Corporate Year End

Whether you are a growing, well-established business or non-profit, Tao Li Chartered Professional Accountants can provide the bookkeeping, payroll, tax and internal accounting services you require.

If you are looking for consistency and continuity for your organization’s accounting and financial practices, we offer a stress-free, long-term solution.

COPORATE TAX

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COPORATE TAXES (T2)

Virtually everything you do has tax implications. Canada’s complex and continually changing legislative environment poses a significant tax compliance burden for businesses. Every year, tax laws and interpretations change and become more complex.
It is important to consult with a Charted Professional Accountant who take the time to fully understand your business, ensure you comply with applicable laws and maximize the returns to your business.  We can manage your tax issues, minimize risks, stay on top of legislative changes and informing you of impacts or potential impacts on your business.  We can help you meet all of your tax compliance and planning requirements, including:

Preparation of tax and information returns, tax estimates and instalments;

Advice on benefits of tax deferral and filing positions;

Tax planning and structuring to minimize taxes;

Advice on the tax implications;

Preparation of Canada Revenue Agency ruling requests;

Audit defence and assistance with negotiations and correspondence with federal and provincial tax authorities;

Annual Financial Statements

At TAO LI CPA Professional Corporation, we commit time, energy and professional expertise to help our clients with preparing  financial statements.

Professionally compiled business financial statements makes it a lot easier for all users of the financial statements to understand exactly what the numbers really mean. Reliable and accurate business financial statements is integral to any business and is an important tool to make sound business decisions.

Often the need for business financial statements is driven by the need to file tax returns (corporate, partnership and trust), minimize, plan and determine tax liabilities and support business decisions. For owner-managed enterprises, financial statements are prepared for one or more of three groups of users: managers, owners and banks or other creditors.

However, in many jurisdictions business financial statements, income statement and balance sheet are required by law for most corporations.  Please review the requirements of your corporation based on the jurisdiction in which your business is incorporated.

If your company is incorporated in Ontario,  you can learn more about financial statements requirement by simply viewing the link below:

https://www.ontario.ca/laws/statute/90b16#BK139

For federal incorporated business, please review the Canada Business Corporation Act.

https://laws-lois.justice.gc.ca/eng/acts/c-44/page-27.html#h-110522

Financial Statements

To produce a reliable and accurate business financial statements,

IMPORTANT DEADLINES

Our services can keep you filing current.

Corporate Taxes Returns (T2)

Corporate tax return filings are due 6 months after the year-end. For example, when the corporation’s tax year end is September 30, 2020, the year end would have a March 31, 2021 due date.

Corporate Taxes (T2) Owing

The due dates for balances owing are earlier than the due dates for actually filing the tax returns. For a Canadian Controlled Private Corporation, which claimed the small business deduction for the current or previous year and had taxable income less than $500,000 in the previous year with all associated corporations (if applicable), corporate taxes are due 3 months after the year-end. For other corporation, any taxes owing are due 2 months after the year-end.

Although there is a good chance your corporate taxes are due 3 months after the year-end, because it’s a bit trickier, be sure to speak with your accountant. Remember to contact us if you need assistance on your year-end filing.

Annual GST / HST Filing Deadlines

For annual corporate GST/HST filers, the return and amounts owing are due 3 months after the reporting period end date. For example, a February 1, 2020 – January 31, 2021 filing period means the return is due April 30, 2021.

Note above deadline is applied only to corporate annual filers. For individuals, you can find the deadline information on our personal tax service page. For monthly and quarterly GST/HST filers, please check our accounting service page for detail.

Personal Taxation

Our personal tax services are typically tailored to each client. We work closely with clients to understand their specific needs and adjust strategies, accordingly, taking a proactive, hands-on approach.

We specialize in providing personal taxes to business owners that require an integrative approach to their taxes. We also provide assistance to people that may have a portfolio of real estate. We closely follow existing and proposed legislation to determine how it will affect individual financial goals and act as an advisor ongoing.

PERSONAL TAX

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PERSONAL TAX (T1)

Virtually everything you do has tax implications. Canada’s complex and continually changing legislative environment poses a significant tax compliance burden for businesses. Every year, tax laws and interpretations change and become more complex.

It is important to consult with a Charted Professional Accountant who take the time to fully understand your business, ensure you comply with applicable laws and maximize the returns to your business.  We can manage your tax issues, minimize risks, stay on top of legislative changes and informing you of impacts or potential impacts on your business.  We can help you meet all of your tax compliance and planning requirements, including:

Preparation of tax and information returns, tax estimates and instalments;

Advice on benefits of tax deferral and filing positions;

Tax planning and structuring to minimize taxes;

Advice on the tax implications;

Preparation of Canada Revenue Agency ruling requests;

Audit defence and assistance with negotiations and correspondence with federal and provincial tax authorities;

Annual Financial Statements

At TAO LI CPA Professional Corporation, we commit time, energy and professional expertise to help our clients with preparing  financial statements.

