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Corporation Tax preparation & Filing
Our comprehensive range of corporate tax preparation services include:
- Preparation and filing of corporate income tax returns (T2)
- Preparation and filing of GST/HST tax returns
- Effective accounting management with rigorous bookkeeping and payroll processing
- Tax Services for Non-Resident and Foreign Corporations in Canada
- Preparation of information returns including T4s, T4As,T5s and T5013s
- Foreign assets, foreign affiliates, and other foreign reporting requirements such as T1134 and T1135.
- Corporate reorganizations, tiered corporate structures, and tax-free rollovers
- Transfer pricing documentation and information return filing
- Prior year's tax filings for Corporations
- CRA Audit Representative
- Voluntary Tax Disclosure and Tax Appeals
Accounting & Payroll Services
Bookkeeping Services
GST/HST Filing Services
GST/HST Filing Services
- Transaction Recording: Accurately recording all financial transactions, including income, expenses, sales, purchases, and payments, in compliance with Canadian accounting standards.
- General Ledger Maintenance: Creating and maintaining a general ledger that provides a clear and organized summary of all financial transactions for efficient t
- Transaction Recording: Accurately recording all financial transactions, including income, expenses, sales, purchases, and payments, in compliance with Canadian accounting standards.
- General Ledger Maintenance: Creating and maintaining a general ledger that provides a clear and organized summary of all financial transactions for efficient tracking and reporting.
- Accounts Payable (AP) Management: Managing and organizing all payables, ensuring timely payments to vendors, suppliers, and creditors while maintaining good relationships and optimizing cash flow.
- Accounts Receivable (AR) Management: Tracking and managing all receivables, generating invoices, monitoring payments, and following up on overdue accounts to enhance cash flow and financial stability.
- Bank Reconciliation: Performing regular reconciliation of bank statements with recorded transactions to identify any discrepancies and maintain accuracy in financial records.
- Financial Reporting: Generating periodic financial statements, including profit and loss statements, balance sheets, and cash flow statements, to provide a clear view of the company's financial performance.
- Tax Preparation Support: Compiling and organizing financial data to assist in tax preparation and ensure compliance with Canadian tax laws, facilitating a smooth tax filing process.
- GST/HST Reporting: Calculating and reporting the Harmonized Sales Tax (HST) or Goods and Services Tax (GST) accurately and submitting the required filings to the Canada Revenue Agency (CRA).
- Inventory Management: Monitoring and managing inventory levels, tracking purchases and sales, and ensuring accurate financial reporting related to inventory assets.
- Fixed Asset Tracking: Maintaining a record of fixed assets, including acquisitions, disposals, depreciation, and updates to ensure compliance and accurate financial reporting.
- Financial Analysis and Insights: Conducting financial analysis and providing insights into financial data to help make informed business decisions and optimize financial strategies.
- Budgeting and Forecasting Assistance: Assisting in the creation of budgets, forecasts, and financial plans to guide business operations and achieve financial objectives.
- Compliance and Regulatory Support: Ensuring compliance with Canadian accounting standards, tax regulations, and other relevant financial and industry-specific regulations.
GST/HST Filing Services
GST/HST Filing Services
GST/HST Filing Services
- Understanding GST/HST: Gain a solid understanding of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) regulations, rates, and rules applicable to your business.
- Registration: Determine if your business is required to register for a GST/HST account with the Canada Revenue Agency (CRA) based on your sales and type of business
- Understanding GST/HST: Gain a solid understanding of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) regulations, rates, and rules applicable to your business.
- Registration: Determine if your business is required to register for a GST/HST account with the Canada Revenue Agency (CRA) based on your sales and type of business.
- Collecting GST/HST: Ensure you collect the appropriate GST/HST from your customers for the goods and services you sell.
- Input Tax Credits (ITCs): Keep track of the GST/HST you've paid on business expenses, as you can claim these as input tax credits to offset the GST/HST you've collected.
- Preparing GST/HST Returns: Maintain accurate records of your sales, expenses, and GST/HST transactions. Use this data to prepare and file your GST/HST returns with the CRA.
- Filing and Remitting: File your GST/HST returns on time, reporting your sales and claiming ITCs. Remit any owed GST/HST to the CRA within the specified deadlines.
Payroll Services
GST/HST Filing Services
Payroll Services
- Payroll Processing: Accurate and timely calculation of employee wages, salaries, bonuses, and other compensation components based on established payroll schedules.
- Deductions and Withholdings: Calculation and deduction of statutory deductions such as income tax, Canada Pension Plan (CPP), Employment Insurance (EI), and other voluntary dedu
- Payroll Processing: Accurate and timely calculation of employee wages, salaries, bonuses, and other compensation components based on established payroll schedules.
- Deductions and Withholdings: Calculation and deduction of statutory deductions such as income tax, Canada Pension Plan (CPP), Employment Insurance (EI), and other voluntary deductions.
- Payroll Tax Filings: Preparation and submission of required payroll tax filings, including T4 and T4A statements, to the Canada Revenue Agency (CRA) in compliance with Canadian tax regulations.
- Recordkeeping and Reporting: Maintaining organized and detailed records of payroll transactions, earnings, deductions, and tax withholdings for accurate financial reporting and auditing purposes.
- Direct Deposit Setup: Facilitating the setup and management of direct deposit services for employee payments, ensuring secure and convenient salary deposits directly into employee bank accounts.
- Payroll Compliance: Ensuring compliance with federal and provincial payroll laws, including adhering to the Employment Standards Act, 2000, and other relevant labor regulations.
- Statutory Holiday Pay Calculations: Accurately calculating and processing statutory holiday pay and overtime pay in compliance with Canadian labor laws and company policies.
- Record of Employment (ROE) Issuance: Generating and issuing Records of Employment (ROE) for employees in the event of termination, resignation, or other circumstances requiring an ROE submission.
- Year-End Services: Facilitating year-end processes, including generating and distributing T4 slips to employees, preparing the T4 Summary, and ensuring timely submission to the CRA.
- Employee Self-Service Portal: Providing access to an employee self-service portal for convenient access to pay stubs, tax forms, and other payroll-related information.
- Compliance Review and Updates: Regularly reviewing and updating payroll processes to ensure compliance with evolving Canadian tax laws and regulations.
- Payroll Audits and Risk Assessment: Conducting payroll audits and risk assessments to identify potential compliance issues and recommending corrective actions to mitigate risks.
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TY Peak Tax Services Inc. Team