy and timeliness. Our specialists are well-versed in Canadian tax legislation and will ensure a predictable result: declarations, reports, schedules, etc. are completed on time and correctly. At the same time, you can be sure that everything is going as it should, and devote yourself to other matters, for example, business development.
• Professionalism. All our employees are certified accountants with extensive experience in this field. When you hire our services, you can be sure that the work will be done professionally, as if you had a full-time accountant.
• Save. We mean the following savings:
• Time saving: just contact our company, describe your task and it’s done! All other things are mere formality; we will provide all accounting work.
•Save money. You pay for our services, but the cost will be much lower than if you had an accountant on staff. On the other hand, you do not receive sanctions for incorrect/inaccurate fulfillment of duties and that is also a saving.
Corporate tax reporting has its own unique set of regulations, requirements, and obligations. Whether you’re a small business, a medium-sized business, or a national corporation, your tax return can involve a huge amount of calculations, expense tracking, transfers, and deductions. And with ever-changing provincial and federal regulations, tax compliance is at risk every year.
At WebTax Online, we work with businesses of all sizes on corporation tax returnplanning, tax preparation, and tax filing. Minimize risk and maximize value by positioning your business for optimal future growth.
Don’t jeopardize the future and reputation of your company. Our CPAs are experienced in business tax preparation to ensure you get the most out of your income while staying tax compliant.
Your corporate tax accountant
Corporations rarely have simple income taxes, and without professional preparation, filing and advice, you leave your business vulnerable to missed deadlines, hefty fines, and a damaged reputation.
We offer a range of corporate tax services to ensure your business grows. We work with you throughout the year to understand how we can use our experience to benefit your business and how to tactfully handle your corporate tax matters. You can be sure that you are entrusting your finances to experienced professional accountants who are passionate about your business.
Tax consultancy for companies
The tax services we offer include:
1. Preparation and submission of the company’s tax return (T2 tax return);
2. Tax compliance with all federal and provincial regulations;
3. compliance with US tax regulations;
4. tax services for non-resident shareholders;
5. tax services for foreign companies in Canada;
6. Preparation of employee statements (T4s, T4As and T5s);
7. Backfilling;
8. Tax returns and tax appeals;
9. maintain contact with the CRA;
10. Tax planning and tax strategy;
11. tax services for reorganizations and mergers;
12. HST and sales tax returns;
13. Compensation planning;
14. tax advice;
15. Remote services for online corporate tax preparation.
Whatever your business needs, WebTax Online has a solution for you. Contact us to learn more about our customized corporate tax solutions.
Tax services for small businesses
A company is not always a multinational company. WebTax Online works with small businesses to provide business tax services to help you maximize your profits and make good financial decisions that will positively impact your tax return.
While small business corporate taxes seem straightforward, we’ll find tax breaks and deductions you may have overlooked. Our comprehensive business tax preparation means we know your small business inside and out and can find relevant expenses and deductions. We also play an advisory role in tax and payroll planning so you can get the most out of your small business and hard work.
Corporate tax planning and services
Corporate tax planning is a key role of a corporate tax accountant. Good tax planning needs to be viewed from a long-term perspective. By planning several transactions, the tax burden of legal entities can be significantly reduced. The WebTax Online team can help you take advantage of all the possible tax credits and expense deductions available to you so you can keep more of your hard-earned money. Need help filinga corporation tax return? Talk to us.
Our corporate tax planning and services also extend to shareholders as we can assist you with corporate and personal tax planning to optimize your corporate and personal tax burden.
We are experts in tax returns and corporate income tax services. Let us take care of your corporate tax filing and discover the difference our experience makes to your tax return.
What are the corporate tax preparation fees?
The cost of preparing and filing corporate taxes varies depending on the company’s revenue, structure, and other related information. A typical corporate tax filing fee will start at a few hundred dollars, while a complex multi-national corporation can run into the thousands.
A qualified corporate tax accountant ensures that all deadlines and regulations are met to avoid penalties and interest, which are usually significantly higher than the cost of working with the tax authorities.
Rest easy knowing that our professional accountants are taking care of your corporate taxes.
Frequently Asked Questions
What are corporate taxes?
Corporate taxes are taxes on a company’s profits paid to the government.
How does corporate tax work in Canada?
In Canada, corporate income tax (T2 tax return) must be filed annually for all registered companies, resident and non-resident, including dormant companies, tax-exempt companies, and non-profit organizations.
