Frequently Asked Questions

Answers to common queries about business tax planning and compliance

What steps should I take to prepare for year-end tax filings?
Begin by organizing all relevant documents, including expense records and previous submissions, then schedule a consultation to review potential deductions and deadlines. Early preparation helps avoid last-minute errors and ensures a smoother filing process.
What are the key deadlines for corporate tax filings in Canada?
In Canada, the Federal T2 return is generally due six months after your fiscal year end. Provincial filings, including Ontario’s T2SCH-1, follow similar timelines but can vary. At TaxonaBiz, we track all relevant deadlines for your fiscal period to ensure submissions are prepared well in advance, minimizing the risk of late penalties.
How can I legally minimize my business tax burden?
Legal tax planning involves reviewing deductible expenses, leveraging eligible tax credits, and structuring payment schedules to match cash flow. Our experts assess your quarterly operations, identify applicable incentives within current regulations, and design a plan that aligns with best practices in Canadian tax compliance.
What records are essential to maintain for a tax audit?
For an audit you need clear, organized copies of invoices, receipts, payroll records, bank statements, and expense reports. At TaxonaBiz, we establish a simple documentation workflow so your team consistently archives required documents, enabling efficient responses to audit inquiries.
How does TaxonaBiz support businesses operating across provinces?
We guide clients through both federal and provincial requirements, handling variances in submission forms, remittance rates, and reporting obligations in Ontario, Quebec, and other regions. Our cross-provincial expertise ensures you remain compliant wherever you conduct operations.
Can TaxonaBiz assist with GST/HST registration and remittance?
Yes. We help you determine registration thresholds, complete the CRA forms, calculate your reporting periods, and prepare remittance schedules. Our goal is to maintain accuracy in all filings, so you never worry about missing a due date.
What role does year-end planning play in my overall tax strategy?
Year-end planning allows you to review your fiscal activities, confirm all deductible items are recorded, and evaluate eligibility for newly introduced credits. TaxonaBiz conducts a comprehensive year-end review, outlines action steps, and monitors upcoming regulatory changes that might affect your next cycle.
How frequently should I review my tax planning strategy?
We recommend an annual review to coincide with your fiscal year close, plus interim checks whenever you introduce new business activities or experience significant changes in expenses or revenue streams. These periodic reviews keep your plan current and aligned with regulatory updates.
Do you provide audit support if CRA inquiries arise?
Yes. If the CRA selects your file for review, TaxonaBiz will coordinate document retrieval, prepare formal responses, and represent you in discussions. Our transparent process ensures you have clear guidance at every step without unnecessary stress.
What sets TaxonaBiz apart from other tax advisory firms?
Located in the CN Tower, our firm combines deep regulatory knowledge with hands-on experience serving Canadian businesses in diverse sectors. We focus on personalized service, clear communication, and proactive alerts rather than generic checklists or one-size-fits-all solutions.
How can I initiate a partnership with TaxonaBiz?
Simply contact our team at +14160880620 or submit an inquiry via our website. We’ll schedule an initial consultation to discuss your current situation and outline a tailored service proposal.