The complexity and constant shifting of corporate and business tax laws in Calgary, Vancouver and Canada in general, can represent a significant compliance burden for you and your business.
The experienced corporate tax professionals at MMT Chartered Professional Accountants can help you to understand the tax exposure for you and your business, and develop strategies and structures to minimize the tax impact and maximize tax deferrals. We strive to make sure all our clients are equipped with the knowledge and foresight to manage business tax now and in the future.
Our Business & Corporate tax services include:
- Preparation of Corporate and business tax returns
- Financial statement preparation
- GST/HST compliance
- Proven tax strategies to ensure tax minimization
- Proven tax strategies to ensure maximum tax deferral
- Consultation with respect to tax implications of specific transactions
- CRA audit consulting
Compensation Strategies from Experienced Vancouver & Calgary Corporate & Business Tax Accountants
We understand the significant opportunity business owners and shareholders have to reduce corporate and personal taxes by planning the optimal amount of management salaries and/or dividends to be paid out in a given year. There are a number of factors that must be considered when planning for shareholder compensation.
Business Tax Return Compliance Requirements
We will guide you through various strategies, including:
- Reporting income on personal tax returns
- Personal installments
- Corporate installment
- Annual reporting requirements
Business Tax Return Bonus Strategies:
- Strategies to effectively pay out bonuses can reduce the corporate tax exposure of your company by deferring it to individuals for the following year.
- Capital Dividend Payout
- The use of Capital Dividend Payouts can be a great management strategy by permitting your company to distribute income to shareholders as a tax-free dividend.
- Implementation of Holding Companies
- One of the most significant advantages to opening a holding company is the potential for personal tax savings.
- The establishment of a holding company can allow you to defer taxes and avoid personally entering a higher tax bracket.
Corporate & Business Tax Planning with Experienced Vancouver & Calgary Tax Return Accountants
Depending on your particular financial situation, different types of strategies may be used.
These strategies include, but are not limited to:
- The process of delaying the payment of your taxes to some future date can be a major advantage in that it will leave room for tax-free growth.
- By spreading your income over multiple years, your taxes can also be spread over multiple years.
Management Compensation Strategies
- With many types of compensation programs available, it is important to carefully consider which strategies will optimize your tax efficiency, while helping you achieve your business goals.
- Effective management strategies can reduce taxes for individuals and for companies as a whole.
Maximization of Available Credits
- Tax credits are an important element of your corporate planning, in that they allow taxpayers to subtract the amount of the credit from the total tax they owe.
- It is important to evaluate the requirements of specific credits to determine which credits you are eligible for, and utilize applicable credits
Corporate Reorganization Guidance from Experienced Vancouver & Calgary Tax Accountants
We offer a variety of techniques and strategies for corporate reorganization. These methods include:
Roll Over Strategies
- If you personally own a company, a tax-deferred way to move into a corporation will spare you from being personally taxed.
- One of the most complicated areas of tax planning, estate owners aim to transfer assets to beneficiaries without tax consequences.
- This often involves a number of factors related to tax and law. We will assist you in the provision of shares either through trading or reissuing.
Downsizing or Growth Planning
- Depending on the needs of your company, we can assist you in organizing a downsizing or growth strategy with the fewest tax implications possible.
Purchases of Other Companies
- We will explain and simplify the difference between purchasing options, such as shares vs. assets.
Sale of Company
- Preparing to concede ownership of a company can be difficult, and can involve several tax implications.
- We will provide the knowledge and expertise to handle your unique situation and minimize your tax bill through succession planning or the structure of company sales.
- We can liaise with trusted advisors who are capable of delivering effective solutions for divvying up business in a tax-free manner.
To learn more about our corporate tax preparation strategies utilized by our corporate and business tax accountants in Calgary, Vancouver and across Canada, contact our offices today.