The corporate income tax return must be submitted no later than six months after the end of each tax period. Once submitted, you are responsible for meeting the deadlines and paying all taxes owed to the government.
How much is the corporate tax in Canada?
The basic Part I tax rate is 38% of taxable income, 28% after federal tax is reduced. After the general tax reduction, the net rate is 15%.
For Canadian-controlled private companies that qualify for the Small Business Allowance, the net tax rate is 9% effective January 1, 2019. Consult the Government of Canada for the most recent Canadian corporate tax rates and the lowest rates available.
How do I calculate corporate income tax in Canada?
Corporate tax rates can vary from year to year. For a detailed quote for your company, contact our tax advisors.
How long do I have to keep corporate tax records in Canada?
Canadians are expected to keep corporate tax records for six years from the end of the tax year to which they relate. For example, for a tax return filed in 2016, you must keep tax records until December 31, 2022.
How do I file my corporate taxes?
All companies with annual gross receipts over $1 million are required to file T2 tax returns electronically, with some exceptions. If a company does not file electronically in this category, a $1,000 cancellation fee is charged.
How can I pay corporate income tax?
Most companies are required to pay corporation tax in installments. Installments are due on the last day of each full month of your tax year. You can pay directly online to your CRA My Business Account, directly through your bank, or by sending a check.
How can I reduce corporate income tax in Canada?
Canadian companies have two options to reduce their corporate income tax: (1) they can do prescribed things that earn them tax credits and/or (2) take advantage of income tax credits such as travel and business.
While the federal government maintains a public index of all tax credits and deductions available to corporations, your corporate tax accountant will make sure you’re getting everything you’re entitled to. They can also advise you on how to take advantage of these tax credits and deductions in future tax years to reduce your corporation tax as much as possible.
Tax planning is about reducing your tax liability by minimizing your tax burden. A tax planning professional can help you navigate the intricacies of tax law and tax assessments using tax exemptions, deductions, and benefits to reduce your tax burden.
Finding ways to reduce your tax burden and maximize wealth and earnings is a difficult and overwhelming process that requires strategic tax planning. This minimization of tax obligations is a key part of estate planning.
At WebTax Online, we understand the importance tax planning can have on your future, your family’s future, and your business operations. As tax planning experts, we understand the evolving laws and can find new opportunities to increase your tax refund and minimize your tax debt, while keeping more of your hard-earned money in your pocket. We provide practical advice and tailored solutions for you, your family, and your business needs.
We offer a range of tax planning services to support your short and long-term financial goals.
• Personal tax planning;
• Family tax planning;
• Pension tax planning;
• Real estate tax planning;
• tax planning for small businesses and SMEs;
• Tax planning of legal entities;
• Compensation planning;
• HST and commodity taxation;
• assisting the CRA with the audit;
• Compliance with tax regulations.
We have tax strategies to maximize your opportunities. We start today.
Corporate tax planning
Payment of taxes is a requirement for all companies registered in Canada. Corporate tax planning reduces your tax liability through the development and implementation of short and long-term tax strategies.
Because corporate tax laws are complex and constantly evolving, corporate and other business tax planning is a lengthy and complicated process. You need a professional tax advisor to help you navigate the laws and research available tax credits and deductions for your unique company.
Benefits of corporate tax planning include:
• Lower tax rate;
• Reduced taxable income;
• Flexibility in paying taxes;
• Get more tax credits.
WebTax Online Tax Planning for Business Owners and Corporations allows you to reinvest more of your hard-earned capital into your business year after year. We develop customized tax plans year-round for businesses across Canada.
Work with your tax planning accountant
Tax planning is an essential part of any wealth-building plan. As with any business strategy, you cannot expect success without proper planning.
At WebTax Online, our financial and tax advisors are dedicated to creating unique tax strategies to reduce your tax liability year after year. We provide tax planning through three initiatives:
1. Intentional tax planning – plan your taxes with a specific goal in mind;
2. Lax tax planning – planning falling within the framework of the law;
3. Long-term and short-term tax planning – planning is done at the beginning and end of the tax year.
We work closely with you throughout the year to determine the best tax strategies for you, your family, and your business. It’s never too late to start tax planning. Contact us today for a consultation and keep more of your wealth.
Need help filinga corporation tax return? Talk to us.