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
- Payroll Levies
- Employment Insurance
- Canada Pension Plan
- Property Taxes
- Indirect Taxes
- 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)
- Compensation Planning
- Regulatory and Compliance Filings, including tax returns
- HST and other Sales Taxes
- Representation before Authorities
- Mergers and Acquisitions
- Corporate Reorganizations
- 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!
Please contact us to get started. (855) 910-7234
Check out our other location services:
Mississauga Accountant, vaughan Accountant, toronto Accountant, Richmond hill Accountant, CRA tax Audit