Our tax consultants and tax accountants in Ottawa specialize in offering tax services to businesses across the city. With over 10 years of experience in corporate taxation, we are experts in preparing tax returns to optimize taxes for the business. Our key tax services in Ottawa include business tax return preparation, tax planning and tax optimization.
Business Tax Return
Business taxation is complicated and any error in reporting can have the CRA knocking at your door. Our Ottawa tax accountants ensures that every business tax return is fully compliant with the CRA to provide you with a complete peace of mind. Some of the common issues that our tax accountants focus on include:
Expenses claimed that are not eligible
The tax regulation states that all business expenses claimed must be reasonable. While there is no formula to determine what is considered reasonable, our tax accountants are familiar with the process used by the CRA to assess eligibility. As part of the tax review, we will advise on whether an expense is considered reasonable and the appropriate course of action that the business should take to mitigate a CRA audit.
Miscategorising expenses leading to tax adjustments
This is a common problem that leads to tax adjustments by the CRA. The problem stems from poor bookkeeping and being unaware of the issue when the tax return is prepared. Our tax accountant in Ottawa reviews the company’s financial records to ensure expenses are categorized properly so that the numbers reported on the tax return are fully compliant with the CRA.
Penalties and interest
Penalties and interest are often levied for late tax filing or late tax payments. Although businesses are generally aware of the due dates, most tax returns are not completed until the very last minute. Our tax accountants work with the business owner to clearly lay out the timeline so both parties have a mutual understanding and begin the process early to allow ample time to gather the required information for tax return preparation. This would allow sufficient time to check for any errors prior to tax filing and it will alleviate the stress of not filing by the due date.
Tax Planning and Optimization
Tax planning and optimization is the most demanded tax services we offer to our clients in Ottawa. There are many ways a company can optimize its taxes, and some of the common ones include:
How to maximize tax deductions
Theoretically, if an expense is paid for business it should be deductible. However in reality, every tax deduction needs to meet the four criteria used by the CRA. Our Ottawa tax consultants are experts in assessing these criteria in the context of the business and will advise on what a business can do to maximize its tax deductions.
Best method to withdraw funds from a business
When a business owner withdraws funds from a business there could be tax implications depending on the method used. Our tax consultants in Ottawa will analyze the company’s unique circumstances and advise on the best method to withdraw funds from the business.
Optimal business set up
The way how a business is set up will impact its ability to optimize taxes. Should the business set up a holding company? Should the business have different classes of shares to achieve income splitting? These are only some of the questions that our tax consultants look at when advising on how a business should be set up.
Book a call with us today and see how we can help your business.