Frequently Asked Questions

We provide Corporate Tax services – i.e. Corporate tax returns, Tax planning & Asset rollovers, HST, Payroll, Investment company tax. QuickBooks setup and App integrations.

See our Corporate Tax page for more examples of services offered.

Our fees are based on the accounting service provided and time required to complete the service. We keep our costs to a minimum & implement the latest technology to deliver the best possible value to our clients.

Use the Contact Us page for a free 15 minute consultation.

NG Chartered Professional Accountants Professional Corporation can manage your back-office functions such as bookkeeping, payroll, HST and corporate tax preparation.

For assistance contact us or call us on the phone.

Incorporating a company to hold your business assets should be thought out carefully as operating through a corporation is much more complex but offers many advantages.
See the article Considerations for Incorporating a Small Business for a more in-depth discussion.

An incorporated company must file a tax return with the Canada Revenue Agency. Corporate tax returns in general are more complicated than personal returns.

NG Chartered Professional Accountants prepares Compilation Engagement financial statements which enables the accurate disclosure of financial information and calculation of taxable income for Canadian Controlled Private Corporations.

For assistance contact us or call us on the phone.

Yes, we provide full-service accounting for small business. We first determine the needs of our clients and help them either integrate their desired software or provide recommendations on applications that can help improve their businesses.

Examples of QBO applications we can help implement:

– Dext
– Plooto
– Clio

For assistance contact us or call us on the phone.

Yes, corporate tax planning for private companies is a core service offering of NG Chartered Professional Accountants. We offer personalized advice for complex technical issues while providing a high level of confidentiality and customer service.

For assistance contact us or call us on the phone.

Depending on the complexity and number of income sources, determining your overall tax position may be a simple or more involved task. To most accurately determine your taxes, preparing scenarios using the most current tax rates and legislation helps ensure our clients receive the best advice to minimize their tax position.

For assistance contact us or call us on the phone.

There are several good tax calculators/tables provided for free by national tax firms. Here are some links to useful and reliable sites:
1. KPMG’s Corporate Tax Table for Canadian Controlled Private Corporations (CCPCs) – Current as of June 30, 2020

2. Ernst And Young’s Corporate Income Tax Rates – Current as of July 31, 2020

3. Ernst And Young’s Personal Tax Calculator 2020. This calculator is very useful for estimating how much tax may be owed on additional amounts of income received over a base amount (i.e marginal tax rate).

Companies that are associated must share the $500,000 small business deduction (“SBD”) limit. Section 256 of The Income Tax Act contains specific rules on when corporations are associated. Generally, Canadian Controlled Private Corporations will be associated when there is common control between companies.

As of October 2022, small businesses in Ontario pay a combined federal and provincial tax at 12.2% on the first $500,000 of taxable income and 26.5% on any excess.
It is important for small business owners to consider the implications of these rules when entering into transactions such as issuing or redeeming shares, appointing directors, and transacting with non arm’s length parties, to ensure sharing of SBD is avoided where possible.

If you need an assessment of a proposed transaction, please send a message through the contact us page or call us on the phone.

Some of our Corporate/Private Company Tax clients are also US Tax residents. Canadians holding a US Green Card, or maintaining US citizenship can be required to file and report their worldwide income to US tax authorities.

We work with American CPA Tax Specialists to ensure our Corporate clients are compliant in Canada and in the United States at the Federal and State level.

For assistance contact us or call us on the phone.

For various reasons, some investors choose to hold investments and property in holding companies.

In Canada, passive income from investments such as stocks and shares and rental property are taxed at a high rate (~50.4%) in a corporation. The purpose of this regime is to discourage individuals from using corporations to earn passive income at lower rates than they would otherwise pay if they owned the investments personally.

Part of this tax is refundable to the corporation when it pays out taxable dividends to the shareholder(s). This is known as the Refundable Dividend Tax On Hand regime.

If you need help determining the best way to structure your investments, contact us today!