For your business…

• If you have employees, or if you take wages from your corporation, payroll processing, including remitting withholding taxes, is a frequently recurring responsibility.
• Let us streamline your employee onboarding process:
  • Gathering required personal information.
  • Obtaining Forms TD1 Personal Tax Credits Return.
  • Setting up vacation pay accrual.
  • Setting up time sheets.
• Processing payroll and remitting withholding taxes to the Receiver General.
• Employee offboarding:
  • Operational matters.
  • Unused vacation payout.
  • Prepare and submit Record of Employment.
• Annual T4 reporting. Due by the last day of February.

• GST returns are due monthly, quarterly, or annually, depending on your registration with Canada Revenue Agency.
• In some cases, we can request a change in your reporting period, if needed.
• Annual filers may be required to make quarterly installment payments.
• We also can assist with preparing various rebate requests, if applicable, such as the New Residential Rental Property Rebate.

Many businesses are required to collect and remit B.C.’s provincial sales tax. Your accounting software should readily provide the information needed to do this.

Questions?

• We can prepare the annual income tax return for your business.
• If you are incorporated, your T2 Corporation Income Tax Return is due six months after your fiscal year end, but any tax balance owing is due two or three months after year end, depending on the nature of your business.
• If you operate as a partnership, a T5013 Partnership Information Return is required if a corporation, trust, or partnership is a partner or if your revenue or assets exceed certain limits. This return is due either by March 31st or five months after the partnership’s fiscal year end.
• If your business is an unincorporated partnership or sole proprietorship, your business results are reported on your T1 Individual Income Tax and Benefits Return on a:
  • Form T2042 Statement of Farming Activities,
  • Form T2121 Statement of Fishing Activities, or
  • Form T2125 Statement of Business or Professional Activities.
  • Your return and the business form is due by June 15th (rather than the normal April 30th due date).

Depending on your business activity, you may need to file various other tax or information returns.

• T4A Statement of Other Income – If you paid self-employed commissions or independent contractor payments. Due by the last day of February.
• T5 Statement of Investment Income – If you paid interest or dividends (other than interest on bank loans). Due by the last day of February.
• T5018 Statement of Contract Payments – If construction is your main business activity and you paid independent contractors. Due six months after calendar year end or fiscal year end (your choice).
• UHT-2900 Underused Housing Tax Return and Election Form – If you own residential property and you are not an excluded owner (as defined in the legislation). Due by April 30th.