Business Tax Services for Toronto Companies
From T2 corporate returns and HST filing to payroll remittances and year-end reporting, we provide the complete tax compliance infrastructure your Toronto business needs to thrive.
What We Offer
End-to-End Business Tax Compliance
Running a business in Toronto comes with a significant tax compliance burden that grows more complex as your company scales. Edward & Associates delivers comprehensive business tax services designed to keep you fully compliant with the Canada Revenue Agency while minimising your overall tax liability. With over 15 years of experience serving more than 100 Toronto-area businesses, we understand the unique challenges faced by Canadian entrepreneurs, from navigating the small business deduction to managing multi-province operations and cross-border transactions.
Our T2 corporate return preparation is thorough and strategic. We go beyond simply entering numbers into software. Every return we prepare includes a detailed review of your financial statements, proper GIFI (General Index of Financial Information) coding, Schedule 1 reconciliation of net income to taxable income, and identification of all applicable tax credits and incentives. We ensure your corporation takes full advantage of the small business deduction, the Scientific Research and Experimental Development (SR&ED) credit where applicable, and any Ontario-specific incentives that may reduce your provincial tax rate.
HST compliance is another critical area where many Toronto businesses struggle. We handle everything from initial HST registration and account setup to quarterly or annual return filing, Input Tax Credit optimisation, and Quick Method election analysis. For businesses that deal in both taxable and exempt supplies, we calculate the correct Input Tax Credit allocation to ensure you are neither underpaying nor leaving money on the table. Our proactive approach to HST filing means you never face unexpected assessments or penalties from the CRA.
Payroll compliance is equally important and often underestimated by growing businesses. We manage source deductions for CPP, EI, and income tax, prepare T4 and T4A slips, file annual payroll summaries, and ensure your remittances are submitted on time to avoid the steep penalties the CRA imposes for late payroll remittances. For businesses with contractors, we also advise on the employee-versus-contractor classification to prevent costly misclassification reassessments. Year-end financial statement preparation rounds out our service offering, giving you a clear picture of your company's financial health and a solid foundation for strategic planning.
Ideal Clients
Who Is This For?
- Sole proprietors reporting business income on their personal tax returns via the T2125
- Partnerships that need to allocate income among partners and file T5013 information returns
- Incorporated small businesses requiring annual T2 corporate returns and financial statements
- Growing companies that need payroll setup, source deduction management, and T4 preparation
- Startups navigating their first fiscal year-end, HST registration, and corporate tax obligations
- E-commerce businesses dealing with interprovincial sales tax collection requirements
- Professional corporations for doctors, lawyers, accountants, and consultants in Toronto
How It Works
Our Process
- 1
Business Assessment
We start by understanding your business structure, revenue streams, industry, and tax history. This allows us to identify compliance requirements, potential risks, and tax-saving opportunities specific to your operation.
- 2
Records Review
Our team reviews your financial records, bank statements, invoices, receipts, and existing bookkeeping data. We identify any gaps or discrepancies and work with you to assemble a complete and accurate financial picture before preparing your returns.
- 3
Return Preparation
We prepare your T2 corporate return, HST filings, and any other required CRA submissions with meticulous attention to detail. Every deduction is documented, every credit is claimed, and every schedule is properly completed and cross-referenced.
- 4
Filing & Compliance
Once you have reviewed and approved the returns, we file electronically with the CRA and ensure all remittances and payments are submitted before their respective deadlines. We provide you with copies of all filed documents for your records.
- 5
Ongoing Support
Our relationship does not end at filing. We provide year-round support including answering CRA correspondence, advising on estimated instalments, assisting with business structure changes, and preparing for the next fiscal year-end.
Common Questions
Business Tax FAQs
In Ontario, you are required to register for an HST account once your business revenue exceeds $30,000 over any four consecutive calendar quarters or in a single calendar quarter. This is known as the small supplier threshold. Once you cross this limit, you must begin collecting 13% HST on your taxable goods and services and file regular HST returns with the CRA. Even if you are below the threshold, voluntary registration can be advantageous because it allows you to claim Input Tax Credits on your business purchases. We help Toronto business owners evaluate whether early registration makes financial sense for their situation.
T2 corporate tax returns are due six months after the end of your corporation's fiscal year. For example, if your fiscal year ends on December 31, your T2 return is due by June 30 of the following year. However, any balance of corporate tax owing is due just two months after the fiscal year-end for most corporations, or three months for Canadian-controlled private corporations claiming the small business deduction and whose taxable income in the prior year was under $500,000. Missing these deadlines results in late-filing penalties and daily compounding interest, so we strongly recommend starting the preparation process well in advance.
The answer depends on several factors including your income level, risk exposure, and long-term business goals. Incorporating creates a separate legal entity that offers limited liability protection and access to the small business tax rate, which is significantly lower than personal marginal rates on income up to $500,000. However, incorporation comes with additional costs including annual filing requirements, legal fees, and more complex bookkeeping. Sole proprietorships are simpler and less expensive to maintain but offer no liability protection and all income is taxed at personal rates. Edward & Associates helps Toronto business owners analyse both options with detailed projections so you can make the right decision for your circumstances.