November 2023

How to Complete Your Corporation Income Tax (T2) Return in Canada

In Canada, all resident corporations are required to file a corporation income tax (T2) return every tax year, regardless of whether there is any tax payable. This includes non-profit organizations, tax-exempt corporations, and inactive corporations. Even if your corporation has no income or is not currently active, it is important to fulfill your tax obligations […]

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Filing Requirements for Resident and Non-Resident Corporations in Canada

Introduction In Canada, the filing requirements for resident and non-resident corporations differ based on their tax residency status. Understanding these requirements is crucial for ensuring compliance with the Canadian tax laws. This article provides an overview of the filing requirements for resident and non-resident corporations in Canada, including the necessary forms, deadlines, and applicable taxes.

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How to Determine Your Corporation’s Tax Year in Canada

Determining the tax year for your corporation in Canada is an important decision that can have significant implications for your financial statements, tax filings, and overall business operations. While there are some guidelines and regulations outlined by the Canada Revenue Agency (CRA), corporations have the flexibility to choose their own fiscal year-end within certain parameters.

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Consequences of Missing the Tax Filing Deadline in Canada

Introduction Filing your taxes on time is essential to avoid facing penalties and interest charges from the Canada Revenue Agency (CRA). The tax deadline in Canada is typically April 30th (or the following weekday if April 30th falls on a weekend). However, if you miss this deadline, there are consequences that can impact your financial

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Who is Considered a Resident of Canada? Understanding Residency Status for Tax Purposes

When it comes to taxation, determining your residency status is crucial in Canada. Your residency status dictates your tax obligations and filing requirements. The Canada Revenue Agency (CRA) assesses various factors to determine whether you are a resident or non-resident for tax purposes. In this comprehensive guide, we will explore the criteria used by the

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Tax Benefits and Credits for Residents of Canada

Disclaimer: The following information is for general knowledge purposes only and should not be considered as professional tax advice. It is recommended that you consult with a qualified tax professional for personalized guidance. Introduction As residents of Canada, you may be eligible for various tax benefits and credits offered by the government. These benefits are

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Reporting Income and Claiming Deductions in Canada: A Comprehensive Guide

As the tax season approaches, it’s essential to understand the process of reporting income and claiming deductions in Canada. This comprehensive guide will provide you with all the necessary information to navigate through the intricacies of the Canadian tax system. From understanding the different types of income to maximizing your deductions, this article will equip

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Required Documents for Filing a Tax Return in Canada

When it comes to filing a tax return in Canada, it is crucial to have all the necessary documents in order. Filing your taxes accurately and on time can help you take advantage of various benefits and credits offered by the Canadian government. In this comprehensive guide, we will explore the required documents for filing

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Filing a Tax Return in Canada: All You Need to Know

As a resident of Canada, it is important to understand the process of filing a tax return. This comprehensive guide will provide you with all the necessary information and steps to successfully file your tax return in Canada. From the required documents to key dates, deductions, and credits, we will cover everything you need to

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Corporate Tax in Canada: A Comprehensive Guide

Disclaimer: The information provided in this article is for general informational purposes only and should not be construed as legal or financial advice. For specific advice regarding your corporate tax situation, consult with a qualified professional. For all your Accounting and Tax needs you can contact BOMCAS Canada Accounting and Tax Services today for all your

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