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At Tax Filings Canada, we handle every part of your small business tax planning, from the filing itself to the planning around it. Our accountants work with corporations and business owners every week, so you can focus on running and growing your business.
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Yes — small business tax planning can be handled entirely online. Tax Filings Canada covers the T2 return with full GIFI schedules and every provincial filing that applies for incorporated businesses and CCPCs at budget-friendly fixed fees, pay-after-service.
Hand over your documents once; we will tell you if anything is missing.
Preparation happens on our desk, not yours — including the small business tax planning details that are easy to overlook.
A review meeting or call walks you through the draft before you give the go-ahead.
After sign-off, we file, arrange any balance owing, and close the loop with you.
| Factor | Tax Filings Canada | Typical Firm |
|---|---|---|
| Pricing model | Fixed, flat fee | Hourly / unpredictable |
| Payment | Pay after service | Upfront retainer |
| Price match | Yes, on written quotes | Rarely |
| CRA audit support | Included | Billed extra |
| Typical turnaround | 3-5 business days | 2-4 weeks |
Owner-managers get the most value from the salary-versus-dividend decision, which moves real dollars once the corporation earns more than its owner draws. A CCPC's T2 is due six months after year-end, but the balance owing is due within two months — three for many small CCPCs claiming the small business deduction. Our small business tax planning engagement is priced as a budget-friendly flat fee, so the cost is known before the work starts.
If you handle Small Business Tax Planning once a year, everything looks equally important. Handle it weekly, as a tax expert does, and a clear hierarchy emerges; these notes follow that hierarchy.
The first thing worth pinning down is this: The 9% federal small business rate applies to the first $500,000 of active business income. That limit is shared across associated corporations rather than available to each of them.
Just as important, though far less discussed: A CCPC’s T2 is due six months after year-end, but the balance owing is due two months after year-end. For many small CCPCs claiming the small business deduction, the balance is due three months after year-end. Filing on time does not stop interest running on an unpaid balance. On the record-keeping side, one rule governs what must be kept and what must be shown: A review is won on documentation created at the time, not on explanations offered afterwards. The CRA asks for the source records behind a figure, and an unsupported claim is simply disallowed. Most reassessments we reverse are not the result of a wrong position — they are the result of a correct position with no contemporaneous paper trail behind it.
You do not need to hold all of this in your head. You need someone who does — and a tax practitioner handling small business tax planning week after week keeps these rules current so you do not have to. The smoothest files are the ones where the client arrives with these records already assembled.
The last note is about how we work rather than the rules: every engagement comes with a fixed fee agreed up front, a review with you before filing, and payment after — not before — the service.
Providing transparent fixed pricing and high-quality compliance work for your small business tax planning requirements.
Coverage: Standard bookkeeping and small business tax planning preparation.
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Perfect for established small businesses.
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Ideal for companies seeking high-growth financial structuring.
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Providing tailored small business tax planning services to ensure compliance and maximize deductions.
Our tax accountants keep your business compliant with federal and provincial tax rules.
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Dedicated preparation processes customized for Canadian businesses.
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Customized packages designed to grow as your business operations expand.
Our clear four-step workflow ensuring absolute tax optimization and complete CRA compliance.
Start with a free, no-obligation consultation to review your business’s financial, tax filing and compliance needs and outline our affordable solutions.
Receive a comprehensive checklist and securely provide the required financial records and documents.
Our tax accountant and accounting experts carefully prepare your filings, identify all applicable deductions and credits, and conduct thorough reviews.
We file your documents electronically with the Canada Revenue Agency (CRA) on time and provide post-filing support.
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Collections had begun against a CCPC with two shareholders in Toronto, Ontario over 4 years of unfiled returns. Bringing them current cut $82,000 from the balance.
By the time a CCPC with two shareholders in Toronto, Ontario called, 4 years were outstanding. The CRA had assessed on estimates. Underneath it sat a distribution treated as tax-free capital dividend with no election ever filed. We reconstructed the records year by year. We documented safe income before the inter-corporate dividend was paid, so subsection 55(2) had no room to recharacterise it as a gain. Each filing replaced an arbitrary assessment with a real one. The account is current. Filing on real numbers rather than CRA estimates reduced the balance by $82,000, and a relief application addressed part of the accumulated interest.
An operating company holding surplus investments in Barrie, Ontario faced a $43,000 proposed reassessment. It came after retained earnings building in the operating company with no plan for extracting them. We rebuilt the documentation and the adjustment was withdrawn in full.
An operating company holding surplus investments in Barrie, Ontario received a proposal letter opening a review of small business tax planning. The CRA had identified retained earnings building in the operating company with no plan for extracting them. It proposed an adjustment of $43,000, with 30 days to respond. We treated the response as an evidence exercise rather than an argument. We reviewed each capital cost allowance pool and set the claim at the level that kept the small business deduction fully used rather than wasted. We then indexed every supporting document against the specific line the auditor had questioned. The proposed adjustment was withdrawn in full — all $43,000 of it. The file closed in 11 weeks with no change to the assessed amounts and no penalty.