Professionally compiled business financial statements makes it a lot easier for all users of the financial statements to understand exactly what the numbers really mean. Reliable and accurate business financial statements is integral to any business and is an important tool to make sound business decisions.

Often the need for business financial statements is driven by the need to file tax returns (corporate, partnership and trust), minimize, plan and determine tax liabilities and support business decisions. For owner-managed enterprises, financial statements are prepared for one or more of three groups of users: managers, owners and banks or other creditors.

However, in many jurisdictions business financial statements, income statement and balance sheet are required by law for most corporations.  Please review the requirements of your corporation based on the jurisdiction in which your business is incorporated.

If your company is incorporated in Ontario,  you can learn more about financial statements requirement by simply viewing the link below:

https://www.ontario.ca/laws/statute/90b16#BK139

For federal incorporated business, please review the Canada Business Corporation Act.

https://laws-lois.justice.gc.ca/eng/acts/c-44/page-27.html#h-110522

Financial Statements

To produce a reliable and accurate business financial statements,

Construction Litigation

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In detail…

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  • Aenean commodo ligula eget dolor. Aenean massa.
  • Cum sociis natoque penatibus et magnis dis parturient montes.

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In detail…

Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor. Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Donec quam felis, ultricies nec, pellentesque eu, pretium quis, sem. Nulla consequat massa quis enim.

Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo. Nullam dictum felis eu pede mollis pretium.

Integer tincidunt. Cras dapibus. Vivamus elementum semper nisi. Aenean vulputate eleifend tellus. Aenean leo ligula, porttitor eu, consequat vitae, eleifend ac, enim. Aliquam lorem ante, dapibus in, viverra quis, feugiat a, tellus.

Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo. Nullam dictum felis eu pede mollis pretium. Integer tincidunt. Cras dapibus. Vivamus elementum semper nisi. Aenean vulputate eleifend tellus. Aenean leo ligula, porttitor eu, consequat vitae, eleifend ac, enim. Aliquam lorem ante, dapibus in, viverra quis, feugiat a, tellus.

  • Lorem ipsum dolor sit amet, consectetuer adipiscing elit.
  • Aenean commodo ligula eget dolor. Aenean massa.
  • Cum sociis natoque penatibus et magnis dis parturient montes.

Nascetur ridiculus mus. Donec quam felis, ultricies nec, pellentesque eu, pretium quis, sem. Nulla consequat massa quis enim.

In detail…

Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor. Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Donec quam felis, ultricies nec, pellentesque eu, pretium quis, sem. Nulla consequat massa quis enim.

Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo. Nullam dictum felis eu pede mollis pretium.

Integer tincidunt. Cras dapibus. Vivamus elementum semper nisi. Aenean vulputate eleifend tellus. Aenean leo ligula, porttitor eu, consequat vitae, eleifend ac, enim. Aliquam lorem ante, dapibus in, viverra quis, feugiat a, tellus.

Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo. Nullam dictum felis eu pede mollis pretium. Integer tincidunt. Cras dapibus. Vivamus elementum semper nisi. Aenean vulputate eleifend tellus. Aenean leo ligula, porttitor eu, consequat vitae, eleifend ac, enim. Aliquam lorem ante, dapibus in, viverra quis, feugiat a, tellus.

  • Lorem ipsum dolor sit amet, consectetuer adipiscing elit.
  • Aenean commodo ligula eget dolor. Aenean massa.
  • Cum sociis natoque penatibus et magnis dis parturient montes.

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Traffic offense

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Jury Selection

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In detail…

Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor. Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Donec quam felis, ultricies nec, pellentesque eu, pretium quis, sem. Nulla consequat massa quis enim.

Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo. Nullam dictum felis eu pede mollis pretium.

Integer tincidunt. Cras dapibus. Vivamus elementum semper nisi. Aenean vulputate eleifend tellus. Aenean leo ligula, porttitor eu, consequat vitae, eleifend ac, enim. Aliquam lorem ante, dapibus in, viverra quis, feugiat a, tellus.

Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo. Nullam dictum felis eu pede mollis pretium. Integer tincidunt. Cras dapibus. Vivamus elementum semper nisi. Aenean vulputate eleifend tellus. Aenean leo ligula, porttitor eu, consequat vitae, eleifend ac, enim. Aliquam lorem ante, dapibus in, viverra quis, feugiat a, tellus.

  • Lorem ipsum dolor sit amet, consectetuer adipiscing elit.
  • Aenean commodo ligula eget dolor. Aenean massa.
  • Cum sociis natoque penatibus et magnis dis parturient montes.

Nascetur ridiculus mus. Donec quam felis, ultricies nec, pellentesque eu, pretium quis, sem. Nulla consequat massa quis enim.