Corporate Income Tax
Incorporating your business makes ultimate sense once profits exceed your living requirements by a certain amount, as the surplus, if it remains within the company, is taxed at much more favourable results on corporations (to encourage companies to retain earnings as one of the reasons).
However, even then there is still more we can do for you to protect those earnings from taxation, or at least minimize the rate at which they are taxed.
Your options are wide and varied and, again, our role is to clearly describe your options and help you make informed business decisions.
The result should be that you take advantage of all possible advantages of incorporation and are able, in time, to pass-on your business to the next generation with minimal fuss to the next generation, or if your goal is to sell, then the strategies selected may be different, but the result the same.
We want to help you minimize your corporate income taxes! Our firm's in-depth tax knowledge and experience provides us with the tools to accomplish this. Our goal is to minimize your corporate taxes. With over 30 years of working in this area, we have the ability to accomplish this!
There are a number of alternatives to choose from including, and not limited to, the establishment of an
- owner profit sharing plan
- owner's company retirement savings plan
- an owners deferred employee profit sharing plan
- etc.
Our clients need tax advice at many different stages of their business and life cycle. You should seek professional tax advice when:
- your business becomes profitable and grows
- your business structure becomes more complex
- the government introduces new tax legislation and tax law changes
- your business acquires another business or real estate
- your business divests itself of an operating unit or sells a significant asset
- your business expands internationally
- you decide to sell your business or transfer it to a family member
- you plan for retirement and the distribution of wealth to your estate
- you prepare your will
Our firm is focused on providing value-added services to our private corporate clients. This is particularly true for the tax advisory services provided to our family controlled businesses. We take a proactive advisor role with our clients to assist them in all aspects of corporate tax planning, owner remuneration, structuring and advising on significant transactions and dealings and representations and matters with taxation authorities.
We have access to the Tax Specialist Group (TSG), which is a collaboration of independent Canadian professional tax specialist firms who practice in the taxation area as recognized tax advisors. Through our TSG affiliation, we have access to member firms in Toronto, Calgary, Vancouver, Montreal, and Halifax, with a diverse range of tax services at an expert level.
Our overall objective of corporate income tax planning is to structure a business to minimize its income tax now and in the future. There are a number of alternative ways to accomplish this not limited to tax deferral, improved tax accounting and other methods of structuring the business to gain the best possible tax advantages.
However, there are any number of traps awaiting the unsuspecting entrepreneur, so call us today ay 905-528-0234 to start planning the tax strategies for your corporation today.
Over the years, Joe Truscott has written many individual income tax and business articles which have been posted here for you to review. You can also review many additional articles that have appeared in his quarterly client bulletin called Business Matters.
