Corporate Tax

Asap Business Services provides a wide variety of corporate tax services for our clients. We are here to help fulfill your corporate tax needs such as Bookkeeping, filling your T2 tax return, and Payroll. 

If you allow us to do your corporate tax, we can use our expertise and experience to take away the headache of filing your T2 tax return all while helping you get the maximum returns. Asap Business Services can help your company tax plan so that the company falls under the Small Business Deduction Limit. We can make sure that your losses are properly being carried forward and/or back to minimize the taxes your company is paying. By bringing your business to Asap Business Services you can relax knowing your tax-related needs are in good hands.

Why File Corporate Taxes?

According to Canada Revenue Agency, all resident corporations (except crown corporations and resident charities) have to file a corporate income tax (T2) return every tax year even if there is no tax payable. This includes but is not limited to the following:

1.      Non-profit organizations

2.      Tax-exempt corporations; and

3.      Inactive corporations

As your corporate tax accountant in Saskatoon, ASAP will ensure that you file your return no later than six months after the end of each tax year. The tax year of a corporation is its fiscal period. When the corporation’s tax year ends on the last day of the month, returns should be filed by the last day of the sixth month after the end of the tax year. When the last day of the tax year is not the last day of the month, file the return by the same day of the sixth month after the end of the tax year. Please keep in mind that even though the filing date of the return is six months after the end of the tax year, if any amount of money is owed in the form of corporate income tax then tax payments must be made no later than three months (90 days) after the end of the tax year.

For example, if your fiscal year-end is December 31, 2020. The corporate return would have to be filed by June 30, 2021, but any taxes owed must be paid by March 31, 2021. Any payments that are received late will be subject to interest and penalties by the CRA.