Some Important Corporate Tax Questions? (2)

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Some Important Corporate Tax Questions?
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• Are you a good tax payer? Then, why you should
  keep paying taxes without getting any benefits
  for being consistent? What will you do if someone
  says you could actually save your tax expenses?
  That might wake you up. And if youre a
  businessman you should answer these questions
  quite easily.
• Do you know when youre due to fill your
  corporate tax returns?
• Do you know how you Canadian corporate taxes are
  filed?
• What are your options?
• What are the tax credit options for you?
• What incentives do you have in conducting
  research and development?

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• Since youve consumed all your efforts on
  operations, marketing, distributions and basic
  financial aspects, its likely that you may not
  know that you could actually SAVE on taxes.
• These questions may not be directly related to
  your business, but there are lots of them who try
  to find their answers at the end of financial
  year. Earlier is better, the more you learn the
  more benefits you have. Hire a professional
  business tax service that can provide you
  information regarding potential tax saving and
  refund options. And thats not it, because these
  experts are qualified tax consultants, they can
  help you get those benefits. www.ctsassociates.com
  is a tax service dealing with corporate tax
  credits and refunds with a vast experience in
  every industry. The company has been providing
  its services for decades.

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• If you want to know the answers, read the
  following lines
• 1. When to fill
• Thats the basic rule and most of us know that
  Canadian corporate tax return is due to be filled
  within six months after the end of financial
  year. But what date should your consider as the
  deadline? It depends upon the date your business
  started. Businesses have different financial
  years. So, if your fiscal year ends 30th June,
  you have to fill and submit your corporate tax
  return before 31st December.

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• 2. Filling it
• It depends upon the corporation youre running.
  There is a T2 tax form for corporations that must
  be submitted every year. All corporations are
  liable to fill out this form unless its a
  charitable business. The process of filling
  corporate tax form isnt as simple as Personal
  Income Tax form (T1). Therefore, companies
  normally hire corporate tax consultants to
  perform this task.
• All corporations can file their income tax
  returns electronically. Those generating more
  than 1 million in a year are required to file
  corporate income tax returns electronically.

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• 3. Tax credit options
• These are incentives for the companies on
  performing certain activities, such as spending
  money on energy-efficient resource. Tax credits
  are adjusted to determine adjusted gross income.
  They are individually calculated and require
  several worksheets. For example, you have to use
  8941 form to calculate Tax Credit for Small
  Business Healthcare. After calculating all tax
  credits, the total is added in Form 3800 under
  General Business Credit.
• You have different options available to save your
  taxes through tax credits. These are
• Work opportunity tax credit
• New veteran tax credit
• Disability access tax credit
• Small business healthcare tax credit

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• 4. SRED
• If you spent money on any research project or
  development, you will be entitled to get tax
  refund. But you must fulfill these criteria
• Research must enhance the understanding of
  technology
• Must address uncertainty related to particular
  technology
• Investigate possible causes with the help of
  qualified personnel

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