Corporate taxes in Canada comprise of taxes on corporate income and other levies paid by corporations to the government of Canada. Our team of professional tax accountants have the experience and knowledge to meet all your corporate taxation needs.
Insurance Premium Taxes
Canada Pension Plan
Other Sales and Excise Taxes Levied on Business Inputs
Corporations are subjected to tax in Canada on their worldwide income if they are a resident in Canada for Canadian tax purposes.
Corporations that are not a resident in Canada are still subject to Canadian tax on certain types of Canadian source income according to section 115 of the Canadian income tax act.
The three types of Canadian Corporations are Canadian Controlled Private Corporations (CCPC), Private Corporations, or Public Corporations. The corporation types determines taxations.
Below are the definitions for each corporation:
resident in Canada or incorporated in Canada or residing in Canada since June 18, 1971 to the end of the taxation year.
not controlled directly or indirectly by one or more non-resident persons;
not controlled directly or indirectly by one or more public corporations (other than a prescribed venture capital corporation, as defined in Regulation 6700);
not controlled by a Canadian resident corporation that lists its shares on a prescribed stock exchange outside of Canada;
not controlled directly or indirectly by any combination of persons described in the three preceding conditions; if all of its shares that are owned by a non-resident person, by a public corporation (other than a prescribed venture capital corporation), or by a corporation with a class of shares listed on a prescribed stock exchange, were owned by one person, that person would not own sufficient shares to control the corporation; and
no class of its shares of capital stock is listed on a prescribed stock exchange.
resident in Canada;
not a public corporation;
not controlled by one or more public corporations (other than a prescribed venture capital corporation, as defined in Regulation 6700);
not controlled by one or more prescribed federal Crown corporations (as defined in Regulation 7100); and
not controlled by any combination of corporations described in the two preceding conditions.
it has a class of shares listed on a prescribed Canadian stock exchange; or
it has elected, or the Minister of National Revenue has designated it, to be a public corporation and the corporation has complied with prescribed conditions under Regulation 4800(1) on the number of its shareholders, the dispersing of the ownership of its shares, the public trading of its shares, and the size of the corporation.
Our Corporate Taxation Services:
Corporate Income Tax Filings/Returns (T2)
Regulatory and Compliance Filings, including tax returns
HST and other Sales Taxes
Representation before Authorities
Mergers and Acquisitions
Sale of Businesses
Other complex corporate and Business tax issues
Other capital gains
Effective Utilization of tax losses
Real estate and Estate Planning
Let RC Financial Group’s team help you with your corporate taxation needs!