Corporate Tax Returns

Professional and accurate preparation and filing of your T2 Corporate Tax Return

Maximize your tax savings and minimize the risk of a CRA Audit

Tips to avoid the risk of a CRA Audit:

Keep accurate and complete records of all financial transactions
Ensure all income and expenses are properly classified
Report all income, including cash transactions
Claim only legitimate business expenses
Keep all receipts and documents for a minimum of 6 years
Seek professional advice if you are unsure about any tax laws or regulations
File your taxes on time to avoid penalties and interest charges

Keep accurate and complete records of all financial transactions
Ensure all income and expenses are properly classified
Report all income, including cash transactions
Claim only legitimate business expenses
Keep all receipts and documents for a minimum of 6 years
Seek professional advice if you are unsure about any tax laws or regulations
File your taxes on time to avoid penalties and interest charges

Large or unusual deductions or credits claimed on the corporate tax return
Consistently high gross profit margins in comparison to industry averages
A significant change in the corporation's financial situation or business practices
Failure to report all income or income from undisclosed sources
Inconsistencies or discrepancies between the corporate tax return and other filings, such as GST/HST returns or T4 slips
Participation in aggressive tax planning or offshore tax havens
Failure to report foreign assets or income
Lack of proper documentation or record-keeping
Failing to file corporate tax returns or filing them late
Having a history of previous audits or penalties from the CRA
Operating in a high-risk industry or sector
Being related party transaction and not reporting it properly
Not reporting all income, failing to file tax returns, or filing them late
Having a history of previous audits or penalties from CRA
Not having proper documentation to support claims.

Things to Be Mindful of to Reduce the Risk of a CRA Audit:

Large or unusual deductions or credits claimed on the corporate tax return
Consistently high gross profit margins in comparison to industry averages
A significant change in the corporation's financial situation or business practices
Failure to report all income or income from undisclosed sources
Inconsistencies or discrepancies between the corporate tax return and other filings, such as GST/HST returns or T4 slips
Participation in aggressive tax planning or offshore tax havens
Failure to report foreign assets or income
Lack of proper documentation or record-keeping
Failing to file corporate tax returns or filing them late
Having a history of previous audits or penalties from the CRA
Operating in a high-risk industry or sector
Being related party transaction and not reporting it properly
Not reporting all income, failing to file tax returns, or filing them late
Having a history of previous audits or penalties from CRA
Not having proper documentation to support claims.

Our team of experienced tax professionals will ensure your T2 Tax Return is filed accurately and on time, giving you peace of mind and saving you time and money.

Contact us today to learn more about our T2 Tax Return Filing Service and how we can help you stay compliant with CRA regulations while maximizing your tax savings.

Have a question for us?
Fill out the form below to contact our team.

(647) 955-5650

lci@liquiditycurve.com

4789 Yonge Street,
North York, ON M2N 0G3