Income Tax Return Preparation & Tax Planning Services Toronto, ON
E-File or Instant Cash Back
KNN Financial Corporation is specialized in Income Tax Planning and preparations for-
- C-corporation
- S-corporation
- Individual (rental,small business,investment,professionals,commssion,fishing,farming income)
Track Your Refund
Find out when you'll receive your refund by registering under my account with CRA.
Tax Return Preparation
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you.
Tax Due Date Reminders
Never miss a tax due date again. Receive email reminders of import tax deadlines a week before they're due.
Tax Forms & Publications
Quickly view and print any CRA tax form or publication. Saves a trip to the post office.
Record Retention Guide
Use this guide to determine how long you need to keep your tax and other financial records.
Free Tax Organizer
Don't miss any important deductions! Help us uncover hidden tax deductions by filling out this form.
Tax Estimator
How much tax will you pay this year? Will you get a refund? Enter your filing status, income, deductions and credits we will estimate your total taxes for the year.
Marginal Tax Rate
Knowing your income tax rate can help you calculate your tax liability for unexpected income.
Tax Due Dates
Please note the following tax due dates on your calendar, and come back often to keep up with the change
RRSP February 28 Personal Income Tax :April 30 Small Business: June 15.
Tax Rates
Tax rates changes every year based on your your taxable income.
Paycheck Calculators
Due Dates for Corporate Returns & Taxes
by Dean Paley on August 7, 2012
A corporation that is resident in Canada, carried on a business in Canada, has a taxable capital gain, or sold taxable Canadian property is required to file a T2 income tax return even if no tax is payable.
Knowing when the return is due, and more importantly when the tax is payable is important to avoid costly interest and penalties.
Be aware that the due date for filing is different than the day the corporation must pay it’s outstanding tax bill.
Corporate Filing Due Date
The due date to file your corporate income tax return is six (6) months following your corporation’s year end.
For example, if you have a
- December 31st year-end –> Return is due June 30th.
- March 31st year-end –> Return is due September 30th.
When Corporate Taxes Must be Paid
Existing corporations are required to pay tax by installments throughout the year if their income tax bill is more than $3,000. New corporations are exempt from the installment requirements in their first year.
If you have a new corporation, or if you will have a balance owing, knowing your due date will help ensure you avoid costly penalties.
Due Date for CCPC
The due date for a Canadian controlled private corporation, claiming the small business deduction and whose taxable income is less than $500,000, is three months following the corporations’ year-end.
- December 31st year-end –> Balance is payable by March 31st.
- June 30th year-end –> Balance is payable September 30th.
For all other corporations, the due date is two months following their year-end.
Penalties
The penalty for remitting taxes late is 5% of the unpaid amount and 1% per month on any past due amounts.
A tax bill of $10,000 can result in a penalty of $500 if remitted late.
When To Meet With Your Accountant
It’s important to plan filing your corporate tax return before the end of the corporation’s fiscal year.
If you have a fiscal year-end that does not fall on December 31, you should meet with your accountant around December 31st to ensure that your annual tax slips are prepared and filed on time.
Our Services include: Income Tax | E-File Instant Cashback | HST Returns | Accounting/Bookkeeping | Payroll Services | Tax Planning | Income Tax Return Preparation | QuickBooks Setup and Training
Contact KNN Financial Corporation for Tax Planning and Income Tax Return Preparation Services.
Speak to one of our Accountants based in Toronto, ON