Remittances at an incorporated trades business in Red Deer, Alberta were chronically late. It came down to a balance-due date the owner believed was the same as the filing date. Fixing the schedule refunded $123,000.
Remittances at an incorporated trades business in Red Deer, Alberta were consistently late by a few days. That was enough to trigger penalties every quarter. Behind it sat a balance-due date the owner believed was the same as the filing date. We mapped the association rules across the group, allocated the business limit deliberately on Schedule 23, and corrected the prior year by adjustment request. Then we moved the remittance dates into a scheduled process rather than a monthly decision. Penalties stopped from the following remittance onwards, and $123,000 of overpaid instalments was refunded.
A $139,000 reassessment landed at an incorporated consultancy in Burnaby, British Columbia. It rested on a small business limit quietly shared across three associated corporations nobody had mapped. The objection was allowed in full.
An incorporated consultancy in Burnaby, British Columbia had been reassessed for $139,000. 16 days were left on the objection deadline. The reassessment rested on a small business limit quietly shared across three associated corporations nobody had mapped. We filed the objection inside the deadline with a complete submission rather than a placeholder. Alongside it, we moved passive holdings into a separate structure so the operating company’s small business limit stopped grinding down. The appeals officer allowed the objection in full. $139,000 was reversed and the account returned to a nil balance.
A professional corporation in Surrey, British Columbia was preparing to sell. However, no valuation on file to support the price the parties had agreed disqualified the shares. Purification sheltered $770,000 under the exemption.
A professional corporation in Surrey, British Columbia had an offer on the table and 14 months to close. The shares did not qualify for the capital gains exemption. No valuation on file to support the price the parties had agreed was part of the reason. We purified the corporation so the shares met the qualifying tests. We rebuilt the instalment schedule off the current year rather than the prior year, ending the interest accrual. All of it was done well ahead of the closing date. The sale closed on schedule with $770,000 sheltered by the lifetime capital gains exemption across the shareholders.
Growth at a corporation with a non-calendar fiscal year-end in Edmonton, Alberta had outrun the back office. A loss year carried forward by default when carrying it back would have produced a refund cheque broke first. Headcount reached 32 with $61,000 of cash freed.
A corporation with a non-calendar fiscal year-end in Edmonton, Alberta was growing fast, with headcount reaching 32 in eighteen months. The back office had not kept up. A loss year carried forward by default when carrying it back would have produced a refund cheque was the first thing to break. We modelled salary against dividends across both the corporation and the shareholder’s personal return, then set the remuneration mix for the year. We built the compliance calendar for the size the business was becoming rather than the size it had been. The business reached 32 staff with no missed remittance and no late filing. $61,000 of working capital was freed in the process.
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Same fixed fees in every province. Find your city or your sector.
Direct answers to what Canadian business owners actually ask before hiring an accountant.
Small Business Tax Planning starts at a fixed fee quoted before any work begins. The quote is locked at the outset and does not change mid-engagement, and you pay only after you have reviewed and approved the deliverable. Compare every plan on our transparent pricing page.
At minimum: prior-year returns and notices of assessment, your bank and credit-card statements for the fiscal period, payroll records if you have employees, and GST/HST filings. We send a checklist tailored to your situation after the free 15-minute call.
Most engagements are completed within 3 to 5 business days once your documents are complete. Catch-up work covering multiple years takes longer, and we tell you the realistic timeline before you commit rather than after.
We respond on your behalf at no extra charge for any return we prepared. Every figure we file is supported by documentation retained in your file, which is what turns a CRA review from a crisis into correspondence. See how our CRA audit representation works.
Yes. Late filing penalties compound at 5% of the balance owing plus 1% per month, so the cost of waiting is real. We prioritise catch-up work and, where eligible, file under the CRA's Voluntary Disclosures Program to reduce penalties.
Yes. We serve clients in every province and territory at the same fixed fees, so your location does not change the price or the service. Browse our coverage across Canada to find your city.
We work across construction, healthcare, e-commerce, professional services, restaurants, real estate, transportation, technology and non-profits, each with its own deduction profile and CRA scrutiny patterns. See all industries we serve.
Software applies the rules you already know about. An experienced tax accountant finds the ones you do not: capital cost allowance timing, the small business deduction threshold, shareholder loan repayment rules, and TOSI exposure on family dividends. The fee is usually smaller than the deductions it surfaces.
Our small business tax planning services include complete filing, compliance management, and strategic advice customized to Canadian tax laws.
You can start by booking a free 15-minute call. We will review your files, provide a fixed quote, and start working immediately.
The honest starting point is this: A CCPC files its T2 within six months of year-end, with the balance due two months after (three where the small business deduction is claimed). The 9% federal small business rate applies to the first $500,000 of active business income. The filing and payment deadlines differ, and interest runs from the payment date. Filing on time while paying late still costs money. Everything else we would tell you is tailoring, and tailoring requires seeing your file.
Planning has to be in place before the transaction. The salary-versus-dividend mix, the timing of a capital purchase and the choice of year-end all change the outcome, but only prospectively. Almost every planning opportunity we see missed was available and simply not taken in time; very few are recoverable after year-end. We flag this early with every client it touches, because finding it out at filing time leaves you far fewer options than finding it out now.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
Different taxes run on different clocks. A corporation files its T2 six months after the fiscal year end, with the balance due two months after year end, or three months for an eligible CCPC claiming the small business deduction, and pays instalments monthly or quarterly once its tax is more than a small amount. GST/HST returns are monthly, quarterly or annual depending on revenue. Payroll deductions are remitted at least monthly, and sole proprietors pay quarterly instalments.
There is no single definition. For tax the test that matters is the small business deduction: a Canadian-controlled private corporation earning active business income claims the lower rate on the first $500,000 of it for 2026, shared across associated corporations. Federally that limit falls by $5 for every $1 of adjusted aggregate investment income above $50,000 and is gone at $150,000, while Ontario keeps the full $500,000. Grant and lending programs use their own headcount or revenue tests.
Most corporations pay no capital tax at all in Canada. The federal large corporations tax and the general provincial capital taxes were phased out, so an ordinary operating company is outside the system entirely and needs no exemption. What survives is provincial capital tax on financial institutions such as banks, trust and loan companies and insurers, each province setting its own threshold and deduction. If your corporation is not a financial institution, check the relevant provincial ministry of finance page to confirm.
TPS is simply the French name for the GST, taxe sur les produits et services. It is the same federal tax at the same rate, 5% for 2025 and 2026. In Quebec you will also see TVQ, the French name for QST, at 9.975% applied to the pre-GST price, giving a combined 14.975%. Quebec receipts usually show both lines separately, and Revenu Quebec administers the returns for both taxes there.
Use your marginal rate for decisions about the next dollar: an RRSP contribution, a bonus, extra self-employed work, or realising a capital gain. It is the combined federal and provincial rate on income in your top bracket. Use your effective, or average, rate to understand your overall burden, which is total tax divided by total income. Federal brackets for 2026 start at 14% and rise through 20.5%, 26% and 29% to 33%.
Start with the notice that created the balance. If a slip or claim was simply missed, request a change to the return online in CRA My Account or on a T1-ADJ, which is quicker than a formal dispute. To challenge the CRA's position, file a notice of objection by the deadline shown on your notice of assessment, with reasons and documents. Relief from penalties and interest is a separate request on form RC4288. Interest keeps running, so arrange payment meanwhile.
Start with total income from all sources, subtract deductions such as RRSP contributions to get taxable income, then apply the federal graduated rates and your province's rates to that figure. Subtract non-refundable credits, including the basic personal amount, then subtract tax already withheld on slips and any instalments paid. What is left is your balance owing or refund. CRA-certified tax software does this arithmetic; the CRA also publishes the rate and credit tables.
Often they do, but not because of a bonus for low income. A refund is simply the tax withheld from your pay minus the tax you actually owe, so when income sits near or below the amounts you can claim, most of what was deducted comes back. Refundable credits such as the GST/HST credit and the Canada workers benefit can be paid to you even when no tax was withheld at all. None of it arrives unless you file.
The three levers are deductions that reduce the income you are taxed on, credits that reduce the tax itself, and moving savings into registered plans. RRSP room is the lesser of 18% of prior-year earned income and the year's dollar limit — $32,490 for 2025 and $33,810 for 2026 — then reduced by any pension adjustment and increased by unused room carried forward. A TFSA shelters growth instead of deferring tax. Claim every eligible expense, split eligible pension income where the rules allow, and carry unused amounts forward rather than losing them.
Other employment income is employment-related money that does not show up in the employment income box of a T4. Common examples are tips and gratuities, employment income earned outside Canada, net research grants, wage-loss replacement benefits, royalties from your own work, and certain amounts allocated by a partnership. You report it on the other employment income line of the T1 even when no slip was issued, and you keep your own records supporting the figure.
Adoption costs are not a deduction, but they support a non-refundable federal credit and several provinces offer a parallel one. Eligible amounts include fees paid to an adoption agency recognised by the province, court and legal costs, mandatory immigration expenses for the child, and reasonable travel and living costs for the child and the adoptive parents. The claim is made for the tax year the adoption period ends, is limited to a maximum per child, and can be split between two parents.
Reviewed and fact-checked by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · International & cross-border tax specialist · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. He is Big 4 trained, at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia. In 2014 he founded his accounting practice to serve entrepreneurs, startups and non-resident business owners across Canada. View full member bio.
The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023
Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.
Sources. CRA — Businesses · Income Tax Act (Justice Laws Website)
